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5040 greenwood, historic home next, president, Barack Obama house, Chicago, Illinois, Obama's, neighbor, real estate, matt garrison, maximumedia design

 The first family's Hyde Park neighbors currenltly have their house on the market.  The website www.5040greenwood.com has been said to have had over 10,000 hits.  The 6,000 square foot home with an adjacent coach house, is currently on the market for $1.85 million and has been getting attention and inquiries from across the world. This 17 room mansion has had inquiries from London, Singapore, Saudi Arabia, and New York to name a few.  The Obama Factor has been said to have drawn lots of attention for this home that was initially being offered for sale without a price.  This is a rare opportunity for the right buyer? Will it sell? To be or not to be that is the question.

 

In today's times of economic uncertainty more and more individuals are taking the opportunity to create additional streams of income.  I personally believe this is awesome.  However, when looking to purchase a home there are several things that Self-Employed individuals should consider.

•1.       Plan ahead. If you are entering the entrepreneurial world, be sure you set some short term and long term goals for yourself, so you can manage your income appropriately.  If you are looking to buy a home in the next few years, be sure to read #2.

•2.       The trouble with tax write-off's:  One of the benefits to being self-employed is that you avail yourself to more options for reducing your tax liability, better known as write-off's.  This can act as a double edged sword when it comes to applying for a mortgage.  If you write off all of your expenses during tax season and later apply for a mortgage, whatever you have reduced your income by is what the underwriter's will use as your income.  Ex.  Let's say your first year in business you made $35,000 but the business expenses you wrote off came to $15,000, the income that an underwriter will use for qualification purposes is $20,000.  We all know you can't buy much of a house on a $20,000 annual income.

•3.       Hire a Professional Tax Preparer or CPA: Treat your business like  a business and hire the needed professionals to help ensure your goals will be met.  When tax season comes around, it may be better to hire a CPA and give them an in-depth look into what your goals are over the next year.  This way they can help you take advantage of reducing your tax liability and still advise you, regarding your new home purchase in terms of how much you should write off or not.

•4.       The Corporation: When financing your mortgage everything is about your paper trail. If your business is structured as a corporation, be sure to pay yourself.  If the income that you receive goes directly into a corporate account, you need to be sure that you are paying yourself on a consistent basis.  Otherwise, the underwriter will have too much to try and figure out.  The harder the underwriter has to work, the more likely they are to deny your loan.

Taking a leap into entrepreneurship can be an awesome opportunity. However, plan ahead, getting professional help, and running your business like a business are all very important things to consider when you want to use this income for qualifying for a mortgage.  For more information visit www.ceceliaknowsmortgages.com 

 

$8,000 Tax Credit .......   Free Money for your family.  As of mid-September statistics show that more than 51,000 Illinois families have taken advantage of the $8,000 Tax Credit for 1st Time Homebuyers in IL.  Nationwide, according to the National Association of Realtors, between 1.8- 2million new homeowners will have taken advantage of the credit this year.  If you haven't taken advantage of the credit this year, you still have time, but here are a few things to keep in mind. 

•1.       Short Sales: If you are going to meet the deadline of Nov.30th, know that your negotiation process will need more time than a traditional offer, which may impact your ability to close in a timely manner.

•2.       203K Rehab Loans: This loan has become a hot product for 1st time homebuyers looking to make repairs on properties they are purchasing.  If you are planning on using the 203K loan for purchase and repairs, your contracts need to be in now.  The process for underwriting, coordinating with contractors and having your loan clear to close is taking about 45 days with most of our lenders. 

•3.       Traditional loans: Conventional and Regular FHA loans should be well within reach of closing on time for you to receive your tax credit, but with that being said, make sure you stay in communication with your lender to ensure a timely process.

•4.       Applications are picking up as individuals are trying to beat the deadline, so be proactive as slots at title companies are filling up fast with closings.

