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Home Buying in Rogers Park : Real Estate Advice

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  • Local Info11
  • Home Buying10
  • Home Selling3
  • Market Conditions15

Activity 4
Thu Dec 20, 2012
Matt Laricy answered:
Sounds kind of odd. If its a condo I would check with the association. I can't imagine this could be allowed.
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Tue Dec 21, 2010
Aimee Renkes answered:
First, in general FHA approval for a condo indicates that the building association is financially sound and meets regaulatory requirements. FHA approval means that all potential buyers can purchase a unit using FHA or conforming loan programs. It is good to have a condo building with FHA approval because that can attract all buyers, so the higher demand for the property will support home values and resale. It doesn't mean a conod project is bad or not compliant if it doesn't have FHA approval...not all condo association seek this approval and that's ok.

FHA has guidelines regarding how many units must be sold and closed before and FHA loan can be used to buy a unit. So that is why the developer is making that a big deal. However, FHA changed guidelines so the property should be eligible for FHA financing prior to the 70% occupancy that they indicated. So if you want to use an FHA loan to buy in this project you should be working with a lender who udnerstands all of these rules and can make sure you are positioned to buy.

Also, other banks may be agreeable to providing financing in the project even if the developer says that only one bank can do it right now.

Hope this helps, but feel free to email or call me to discuss further.
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Wed Jan 27, 2010
Philip Sencer answered:
Real Estate agents cannot comment on such questions because to do so might be in violation of federal anti discrimination laws like 'steering'. My standard answer to such questions is to suggest that you check with the police department on crime statistics. There are also many web sites that give crime data.
In addition, your definition of 'safe' might be rather different from another person. Most people tend not to buyin neighborhoods that they are not familiar with....rent perhaps first.
If you are relocating you might ask other employees where you work. I can show you a variety of properties in that area which also might help you get a better 'feel' for it. The market in Chicago has been slow and Rogers Park (all of it) has been more slow than average so unless this proeprty is a steal, you probably are in no need to rush to make a decision.

philip
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Fri Jul 18, 2008
Sean Cochran answered:
Hi mark,

Any realtor should be able to look that information up for you. Give me a call if you are looking to get a loan for this property. Sean Cochran. Quality Mortgage Lending 630*330*2229 ... more
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