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Financing in Peoria : Real Estate Advice

  • All136
  • Local Info13
  • Home Buying40
  • Home Selling8
  • Market Conditions5

Activity 5
Fri Mar 24, 2017
Beryl Banks answered:
You have to take the initiative to request of refinance once your equity in the property exceeds 20%. There may be a time penalty for FHA, and you are responsible for the appraisal fee regardless of whether the result is what you expect. ... more
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Sun Sep 15, 2013
cboswell answered:
There are several programs available to assist first time borrowers. METEC a community development corporation has funds that range between $7500 and $8500 based on household income. IHDA has several programs. Banks that participated in the Federal Home Loan Bank may have funds up to $8000. Call Cheryll Boswell the executive director at 309 676 3832 for more information. ... more
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Thu Aug 1, 2013
Jessica Bateman answered:
I have had several clients get an approval in the same position. I suggest going to The Lenders Network. They are kind of like Lending Tree for people with different situations that make it hard for traditional lenders to approve.

Good luck!
... more
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Tue May 24, 2011
Brent Kluge answered:
Not a good idea.... a GREAT IDEA!

Buy a home in this market and MAKE money, or don't buy at all. Have the home in amazing condition, have some fun with it.

Secret is work with a lender that can navigate you through the pitfalls of inexperience, especially with regard to the renovation piece. it all starts with proper planning. :)

Have fun, make equity and enjoy the process. :)
... more
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Tue Nov 11, 2008
The Hagley Group answered:
You will have to qualify with the lender, if they'll even aloow it. Another option may be to do a wrap, which I would be careful of....especially if this is a friend!
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