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Items of interest on Real Estate in the Northwest and Western Suburbs of Chicagoland
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Here is somthing I think all first time home buyer's should take a look at..... Here is a link to Illinois Association of Realtors President Pat Callan's video http://www.youtube.com/watch?v=VGHPf0YmrTI on key housing provisions in the American Recovery and Reinvestment Act. In it, Illinois residents will learn how they can benefit from the $8,000 first-time homebuyer tax credit, increased Illinois FHA loan limits and energy-efficient housing tax credits. It's great info, please take a look! If you have questions about anything in the video, post them here or email me directly at nina@ninrocus.com or call me at 630-776-5263!
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Business Week Magazine has recognized Itasca as the "Best Affordable Suburb in Illinois with the highest quality of life," you can't beat that! Here's a couple of things that I think helped Itasca get this accolade: Free Garbage pickup and waste removal No Vehicle Sticker Fee No 5% utility tax on phone, electric or gas bills The best 4th of July Fireworks display in the Suburbs Beautiful downtown area Access to Downtown Chicago via the Metra Easy Access to expressways- I 290, Elgin-Ohare, I 355 First Illinois Community designated as a Safe Community of America
Have questions about Itasca? ask them here or email me direct nina@ninarocus.com or call 630-776-5263!
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Whether or not you like Jim Cramer's Show on CNBC, on yesterday's show he told everyone in no uncertain terms that IT'S TIME TO BUY! Here is a link to view the video of the portion of the show where Jim talks about this and tells you why.... http://www.cnbc.com/id/15840232?video=1065098799&play=1 It takes a few seconds to load, they have to throw in a bit of advertising first! If you have never seen Jim's show you may be surprised. He's not your average Business Show Host.
He's a little "off the wall" but he has a loyal following and since he first started his show he has calmed down some, and I feel is doing a fair job of trying to educate people about investing and general market information. If you don't follow the daily ups and downs of the markets and the economy, some of this may be a little confusing, but the main point is IT'S TIME TO BUY A HOUSE! Please take a look and if you have questions or comments, give me a call, send an email or post a comment!
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Koenig and Strey Western Offices Open House Extravaganza Stop by to visit our open house at 327 Red Rock, Copper Springs Subdivision, Elgin. Get a free green recycle bag and be entered to win a $50 gift card. If you have questions, e mail me nina@ninarocus.com or call me at 630-776-5263
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First-time Homebuyer Tax Credit • Available to first-time homebuyers! • Credit amount up to 10% of the home's value, not to exceed $8,000 • Eligible for homes purchased on or after January 1, 2009 and before
December 1, 2009 • Available on single-family detached homes, townhomes and condominiums • Buyers qualified for full tax credit are single taxpayers with incomes up to$75,000 and married couples with incomes up to $150,000 • The tax credit does not need to be repaid as long as the buyer does not sell the home within the first three years and it remains their primary residence. Have Questions? Post them here or call 630-776-5263 or email me at nina@ninarocus.com
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Mortgage rates are down, if you are ready to buy a home and plan to stay in it for several years, this is just one more factor that is in your favor. What are the others? Prices are way down and seller's are highly motivated, there are a lot of bargains to be found. Take a look at this link to see the article related to the recent rate reductions: http://www.realtor.org/RMODaily.nsf/pages/News2008112105?OpenDocument Have questions or comments? Post them here or call or email me directly. Have a great evening!
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You may have heard the names Fannie Mae and Freddie Mac quite a lot recently with all of the housing stories in the nightly news segments. Here is a link to a page on the Freddie Mac website that talks about Foreclosures and may help you understand the process a little better and perhaps have answers to some questions you may have. http://www.freddiemac.com/corporate/buyown/english/avoiding_foreclosure/index.html As always, if you have a question that wasn't answered, or would just like to make a comment, please post it here!
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My last post was a little bit about short sales, this is related. Right now Century 21 has put out a call to action to all of our brokers and associates to find a least one family and help them to Save the Dream of homeownership and help them reach out to their lender. In my last post I mentioned the best thing to do is to contact your lender to try to work our some arrangement to stay in your home. The Mortgage Bankers Association reports shows than 50% or homeowners who do lose there homes to Foreclosure have never once contacted their lender. To help you avoid foreclosure here are 2 sites to take a look at: Guide to Avoiding Foreclosure (US Dept of Housing and Urban Development) The HOPE NOW Alliance and the Homeowner's HOPE Hotline (1-888-995-HOPE) As a realtor I am here to help you with all your real estate needs, buying, selling, and saving your home.
If you or anyone one you know needs help getting information, don't hesitate to call. Don't wait till it's too late! I worked in the mortgage industry for many years before starting my real estate career. I have a lot of background knowledge other realtors may not have. I am ready to use it to help you, all you have to do is call or e mail me. Questions, you can post them here! Have a great weekend!