 

The $8,000 tax credit is a huge benefit to those who are able to take advantage of it.  The credit has been said to reduce overall national inventory by about 30% and is stabilizing prices.  Now is the time to buy Real Estate.  Prices are low, interest rates are low, and the government is offering a huge incentive through the use of the $8,000 tax credit.  Don't be a shoulda, coulda, woulda.  Find your new home today, submit your offer, get the ball rolling.  The clock is ticking! Don't be left out of this wonderful opportunity.  For more information on mortgages and loan options visit my website www.ceceliaknowsmortgages.com Happy House Hunting

 

 So, for the last few weeks I have been scouring the internet to help an investor client find a lender to do a purchase / rehab loan for a 4 unit in IL.  He has great credit scores and money in the bank.  As I find myself at a road block, I thought I would ask my AR friends for help.  Does anyone have a lender who will do up to 65-70% ARV for a 4 Unit.  Contract recently accepted. Your help would be greatly appreciated.  I don't mind referring the client out if need be.  I really just want to make sure the client is well served. Please help! Thanks AR! Your assistance would be invaluable.

Cecelia Marlow - PanAmerican Mortgage, LLC

 

Did you know that buyer's can buy a HUD REO with as little as $100 Earnest Money.  This may be good news for some. The Atlanta Homeownership Center approved the use of this initiative for Illinois and Indiana for purchaser's using FHA financing.  This is specifically geared towards Owner Occupants, effective date Oct. 5, 2007. 

This incentive is not available unless it is presented on the executed contract presented to the closing agent.  For more information visit www.hud.gov click on HUD Homes and choose your state to see if it is applicable there.  This is a great incentive for Illinois and Indiana homebuyers! Happy Closings!

Need money for rehabbing the property check out my post on FHA $$$ for REO's & Bank Owned Properties.  Simple process for everyday consumers.

Cecelia Marlow - www.ceceliaknowsmortgages.com

 

 

  As a professional one of the most important things we can do is stay abreast of the changing market and flow with the tide.  The Chicago Real Estate Market, has become saturated with REO (Real Estate Owned) and Bank Owned Properties.  However, many people that I talk to don't know how to get to optimal financing for these properties.  With an FHA loan the property must be habitable and structurally sound.  With a Conventional loan, the client needs at a minimum 5% down and most MI (Mortgage Insurance) Co., want to see 10% down and a sizable amount of reserves. Even if a buyer can qualify for a conventional mortgage, many don't have the liquid cash to do the work they would like.  So, here's a solution for you.

Rehab Loan

FHA has a 203(K) Streamline loan that allows a buyer to purchase a property and get up to $35,000 for repairs and improvements.  So why is this such a great loan product:

1. A borrower can still minimize the size of their down payment at only 3%, which can be a gift from a seller Down Payment Assistance program through Oct. 1, 2008.

2. The program can be used for 1-4 Family Single Residences; including HUD REO

3. The borrower can still choose a fixed or adjustable rate mortgage, and their are no increases to the rate to acquire the rehab money.

4. Their is only 1 closing. 

5.  The funds can be used to: Update the home (including appliances, windows, doors, roof, paint, gutters, and down spouts, upgrade to plumbing, electrical, HVAC, exterior decks and patios, etc.) This loan can even be used for MOLD REMEDIATION AND LEAD BASE PAINT STABILIZATION. Note the funds can not be used for structural or foundational corrections.

6.  A general contractor / consultant is NOT needed.

This is a great loan and should help move a lot of inventory that is currently sitting on the market. 

For more information or assistance please visit me at www.ceceliaknowsmortgages.com

Hope this was helpful!

 

 

 

Cecelia Marlow | PanAmerican Mortgage, LLC | 773-782-6000
 

647 W 115th St, Chicago, IL
Stunning New Construction - Open House May 31st!  See You There!
4BR/3BA Single Family House
offered at $275,000
           
Year Built 2008
Sq Footage 2,400
Bedrooms 4
Bathrooms 3 full, 0 partial
Floors Unspecified
Parking Unspecified
Lot Size 3,049 sqft
HOA/Maint $0 per month
 
DESCRIPTION

OPEN HOUSE SATURDAY MAY 31st 1-4 !!!!

