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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!
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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. :)
b
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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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