From the category archives:

Financing and Mortgage News

Economic Indicators from NAR

July 6, 2010

This week’s economic indicators from the National Association of Realtors are not surprising:

Mortgage applications are down
Consumer Confidence is down from previous month to 53
Pending sales are down, due to the conclusion of the home buyer tax incentives

The house and senate passed an extension so that currently pending sales may close later and still qualify for [...]

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West Lincoln Square condo sellers will pay closing costs

May 8, 2010
4830 Albany

The home buyer tax credit expired, but Chicago first time buyers still have great opportunities!
One Chicago condo for sale – a real estate bargain -  is a 2 bedroom condo at 4830 N Albany in West Lincoln Square.  Reduced to $289,900, I challenge Chicago real estate buyers to find a better choice for price, condition, [...]

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Real Estate Ownership – Benefits of Buying Your Home

February 26, 2010

What are the reasons for owning real estate?  In a nutshell here are 7 reasons for home ownership…

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.  If you buy [...]

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First Time Homebuyer Credit Questions and Answers

January 30, 2010

The IRS has posted questions and answers about the homebuyer tax credit.  Basically, you qualify if

You haven’t owned a home in the last 3 years
You purchase a home as your primary residence between 4/8/08 and 5/1/10
You close on the home before July 1, 2010
Combined income for a married couple phases out between $ 225,000 to [...]

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Congress Extends Home Buyer Tax Credit

November 5, 2009

Congress voted today to extend the home buyer tax credit.  Here’s how to qualify for the $ 8000 savings:

Sign a contract to purchase by 4/30/10 and close by June 30

Buy a home for less than $ 800,000

You must be a first time buyer — i.e. if you haven’t owned a home for 3 years, you [...]

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5% Down Payments on Condos

September 10, 2009

As of September 1, Wells Fargo is offering condo loan programs with as little as 5% down.  Since the Sept ‘08 meltdown, condominium financing has been difficult, and  for a time, the only low down payment programs were FHA loans.   FHA financing was not available in all buildings, however, so many buyers, while willing [...]

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2009 First Time Buyer Tax Credit Explained

March 28, 2009

This video from Pat Callan, President of the Illinois Association of Realtors, discusses key housing provisions in the American Recovery and Reinvestment Act.   In it, he talks about how Illinois residents can benefit from the $8,000 first-time homebuyer tax credit, increased Illinois FHA loan limits and energy-efficient housing tax credits.

Links:

Tax Credits for Energy Efficiency
First Time [...]

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Fingerprints Required for Cook County Sellers

March 27, 2009

This Glenn Beck video from Fox News gives information on the new fingerprinting law that goes into effect June 1 in Cook County:

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First Time Buyer Tax Credit Explained

February 18, 2009

On February 17, President Obama signed the American Recovery and Reinvestment Act of 2009, a $780 billion plan to stimulate the economy and move the housing industry.
Included in this plan is the first time buyer tax credit. Here, the National Association of Realtors spells out just what the plan includes, and what is different [...]

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