The Secretary of the U.S. Department of Housing and Urban Development told REALTORS® gathered in Washington, D.C., that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the first-time buyer $8,000 tax credit as a down payment, a move promoted by NAR.
Tuesday, May 12, 2009
Monday, May 11, 2009
Come see this beautiful north Ravenswood four bedroom single family home. New to the market, this bright and spacious home was redone in 2001 with an open floor plan and sunroom over looking the yard. Plus, four bedrooms on the 2nd and third floors with an additional sitting room and private 3rd floor master bedroom. A quick five minute walk to the Lawrence Metra stop.
Open Sunday, May 17th 12pm-3pm
Friday, May 8, 2009
I still am getting questions on the first time home buyer tax credit. It is fairly easy to understand and to help, I have included a video from Rob Dietz, Ph.D., director of tax issues for the National Association of Home Builders. For those of you whoe are on the fence, this is a great opportunity to help you get into your first home. The key pieces of this legislation are related to your personal income and the amount of the purchase. Hopefully this video will clear things up.
Wednesday, May 6, 2009
Fannie Mae, the government-sponsored group that makes adequate funds available to mortgage lenders, has implemented new guidelines as of March 1st that unit owners and associations should be aware of. These changes have impeded many sales lately. Some of the primary issues concern clarifications of owner-occupancy ratios, association insurance, lawsuits and new guidelines for new construction and newly converted projects. It has been my experience that buildings which has once passed with flying colors, now don't qualify and as a result, lenders are rejecting these loans. This is trouble for both buyers and sellers.
A recent article in the Chicago Tribune outlines some of the most relevant changes.