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If you know someone who is struggling to make their mortgage payments, the best thing they can do is communicate with their lender. Have them ask for the Loss Mitigation Department or the Work Out
department. Lenders do not want to be owners of real estate, they will try to work with you if it's at all possible. If you know someone struggling to make mortgage payments due to unexpected health issues, divorce, transfer or job loss, or hugh rate increases don't let them go into foreclosure! It is much better to try to do what is called a "Short Sale" where the lender agrees to take less for the property than was originally owed. Tell them to contact me, I can help! Here are some reasons to try a short sale instead of going into Foreclosure: Negotiated setttlement as opposed to a court settlement Seller's credit will just be bruised instead of ruined No attorney fee-with Foreclosure BIG attorney fee! May be able to buy again in 2 years, with Foreclosure will wait 10 years
If you have any questions about the Short Sale process, post them here or email me for a private response. I am here to help!
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Your credit score is something you really want to be aware of before you go out looking for a home. It is extremely important in determining whether you'll be approved for a loan as well as determining what rate you will pay! It's a good idea to take a look at your credit score months in advance of when you are ready to buy.
That way if you need to improve your score, you will have the necessary time to take steps that will bring your score up to the level you will need. You may be doing some things that you aren't even aware of that may be effecting your credit score negatively. I have a great report that I can e mail you that is the most comprehensive explanation of credit scores that I have found and it is in an easy to understand form. It is from one of the Loan Officers that I work with so you'll see his info on the report. (If after reading the report you need help improving your score in preparation for for making a real estate purchase, he'll be happy to help you reach your goal!) Just e mail me at Nina@NinaRocus.com and I'll send this report right out to you! Good Luck on improving your scores!
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CNBC reported yesterday that the home prices in the Chicago area are on par with 15 yr average affordability. What does this mean? It means that most likely Chicago area homes are at a bottom and now is the time to get back into the market. They reported that home prices rising faster than income, along with lenders creating products that allowed borrowers to continue to buy homes that they could not "really" afford, caused the housing crisis we are currently experiencing. Here are a few more reasons why it's a good time to buy: Home prices have corrected downward. Mortgage rates are still low, although higher than recent years. Credit is available contrary to what you may be hearing on the nightly news. You will need a downpayment and a good credit score is always very helpful.
If you would like to view the CNBC segment, Just click this link http://www.cnbc.com/id/15840232?video=912128673&play=1 Have a question or a comment, post it here or e mail me at nina@ninarocus.com
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We all need to do our part for improving our environment. Here are a few quick and easy ways to do just that. 1. Fall is here and winter is coming close behind, plug air leaks around windows and doors to keep your heating bills down and save energy. 2. Turn your thermostat lower to save energy as well. Put on a sweater or keep a throw or blanket close to ward off a chill. 3. Replace your standard light bulbs with compact fluorescent bulbs. 4. Save water and energy by only running the dishwasher with a full load, and turn off the heat to dry option. 5. Wash clothes in cold or warm water. 6. Recycle and buy food with minimal packaging. 7. Replace old appliances with newer energy efficient ones. Look for the energy star rating. 8. Install low flow shower heads to save water. 9. Use public transportation, carpool or bike or walk whenever possible. 10. Make use of reusable totes for groceries, no more plastic bags! 11. And these easiest of all, share these tips with all of your friends, family and coworkers!
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On June 30th 2008 the Housing and Economic Recovery Act of 2008 signed into law included a tax credit of $7500 for 1st time homebuyers who purchase a home between April 9, 2008 and July 1, 2009. The tax credit is for 10% of the cost of the home, not to exceed $7,500. The tax credit must be paid back over a period of 15 years like an interest free loan. (For $7500 this is $500 a year.) It is available for single family residences, including townhomes and condos that will be used as a principal residence. To be eligible your adjusted gross income can be no more than $75,000 for individuals, ($150,000 for a joint return) YOU MUST BE A FIRST TIME HOMEBUYER .....(The buyer and the buyer's spouse (if any) may not have owned a principal residence in the three years previous to the purchase.) These are just he highlights of this program. I am sure this may have raised specific questions in your mind as how this might apply to your situation or how this will help you purchase a home. Call or e mail me and I can send you a list of the most frequently asked questions and answers! My cell is 630-776-5263 and my email is nina@NinaRocus.com I look forward to hearing from you and helping you find your 1st home!
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Have you heard of the 203 K program that will allow you to borrow up to $35,000 for property improvements? Cash that you can use to improve your home after your purchase closes.
Some of the types of improvements that can be done using these funds are: Repair or replacement of Roofs/Gutters/Downspouts
Repair/Replacement/Upgrade of heating, ventilation and AC
Repair/Replacement/Upgrade of Plumbing and Electrical
Repair/Replacement of Flooring
Exterior and interior Painting
Purchase and Installation of Applicances
Basement finishing and remodeling These are just some examples!
The maximum loan amount (including a possible $35,000 for improvements) is $362,790 for single family homes, or FHA approved condos and townhomes.
3% downpayment
31/43 ratios apply
Can be used with down payment assistance programs
Less than perfect credit okay! Sorry no investors allowed at this time!! For more information, give me a call or send me an email and I can get you the full information on this program!
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