Joan, Home Buyer in Arlington Heights, IL

as a first time disabled home buyer where do I go for help

Asked by Joan, Arlington Heights, IL Fri Apr 27, 2012

Help the community by answering this question:


Just wanted you to know that the FHA Renovation loan often referred to as the 203K loan can help you purchase the home and modify the property so that it would meet your needs. The 203K loan allows you to close on the home then make the modifications after. Make sure you use a lender that is well versed in these loans.
0 votes Thank Flag Link Thu Feb 7, 2013
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0 votes Thank Flag Link Wed Feb 6, 2013

I don't know if you've purchased a home yet but I beleive the best place to start is with a lender. You need to know how much home you can qualify for. I would recommend that you do a pre-qualification to start off and convert that into a pre-approval.

If you have a Realtor in mind, great. If not, I can recommend one for you.

You've done the right thing by asking for help.Please feel free to contact me if you have any questions.

Mick Rothblott
Certified Mortgage Advisor
0 votes Thank Flag Link Wed Oct 24, 2012
Hi Joan,

Please call a couple of Realtors, since you are disabled they should be able to accmmodate you at your location. Spend a half hour with each and you will know who you want to work with! But by all means use a professional to help you!

0 votes Thank Flag Link Fri Oct 12, 2012
hello robert lewis am a an agent and i need to know more about your house and so we can know the exact price and so we can know how we can get the house bought and so can i know the means of payment now am not in the state ,i have a agent to represent me there to check it and know the means of payment by me.i got you from
robert lewis .
0 votes Thank Flag Link Fri Oct 5, 2012
Joan, FHA 203K loans will allow you to purchase a home and then make renovations that will make it more accessible to you. The work on the home will start after you close on the property.

So first get pre-approved with a lender that offers FHA 203k renovation loans. Knowing what you qualify for is very improtant. Then find a realtor who will work with you looking for propertiets that can be made to fit your needs. Then make an offer on the property subject to you getting acceptable contractors bids for the renovations you are looking to make. Interview some contractors and pick the one you feel most comfortable with. Finalize you loan application. Close on the home and start the renovations. Then enjoy your new home.
0 votes Thank Flag Link Fri Apr 27, 2012

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Innovative Property Consultants Team l Sales and Leasing

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0 votes Thank Flag Link Fri Apr 27, 2012
At the risk of sounding self-serving, your best bet is to consult a dedicated buyer's agent who knows the neighborhood in which you want to buy. An initial consultation should last no more than an hour, so you can interview a few brokers to see who might be a good fit. Our job is then to guide you through every part of the process.
I work with a lot of first time buyers and I would be happy to share with you my home buyer's guidebook.
0 votes Thank Flag Link Fri Apr 27, 2012
10 Ways to Prepare for Homeownership
1.Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2.Develop your home wish list. Then, prioritize the features on your list.

3.Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4.Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.

5.Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

6.Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.

7.Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

8.Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first- time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.

9.Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

10.Contact a professional real estate agent. Find an experienced professional who can help guide you through the process.
0 votes Thank Flag Link Fri Apr 27, 2012
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