FHA and Condo Loan Options

FHA was once considered a four letter word. Builders could care less about qualifying and lenders were hard pressed to justify the amount of time and work required to close on an FHA loan.

Are you wondering what is happening with the local, regional and national real estate market. Well me too. I am working twice as hard these days to hep assist my clients with securing their mortgages since that seems to be the biggest obstacle to the bulletproof transaction I like to create around each of my client purchase contracts.

So, lately many of my first time buyer's are inquiring about whether this property is FHA qualified or what the requirements are for an FHA loan. Usually the two main barriers to securing an FHA loan on a property are that the builder is still in control (not an established association yet) OR the bylaws of an existing association have a right of first refusal which is an immediate NO to qualifying.

So, now many of my clients are asking me "is this one qualified"...

So now I am referring them (or checking myself) at this Federal Housing Authority (FHA) site:

https://entp.hud.gov/idapp/html/condlook.cfm

I hope this helps and remember, there are options available to buyers with less than 5% down to make a purchase. Of course, usually the more money you put down the better your rates and loan terms (for the most part) will be.

Good luck!

1900 South State Condo For Sale

Make your next home in Chicago's dynamic & bustling South Loop. Visit www.1900SouthState.com for more information.

This bright, sunny west facing condominium will make anyone an affordable great home. This newer construction phase 2 improved layout one bedroom, one bathroom condo being offered for sale was finished in 2006 and it features include an open and sunny living/dining room with hardwood floors and private balcony. This home also includes upgraded Cherry kitchen cabinets with granite counters and stainless appliances and floor to ceiling wall time in the bathroom as well as in-unit washer and dryer. In addition to the indoor parking space and ‘cage' storage this home comes with an additional private secure storage room unique.

Relax each morning looking right out your private balcony with tree-top views towards the skyline to right (not direct) and watch the sunsets over Chinatown to the west. East access to transportation including one block to the Red Line "L" Cermak Chinatown stop, Metra Train or catch one of the CTA buses right out front on Archer. Expressways such as Lake Shore Drive and I-55 are very easy access from the building.

Hop on the lakefront trail and take a bike ride or jog to the Field Museum or Shedd Aquarium and Lake Michigan in just a few minutes. Clean and move-in condition. Solid association. Low taxes and monthly assessments at $279 include Electric/AC, Heat/Gas, Cable & Fitness Room.


Accessible from within the building are retail shops and stores such as the local cleaners, restaurants, coffee shops, Athletico gym, Chase Bank and other businesses right in building (walk indoors during cold winter months). Other restaurants in the area include Room 21, Cuatro. Bongo Room, Cafe Bionda and Chicago Firehouse.

Right around the corner from The Pointe 1900 are Chess Records studios where "the blues gave birth to rock and roll" in the 1950's and its one block from the site of Al Capone's headquarters at the Lexington Hotel whose vault was filmed live on television in 1986 by Geraldo Rivera only to find them empty. Lots of history made and being made in this great vibrant South Loop community.

Call with questions or to schedule your appointment today

location, location, location

Pet-friendly Condo Search Site

Chicago, IL, May 5, 2008 - DogPads.net is a unique real estate website geared towards dog owners who are looking to purchase a Chicago area home. Real estate broker associate Jim Gramata, Keller Williams Lincoln Park Realty, recently launched his dog-centric home buying website with the intent of properly finding the best "pad" for both the canine and owner. Current websites are geared towards pet owners looking to lease places, however, Gramata took this concept one step further by offering a similar search service for dog-owners looking to buy a home in a pet-friendly building and neighborhood.

"The dogpads.net site was created out of lots of slobber and perspiration for the dog lovers out there who would absolutely never consider living in a home without their pets." He went on to say the one mission of the site "is supplying a demand for pet-friendly home buyers who are interested in filtering out the thousands and thousands of properties that do not allow pets of their size and weight saving time and money."