Bring your most picky client to view this New Construction beauty! Giveaways,Free Credit & Design Consultations. Flat Screen TV at closing to buyer who writes contract on spot. 4 Bedrooms, 3.5 baths, Granite counter in Kitchen and bathroom, stainless steel appliances, spacious family room, hardwood floors, crown molding, finished basement, washer and dryer, deck off the kitchen, fireplace, skylights in the bathroom and so much more.  You have to see this to believe it!
 


see additional photos below
  
PROPERTY FEATURES


Fireplace

Hardwood floor

Family room



Granite countertop

Stainless steel appliances

Basement
WasherDryerBalcony, Deck, or Patio

     
ADDITIONAL PHOTOS

Seller contact info:

 
Cecelia Marlow

PanAmerican Mortgage, LLC

773-782-6000

 
For sale by agent/broker
 
powered by postlets Equal Opportunity Housing
Posted: May 30, 2008, 10:04am PDT

 

For Sale By Owner ! Buy or Rent To Own! Chicago - Joliet

Cecelia Marlow | PanAmerican Mortgage, LLC | 773-782-6000
 

814 Cochrane, Joliet, IL
Seller Credit Towards Down Payment....Call Today!
3BR/2BA Single Family House
offered at $169,923
           
Year Built Unspecified
Sq Footage Unspecified
Bedrooms 3
Bathrooms 2 full, 0 partial
Floors Unspecified
Parking 2 Car garage
Lot Size Unspecified
HOA/Maint $0 per month
 
DESCRIPTION

Beautifully rehabbed property available FOR SALE or RENT TO OWN! New Kitchen and New Roof!  You'll love the finished basement for entertaining, complete with a pool table, wet bar, and fireplace.  Close to I-80 and priced to sale! Rent includes $150 per month towards down payment.  One month rent and one month security to move in today! For pictures visit www.ceceliaknowsmortgages.com
 


see additional photos below
  
PROPERTY FEATURES


Central A/C

Fireplace

Living room



Dining room

Dishwasher

Refrigerator


Stove/Oven
Microwave
Basement


Washer
Dryer


     
Seller contact info:

 
Cecelia Marlow

PanAmerican Mortgage, LLC

773-782-6000

 
For sale by agent/broker
 
powered by postlets Equal Opportunity Housing
Posted: May 28, 2008, 4:31pm PDT

 

Help!!!! My Credit Score Sucks!

                In today's credit driven society, it is imperative that we begin to understand and leverage one of our most personal assets, "Credit."  In short, your personal credit score is a key component used to determine if you are a good risk to lending institutions.  Moreover, it will determine how much you will pay for items you finance, including a new home, an auto, and even insurance premiums for these items.  However, credit is also a factor in determining your career options, and the ability one will have in pursuing career aspirations in any kind of financial service related field.   In this article, you will find a general overview of how your credit score is determined, as well as, a few things you can do today to begin increasing your credit score.

                Let's start with the basics.  There are three major credit institutions: Experian, Equifax, and Trans Union.  These three bureaus, as they are commonly referred to, compile your credit score from various creditors that you do business.  Credit scores range from 300-850.  In general, the higher your credit scores the better.  Credit scores below 600 will generally make it more difficult for you obtain credit with decent interest rates, while credit scores above 720 are welcome just about anywhere.

               So, how is your credit score configured?  I'm glad you asked.

There are 5 categories that lenders look at to determine if you are a good risk.

  1. Payment History:  Paying your bills on time accounts for 35% of your credit score.
  2. Amounts Owed:  30% of your credit score is determined by how much you actually owe in relationship to the limit the creditor has given you.
  3. Length of Credit History: 15% of your credit score is determined by long you have had a credit profile.
  4. Type of Credit: 10% of your credit score is based on new credit that you have applied for.
  5. Types of Credit Used: 10 % of your credit score is based on the types of credit that you use, the better the mix of credit used, the better your credit score. Ex. Someone with a credit card, an auto loan, and a mortgage, will generally have a higher score than someone who only has 2 credit cards. 

 

Hot Tips To Increase Your Credit Score!

                So many times I am asked, "If I have had credit challenges in the past, what can I do to boost my score now?"  Here are a few things that you can begin doing today to improve your credit score.

