It’s about to get a little tougher for buyers with low credit scores below 580 to qualify for an FHA loan. The minimum required down payment of 3.5% has been increased to 10%. In addition, buyers are now required to pay PMI (Premium Mortgage Insurance) of 2.25% (up from 1.75%) of the financed loan amount.
In […]
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It’s going to start to get a little harder for some FHA buyers to qualify for a loan. Starting April 5th, 2010 buyers will now need a FICO score of 580 or higher to qualify for a 3.5% down loan. All buyers with a FICO score of 579 and under will require a 10% down […]
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On November 6, 2009, legislation was passed that extends and expands the tax credit given to those purchasing a home for the first time, and also to long time homeowners who are purchasing a replacement primary residence. It also raises the income limitations previously set for homeowners seeking to claim the credit.
Anyone that qualifies for […]
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Time is running out in Plainfield IL for buyers to take advantage of the first time buyers tax credit of up to $8,000. If you are a first time home buyer you need to close by November 30th, 2009. This poses a big problem for buyers that are tangled up in short sales because there […]
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If you are looking for a rental property in the current rental market you are going to need two very important things:
I’ve been in the Plainfield IL rental market since early this past fall. I’ve worked with numerous rental applicants in the months since the bank bailouts were announced, and the consensus that I’ve reached […]
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If you are looking for Plainfield or Naperville IL homes for sale, don’t let the fear of the unknown keep you from the owning a piece of the American Dream! Here are some answers to these common questions. “Who does what… and when?”
Your Plainfield or Naperville IL Realtor® will probably ask you to contact a mortgage […]
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There seems to be quite a bit of confusion when it comes to how a “lease options” and “rent to own” homes really work.
Most landlords aren’t going to give you money toward the down payment from the rent that you pay each month because the rent is only covering their costs and expenses as they […]
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Let’s face it, good credit is hard to come by these days, and most real estate investors know this. Even if you have bad credit, chances are there is an investor/owner out there that will be willing to rent you their property, but not without conditions.
If you have a bankruptcy, low credit scores, or a […]
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The best explanation that I have seen to describe the financial crisis was sent to me in an e-mail back in September by my mom’s significant other, Frank McNall. It would be funny if it weren’t so true…
Here is everything you need to understand how the country earned itself a financial crisis.
Watch the:
The Subprime Primer
Julie […]
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Despite weaker loan demand, about 80% of the largest banks and 55% of smaller banks tightened their lending standards on prime single-family loans during the third quarter, according to a Federal Reserve Board survey of senior loan officers. The trend to more restrictive underwriting standards translates into more loan preparation needed for future homeowners.
Preparation should […]
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