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Market Conditions in Plainfield : Real Estate Advice

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  • Home Buying47
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Activity 9
Fri Jul 18, 2014
Laurie Sokolinski asked:
This question was asked from http://www.trulia.com/rental/3161741414-24948-Gates-Ln-Plainfield-IL-60585
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Tue Mar 25, 2014
Jeannie Lynn Blunk asked:
This question was asked from http://www.trulia.com/rental/3149971565-2725-River-Bend-Ln-Plainfield-IL-60586
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Thu Jan 23, 2014
Trevor Curran answered:
We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.consumer.ftc.gov/articles/0058-credit-repair-how-help-yourself

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
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Fri Dec 20, 2013
Ashley Pimentel answered:
I work with some lenders who don't have a minimum trade line requirement, and some who will accept alternate trade lines (cell phone bill, car insurance bill, utility bills). If you have acceptable income, assets, and DTI ratio you shouldn't have a problem getting a loan now. If you were to apply for a credit card, you would need to wait 12 months for it to be counted as a trade line.

I would be more than happy to assist you with your purchase. I work with over 40 different lenders, to provide my clients with more opportunities. Feel free to contact me with questions, or to get started!

Thank you,

Ashley Pimentel
Market Place Mortgage
Lombard, IL 60148
Phone: (630) 217-7013
apimentel@marketplacemc.com
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Sat Dec 14, 2013
Anna M Brocco answered:
A Google search is a wonderful thing as is Google Maps for directions/distance; also visit the area and see all firsthand...
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Thu Aug 8, 2013
Suzanne Hamilton answered:
We are still at historical low prices, but since the banks are controlling the distressed inventory on the market, there are less options. And many sellers are still not venturing into the market. There is an inventory shortage and prices are inching up, but if you look at even prices in 2000-2003 before the bubble - we are still at good prices. ... more
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Tue Jun 5, 2012
Suzanne Hamilton answered:
Your best bet is to establish new trade lines. Prepaid credit cards help in a short amount of time. Just remember, never use more than 49% of the credit limit and pay off more than 50% of the balance each month. You can apply for credit cards, but watch the inquiries. Try to apply for one bank and major store credit card and see if you can get qualified. You don't want to get too many inquiries.

Good luck.
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Thu Feb 23, 2012
Cecelia Marlow answered:
Hello Kokenes,
In order to use rental income to qualify for a new mortgage, you have to be able to show the rental income on your tax return for the last two years. Otherwise you will need to be able to qualify for both payments.

Cecelia Marlow
Chicago Bancorp
Mortgage Banker
312-738-6294 direct
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Sat Mar 22, 2008
Shane Ruff answered:
Don't forget to check in on Will County. As a "lifer" to the area, I can tell you that that some commercial growth areas have been "Master Planned" along Rt.30 to the north of Plainfield. All of our old farming areas (say north of 143rd) have pretty well been spoke for as to residential growth, but there are pockets of the area between 95th and 143 which have established Industrial parks and close by areas for additional growth. "The Ruff Housing Team" 630.637.2547 ... more
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