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home buying: 5 Factors That Decide Your Credit Score! - 12/04/09 02:34 PM
Greg Olson, REMAX Suburban
  
5 Factors That Decide Your Credit ScoreCredit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.
2. How much you owe.  If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it's a good thing if you have a good proportion of balances to … (1 comments)

home buying: Moving Day - 08/03/09 01:26 PM
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home buying: Short Sale Q & A - 06/17/09 09:03 AM
What Happens in a Short Sale  
A 뱒hort sale?refers to a situation where the owner of the home does not have enough equity in the property and not enough cash or liquid assets to be able to sell the property, pay off liens and selling expenses (e.g., closing costs, property taxes, transfer taxes, real estate commissions) and provide a clear title to the purchaser. In short, there is more owed on the home than what it will likely sell for on the market. Lenders use the term to describe this as a loan that is 뱔pside down.?While many short sellers … (0 comments)

home buying: Updated Home Buyer Tax Credit Information (6/3/09) - 06/03/09 10:00 AM
FHA's rules allow state housing finance agencies and certain nonprofits to ‘monetize' the tax credit (depending on the amount of the mortgage). While a short-term bridge loan to monetize the tax credit is not a product immediately available from FHA lenders in Illinois, the IAR is currently working with the Illinois Housing Development Authority to determine the feasibility of developing such a program that can be used in conjunction with an FHA mortgage loan. The tax credit applies to qualifying home purchases made by first-time homebuyers on or after Jan. 1, 2009 and before Dec. 1, 2009.
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home buying: Simple Explanation of the New $8,000 Home Buyers Tax Credit! - 02/24/09 09:43 AM

$8,000 For Homebuyers  
First-time buyers (someone who has not owned a home in the past 3 years) can claim a credit worth $8,000 - or 10% of the home's value, whichever is less. 
They can claim this credit on their 2008 or 2009 taxes. 
The purchase must be completed between Jan. 1 and Dec. 1, 2009. 
Buyer must live in the home for at least 3 years or they will be obligated to pay back the credit. 
Buyers must meet the income restriction of $75,000 for singles or $150,000 for couples. 
Applying for the credit is easy.  Just claim it … (0 comments)

 

Gregory Olson

Streamwood, IL

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REMAX Suburban

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