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mortgage information: Navigating Short Sales! - 12/01/09 11:34 AM
Greg Olson, REMAX Suburban
Navigating Short Sales: What to Do When the Sale Price Leaves You ShortIf you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title … (2 comments)
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mortgage information: Mortgage Loan Programs & Help - 06/17/09 09:05 AM
State and Federal Loan Programs
The following specialized mortgage loan programs can help prospective buyers get better financing. Your Illinois REALTOR?/font> can provide you with mortgage information, discuss financing options and recommend loan sources ?and may be able to help you find financing that suits your needs and helps get you into your new home!
FHA Loans. Since 1934, mortgages insured through the Federal Housing Administration (FHA) have helped millions of people buy a home. Because FHA loans are insured by the federal government, they offer competitive interest rates and are an option for buyers with less than perfect credit. … (0 comments)
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mortgage information: 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)
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mortgage information: Updated Investor Rules! - 02/24/09 09:50 AM
NEW INVESTOR RULES
Beginning March 1, 2009, Fannie Mae is increasing the number of investment properties a borrower can have back to 10, as long as they meet the following requirements:
The minimum credit score is 720
One unit purchases require 25% down payment
One-four unit limited cash-out and 2-4 unit purchases require 30% down payment
No Bankruptcies or Foreclosures for 7 years
No mortgage delinquencies within last 12 months
Rental income will be verified from last 2 years Federal tax returns
6 months reserves will be required on each investment property as well as … (0 comments)
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Gregory Olson
Streamwood,
IL
More about me…
REMAX Suburban
Office Phone: (847) 577-9797
Cell Phone: (847) 977-7024
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