  1. Create a budget and put in on your refrigerator.  There is a study that shows you are 50% more likely to accomplish a goal if you just write it down.  Your budget is like your roadmap.  It helps you see exactly what you have coming in and what you have going out.  It also can you determine if there are areas in your life where you are splurging excessively.  This extra money can be used in the following steps.  If you need a simple easy to use form, simply e-mail me and I can send it over to you. 
  2. Get a copy of your credit report.  You can visit http://www.annualcreditreport.com/ for one free copy of your credit report annually.  I typically suggest that my clients do this at the beginning of each year to make sure that their identity has not been tampered with and to make sure everything on the report is accurate.  Also, once you have a copy of your report you can begin to put a plan together to eliminate your debt.
  3. Because 35% of your credit score is based on making timely payments, please do so.  This is critical.  If you lose a job, or have some other extenuating circumstance, call your creditors, many times they will make arrangements with you and will not report you as being delinquent unless you don't keep up with the new arrangements that have been put in place. 
  4. Keep your balances less than 30% of the credit limit that you have been granted, ie.  If you have a credit card with a limit of $1,000, keeping the balance at less than $300 will optimize your credit score.
  5. Don't close old, unused accounts, unless you have a lot of them.  The older the accounts are the more stable your credit profile looks and this also adds to your credit score.  Typically you don't want to have more than 3 credit cards as a rule of thumb.  Also, new credit accounts under a year will typically hurt your score and accounts older than 2 years will boost it.
  6. Finally, dispute any inaccuracies.  At http://www.annualcreditreport.com/  you can also dispute inaccuracies that you find right online.  Typically companies have 45-60 days to affirm any disputes in writing or they must by law take it off of your report.  Inaccuracies can consist of old address', old employers, as well as creditors that have been paid off, or creditors who reflect the wrong amounts old.  Remember, if they can't prove it, it must be taken off. 

 

Your credit is one of your most precious assets.  If you have had credit challenges in the past, it is never too late to begin changing your situation.  The life you live today is based on the choices you made yesterday.  So, please, make great choices today so you can live great tomorrow.  I hope you have found this information to be useful.  If you have any other questions or comments, please feel free to contact me at cmarlow@panamlending.com or visit my website at http://www.ceceliaknowsmortgages.com/ 

 

Cecelia Marlow

Senior Mortgage Consutlant

PanAmerican Mortgage, LLC

 

 

How Much Home Can You Afford?

How Much Home Can You Afford?

The single most important part of buying a house is figuring out how much you can realistically afford to pay.You'll have to take a good look at your budget, debts, credit reports, and credit score. Once you have a good picture of your financial status, start saving as much money as you can for a down payment, closing costs and other extra expenses that come along with buying a house. Extra expenses could include paying for a home inspection (around $300 - $500 depending on where you live) or hiring a moving company after the sale is final.  Other things that you will want to consider are the appraisal which could range from ($300 - $450) depending on your market; Earnest money generally $1,000 in the Chicago Metropolitan Real Estate market depending on the price of the home. 

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Depending on the condition of your finances -- if you have a lot of debt, errors on your credit report, or a low credit score -- getting ready financially could take six to 12 months or more! If your credit score falls below 620, lenders may see you as a risky borrower. This might mean you will need to work on your credit and possibly consider other options, such as Renting with an option to buy.  It might be worth your time to take a year and work on building a better credit report before taking on the responsibility of a mortgage. Also, if you qualify for a lower interest rate you could save thousands of dollars over the life of the loan.

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Determining a Mortgage You Can Live With
There are a few basic formulas commonly used by lenders to determine how much of a mortgage you can reasonably afford. These formulas are called qualifying ratios because they estimate the amount of money you should spend on mortgage payments in relation to your income and other expenses. It is important to remember that these ratios may vary from lender to lender and each application is handled on an individual basis, so the guidelines are just that - guidelines.

Generally speaking, to qualify for conventional loans, housing expenses should not exceed 26 to 28 percent of your gross monthly income. Monthly housing costs include the mortgage principal, interest, taxes and insurance. For example, if your annual income is $30,000, your gross monthly income is $2,500, and $2,500 x 28 percent = $700. So you would probably qualify for a conventional home loan that requires monthly payments of $700.

For more information on pre-qualification and owning a home of your own, please visit my website!

Cecelia Marlow - PanAmerican Mortgage, LLC

www.ceceliaknowsmortgages.com

 
 
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Cecelia Marlow

Chicago, IL

More about me…

PanAmerican Mortgage, LLC

Address: 6232 N Pulaski, Chicago, IL, 60646

Office Phone: (773) 782-6000

Email Me

Real Estate Information an Education

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