May 2010

FHA 203k Rehab Loans – The Solution to Homes With Property Issues

The other day I got a call from a Realtor who was working with some home buyers I had pre-approved for their mortgage. They found the home they wanted to buy and they were ready to submit an offer, but there was just one problem. They were approved for an FHA loan, and the seller (or the listing Realtor) of the home they were interested in, specifically noted that only conventional offers would be considered. This is fairly common, but it is often the wrong advice. So I asked why they wouldn’t consider FHA, and the answer was because the home wouldn’t meet the FHA property guidelines. It turns out that the home is what might be considered a fixer-upper and the home was being sold “as is”. The owner was older and didn’t keep up with the maintenance, so there were a number of issues that would be red…

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Chicago Illinois Current Mortgage Rates for Today – 06/04/2010

After a bad unemployment report, and more trouble out of Europe, mortgage rates are improving. The unemployment numbers while positive on the face, were ugly once you looked at the details. The overall gain was almost all a result of temporary census hiring, and the jobs gained was much lower than expected. Ad  to this more rumblings from Europe, Hungary this time, and the result is a bad day for stocks and a big day for bonds. Confidence in the strength of the recovery is now fading, and the odds of inflation being a threat any time soon, is now close to 0. So mortgage rates are near the best rates we’ve seen over the last year. Mortgage rates are great, but money is still tight. There are a lot of home owners who would greatly benefit from a refinance, but aren’t able to take advantage of it due to…

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I’m Back …

If you are a regular reader of this blog, you’ve probably noticed that it has been pretty quiet here lately. I normally post something two to three times each week, and now it has been about 2 weeks since my last post. I want to assure you that I am alive and well, and that this is a temporary situation and I will be back to my normal schedule in short order. I’ve recently moved to a new company, Prospect Mortgage (I’ll have more on that soon), and between navigating the learning curve with new systems, and dealing with epic volume of new purchase loans, there hasn’t been much free time to post (there’s barely been time to sleep). Now I have my support systems back in place, and I feel comfortable with my new surroundings, so I can breathe again. Over the next few weeks I will have plenty…

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