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Financing in 60617 : Real Estate Advice

  • All19
  • Local Info1
  • Home Buying7
  • Home Selling5
  • Market Conditions0

Activity 348
Sun Apr 3, 2011
Andrew Luett answered:
Hello,

We offer first-time homebuyer grants to Chicago Police Officers, Teachers & Firefighters.

Thanks,
Andrew
0 votes 2 answers Share Flag
Fri Apr 1, 2011
Suzanne Hamilton answered:
Smart Realtors these days do follow the money and not sit around waiting for things to happen. Developing, building, renovating and realty are in the same industry, so I am not surprised that you are seeing some overlap. And a Realtor can also be a contractor too. As long as they disclose they are a Realtor to a potential buyer or seller, or really anyone, that is fine.

I know lots of Realtors that are flippers or work with investors and some Developers who have real estate licenses. I think the two go hand in hand. I myself work with builders and developers all the time on different projects and work with investors.

New construction hasn't really boomed back yet, but it will eventually, from what I have seen, so I don't know if that would be following the money, but you never know if someone has found an angle.

From where I stand, as long as people are buying and selling, it is all good for the economy and our industry. That is just my point of view....
... more
0 votes 4 answers Share Flag
Thu Mar 31, 2011
Cathi Weaver answered:
Hi Teri,

Here is a lender I can recommend to you if you are wanting to explore your options.

Chuck Miceli
APM Mortgage
(847)993-5990

I hope that helps!

Cathi Weaver
Keller Williams Realty
847-477-3494
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0 votes 6 answers Share Flag
Mon Aug 8, 2011
Philip Sencer answered:
Perhaps you can find it on the Moon. Why would you want to get involved in a 'project' with those problems? There are a million choices out there. If you give me the address perhaps I can give you more scary info on the project. ... more
0 votes 5 answers Share Flag
Mon Mar 28, 2011
Marki Lemons-Ryhal answered:
Dominic,

I believe this speaks to why FHA rules have changed drastically over the past year. It sounds fraudulent. I do understand the role of the FHA appraiser but was there a selling agent on the deal? In real estate there needs to be a team effort to protect the consumer.

As a REALTOR I'm bound by the Code of Ethics. If a REALTOR is unfamiliar with 203(k) loans then they are responsible to get trained or enlist the help of those who are trained. I feel sorry for the purchasers unless he was in on the deal and just trying to get the deal done. I hope you killed the deal.

I purchased my last home utilizing the 203(k) streamline loan and we had to increase our contingency hold back because the utilities weren't on.

What is amazing is that the initial inspector in most cases would also be the inspector to complete the final inspection. Yeah, it sounds fishy.

I do not believe it being a HUD home and going FHA had anything to do with it. No lender wants a non-performing loan. Remember lenders only loan the money because it is insured but the lender is not HUD themselves. Sounds like the loan officer, initial appraiser, and purchaser had something going on because the buyer would still need to select a contractor and get a bid for the work. I personally do not believe that no one in the process pointed out the other 100k in work especially if the pipes were busted, or the furnace and hot water tank could be inoperable.

Just doesn't sound right.
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0 votes 6 answers Share Flag
Fri May 12, 2017
Michael Cline answered:
I think TCF Bank used to do them, but I'm not sure if they still do. Good luck!

mike.
mcline@waterstonemortgage.com
0 votes 22 answers Share Flag
Mon Mar 21, 2011
Peter Kedzior answered:
I think it would be much easier and less painful if your dad bought this property as his second home (most likely, at least 20% down payment would be required) and then sold it to you when your foreclosure stops hurting your credit score. It may be another 1-4 years. Please contact your mortgage broker/loan officer for more details ... more
0 votes 19 answers Share Flag
Tue Apr 26, 2011
Dominic Valenti answered:
Wed Mar 16, 2011
Phil Rotondo answered:
Sowell;
Tell it like it is....plain and simple.
Soft-soaping it or using smoke and mirrors only makes thing worse.
0 votes 5 answers Share Flag
Fri Mar 11, 2011
Dp2 answered:
That's a good question. I'll bounce that one off of a few mortgage brokers I know, and I'll get back with you on this.
0 votes 0 Answers Share Flag
Thu Sep 6, 2012
Michael Cline answered:
Rule of thumb is 2 years from the discharge date. Even though there are always exceptions to the rule, good luck getting an underwriter to approve your application. They are too afraid of getting their hand slapped. You have nothing to lose by asking as many lenders as possible. Make sure they are licensed to do loans in California. Good luck!

