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Financing in Champaign : Real Estate Advice

  • All84
  • Local Info9
  • Home Buying27
  • Home Selling3
  • Market Conditions6

Activity 6
Thu Sep 7, 2017
patriciabshp62 answered:
yes , my credit score is 583 and my monthly income is 755.00 I really need help
0 votes 14 answers Share Flag
Tue May 16, 2017
Melinda answered:
More details:
We were supposed to buy the home when the seller brought it up to USDARD standards. He made a lot of repairs. But, as inspections continued, he finally decided he could do no more. By this time, original contract dates were long past. He immediately send a letter stating that since we didn't buy the home within contracted dates, he should get the earnest money.
We responded with a point-by-point letter showing where HE did NOT fulfill the contract and why we should get the money back. The letter was sent to the property address, his home, his lawyer, and his Realtor. We never heard anything back. It's been months, now. Calls and emails to the Realtor have been ignored.
It was only $500 and we're just not in a position to sue for $500. But, since we'd still like to buy a home, it would be nice to have it back! So, what happens to the money? If the escrow account eventually turns it over to the state, do we get it back from the state or do we still have to fight the seller for it then?
... more
0 votes 1 answer Share Flag
Tue Jan 20, 2015
Sandy Thompson Girolami answered:
I would be happy to take a look at your situation. What price range are you looking to purchase in? You do need to show some money in the bank in order to purchase a home.

I would suggest trying to round up 3% of whatever price your looking to purchase in because the underwriter will want to see that in your acct. If you can get some seller credit from the seller which is very common combined with a tax credit which in most of Illinois is pretty hefty. You might only end up needing a few thousand at the closing table. If you don't have at least a few thousand socked away, you probably are not in a position to comfortably purchase a home by yourself.

FHA also allows gifts to be used for down-payments. Its very common for people to get a "gift" from a family member to help with the down payment. Gifts cannot be received in cash, they need to be in the form of a check and verifiable. If you received cash as a gift it needs to sit in the bank for at least 2 months before it will be "seasoned" and allowed.
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0 votes 5 answers Share Flag
Wed Dec 24, 2014
Josh Barnett answered:
Save up for the down payment.
0 votes 4 answers Share Flag
Wed Sep 10, 2014
answered:
Hi Mom:

FHA, VA and conventional loans all have 5/1 programs. They are loans amortized over 30 years; but are only fixed for the first 5 years and then will adjust every year thereafter. There are different margins and rate caps depending on which program you go with. If you would like more information, please email or call.

I look forward to helping you!

Best regards,

Patty Harrison
630-854-3459
... more
0 votes 3 answers Share Flag
Thu Jul 25, 2013
Jennifer McLennand answered:
Kleo,
If you are going to use a Home Equity Loan, you would be going thru your lender/bank where you hold the 1st mortgage. The amount of money available to use via a home equity loan can vary depending on how much you have paid off on the main loan, how much the property has increased in value and a few other factors that the bank can explain. If you are considering refinancing a loan on a property with a local lender in our area and then have a home equity line of credit set up so you can tap into that resource, there are a number of great lenders that can assist you. Feel free to contact me at jmclennand@gmail.com if you would like a list of lenders in the area. ... more
1 vote 1 answer Share Flag
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