Tag Archives: FHA

Major FHA Loan Changes Coming in 2010

Written by: - October 1, 2009

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1 October 2009 ? The ever evolving lending world is changing yet again. As of January 1st, 2010 the Federal Housing Administration will be shifting responsibility of FHA insured loans off of the mortgage broker and solely on to the lender funding the loan. This was/is designed to spur on home sales and we all […]

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Home Sales Down Just 19% in May in the Chicago Area

Written by: - June 24, 2009

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Home Sales Down Just 19% in May in the Chicago Area

I think there is light at the end of the tunnel. We can certainly see it in our showing activity and in the market. It’s still not an easy market or necessarily a fair market for all involved, but it is changing for the better. Statistics from Illinois Association of Realtors (IAR) definitely back up […]

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How Do I Get a 203k Loan?

Written by: - May 14, 2009

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How Do I Get a 203k Loan?

There are two types of 203k loans: regular 203k, and a streamline 203k. A streamline 203k has a maximum of $35,000 in repairs, and is much, much easier to get done. If you must have over $35,000 in repairs and upgrades, it can get done, but those are much more tedious and time consuming.

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Paying For Green – Part 3 of Our Going Green Series

Written by: - May 8, 2009

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Paying For Green – Part 3 of Our Going Green Series

I’m going to assume that the family interested in going green does not have the cash available to pay for all the costs of an energy efficiency renovation all at once. You don?t want to use a credit card to finance the purchase, as the interest that you would pay makes the entire process much more costly than needed. So where can you turn?

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Mortgage Rates Inched Downward on Tues. and Wed.

Written by: - May 6, 2009

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6 May 2009 – Stocks have crept upward this week, with the Dow being above 8,400 Wednesday morning. Tuesday and Wednesday mortgage rates have inched downward very slightly. Did you know? 1) For quite some time now, conforming and FHA fixed rates have been as good, or even better than, adjustable rates. 2) Many parts […]

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Reverse Mortgages Are a Good Thing For the Right Homeowner

Written by: - April 10, 2009

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Reverse Mortgages Are a Good Thing For the Right Homeowner

I hear people say all the time, ?Oh, a reverse mortgage? I’ve heard those are bad,? or some variation. I?d like to tell you why they can be a lifesaver for the right person. First, Who Is Not Right for a Reverse Mortgage For instance, my parents are debt free, and pay for everything in […]

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Mortgage Rates Got Slightly Better on Tuesday

Written by: - April 8, 2009

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8 April 2009 ? On Tuesday this week, rates got slightly better. Did you know? If you have an FHA mortgage right now, you can likely refinance to a lower rate even if you don?t have any equity, or are upside down. A ?streamline? refinance allows homeowners who have FHA loans right now, and have […]

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How Can a FHA 203(k) Loan Work For You?

Written by: - January 19, 2009

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How Can a FHA 203(k) Loan Work For You?

Looking to do some improvements on a home you want to purchase, but you don?t have the money to do it or the bank won?t lend on the property because the collateral isn?t in acceptable condition? The Federal Housing Administration (FHA) 203(k) loan may be your answer. What Is a FHA 203(k) The FHA 203(k) […]

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