Mike.
mcline@waterstonemortgage.com
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0 votes 3 answers Share Flag
Wed Jan 8, 2014
Jason Naill answered:
The simple answer is "yes," provided that you have lived in the home as your primary residence for at least one year. The FHA takes this requirement seriously enough to do spot checks, especially in areas with high loan fraud. After that time period, you are considered to have established residency and can either sell the property or rent it out without any trouble from the FHA or your lender. Now rules change often but this is the policy as I know it. ... more
0 votes 18 answers Share Flag
Wed Feb 23, 2011
Suzanne Hamilton answered:
Daniel -

Quick flips for more money are still totally possible. It just depends on the bank. I have heard most banks want 90 days seasoning and if the property appraises out, they just want to ensure that there is no connection between the buyer and seller. They are looking for fraud.

I have sold two such flip properties this year already and had no problems. Both of these were conventional financing - not FHA. But again, it just all depends on the banks and underwriters. Totally possible.
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0 votes 15 answers Share Flag
Thu Feb 17, 2011
Sam Sharp answered:
I have several options for your -
Please call me at 312 217 4030
Sam Sharp
Senior Vice President
Guaranteed Rate
0 votes 6 answers Share Flag
Thu Jul 23, 2015
Steve Smither answered:
Mortgage insurance for an FHA loan is in place for a MINIMUM of 5 years. At that point it may be removed.
If you did a 15 yr FHA loan and put down 10% you would not have mortgage insurance monthly.
Let me know if i can be of more help...
Sincerely,

Steve Smither
Senior Loan Originator
Ardain Mortgage Corp.
847-942-5151 Cell
847-963-1000 Office
ssmither@ardain.com
... more
0 votes 11 answers Share Flag
Sun Feb 6, 2011
James Harris Jr. answered:
Anne,

Your statement regarding FHA's guideline is correct, as it relates to the period from a bankruptcy discharge to present. As for the exception rule, it is just that. I';d have to recommend that you schedule a FREE consultation with one of our Home Mortgage Consultants to discuss your specific circumstances and determine if you will meet the exception rule. Please call or email me if you wish to schedule an appointment. Thank you. ... more
0 votes 0 Answers Share Flag
Fri Feb 4, 2011
Shivers answered:
I had a deal that never closed with NACA. The reason the buyer went to NACA was to use his own money for the work that needed to be done to this building rather than to put up the 10%. Seller was willing to pay the closing cost. But, NACA kept changing their personnel. Then I was told their license in the state of Illnois had to be renewed. Too many foreclosures, short sales in Illinois. They under appraised the building. We then had to do a short sale. This was in October and it is now February. The buyer went elsewhere for financing! The heck with NACA! Even my own request for help never materialized. I waited 2 years and still nothing! ... more
0 votes 2 answers Share Flag
Mon Aug 8, 2011
Dan Tabit answered:
Bob,
Rates vary due to a number of factors, loan amount are certainly a consideration. A rate sheet will have adjusters based on loan amount, equity position, credit score, if you escrow for taxes and insurance. Calculating an accurate rate for a specific situation is a multistep process. ... more
0 votes 20 answers Share Flag
Tue Feb 1, 2011
Debra (Debbie) Rose answered:
Actually, AJ, this is a good question.
$3000 in reserves seems low to me. Why did they decide to reduce from a cushy 20% to 8.5?

Might I suggest you call a few local lenders, and see what their requirements would be ...also check on whether your building is FHA approved (www.fha.gov) and see what FHA requirements would be.

I will be interested to see what other suggestions and ideas are proposed here!
Good luck!
... more
0 votes 7 answers Share Flag
Fri Jan 21, 2011
Evelyn S. Fred answered:
Hi Daniel,

I know this is going to sound "weird" but Bank of America has a great program called the "America's Home Grant Program", where they GIVE you $2500 in free money (provided you qualify) and some of the areas that are included are in the low income areas. Call Chris Covalle 312-772-4180, tell him Evelyn Fred referred you

However, that being said, I'm not sure about the home improvement part. For a reno loan (or 203k) try calling Mary McElree from Wells Fargo. She actually helped save a transaction for one of my buyers, she was awesome! Mary McElree 847-770-3075 or 312-274-4139, tell her Evelyn Fred referred you.

Good luck!

.
... more
0 votes 6 answers Share Flag
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