Some of the current features of the site include a report request where a free list of properties meeting the buyer's needs and wants, neighborhoods of interest and price ranges are sent via email. The second more advanced search method includes daily online reports of active properties meeting buyer's search requirements. The buyer can mark them as "interested," "not interested" or "maybe" and can view interior pictures when available and request showing appointments. Another method coming soon will be giving buyers the ability to independently search for properties by selecting their own parameters and stretching a box over an area of a map and seeing what active properties fall within the search areas.

"Buyers will have more interactive control of where they look since search criteria and interests can change daily," Gramata said.

In addition to these direct property search features, Gramata envisions the site evolving to offer a complete list of property addresses that allow pets in each neighborhood and any association bylaws. While a seemingly monumental task, the information would be quite valuable. "We also want the site to contain useful current information from local businesses and organizations that share the same philosophy that dogs (and all animals) are an important part of the family and deserve a home in this great city of ours." When asked if this meant the site would eventually be dominated by corporate sponsors, Gramata replied "we do not want to create a site whose sole purpose is to create advertising space for companies. Our mission is genuinely to distribute valuable information to our site visitors as it relates to improving their (and their pets) experience of finding a home and living in the city."

The site is live now at http://www.dogpads.net/ and Gramata reports there are currently visitors who are using the services and are actively searching for properties in the area. "We are happy to report that so far the dogpads.net has been very well received. We are diligently creating daily search reports for each of our recent visitors and are trying to find their dog (and them) their next home." The site is a refreshing original concept that offers a service long overlooked and it seems if the site continues in the direction it has started it should continue to serve the needs of buyers looking for a place to call home for both them and their dog and it will enhance the pet-friendly experiences for dogs and their owners for years to come.

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Franchise opportunities available. Contact via dogpads website.

This site is owned and operated by a licensed real estate agent. No obligations for using site. See site for details

When is a Buyers Market a Buyers Market?

The news stories these days are scary. If you start to separate out the fact from the fiction or fear, you can begin to make an educated decision about what makes economic sense buyers you when making their next home purchase.

Keep your eye on those interest rates NOT the property prices. They will have more long term impact on your home buying power.

"The thing that will make home prices stop falling is the very same thing that will push mortgage rates higher," says Jim Svinth, chief economist at mortgage firm Lending Tree. "So anything you gain by a further drop in prices might be offset by rising financing costs."

Rather than being concerned about the what-ifs, I'd suggest focusing more on the what-wills: The interest rates will continue to climb (which is an inevitable outcome from an economy such as ours) to head off inflationary pressures which is a reason Bernanke will not likely cut the Fed Rate again - in order to keep inflation in check.

Since January 24th, mortgage rates have climbed 0.6% which is the fastest increase in two decades and rates should continue to rise. That increase in mortgage rates is the same effect as a property losing 5% of its value! That means if you were able to afford a $600,000 home, now you would be limited to $570,000. Look at the numbers on the enclosed sheet and let's talk about why they call it a buyers market. Because rates are still historically low (but rising) and that is what will have the most impact on getting the best deal on a home.

Experts who specialize in macroeconomics know that rates will raise and so will the cost to own the longer you wait.

Award-winning Townhomes hit 50% SOLD!

The Award-winning Somerset Townhomes at The Residences of Downtown Lake Zurich are here, and we are over 50% sold!

It’s happening. Lake Zurich is rediscovering its heritage as a quaint, charming and welcoming town. A place where friendly people share a strong sense of togetherness. Lake Zurich will soon have a fresh new look and the Somerset townhomes play a large part in that new image. Carefully designed to have their own unique charm and character the Somerset townhomes are indeed, setting the standard for quality and convenience.

We currently have 9 units which are move-in ready and another 20 that are available for sale at pre-construction prices.

Our sales center is open Tuesday through Sunday from 11am to 5pm or by appointment. Call 847-550-6705 or visit our website at www.AtoLakeZ.com for more information.

See our video here....