Concentrating in Down Payment Assistance

FHA Mortgage Limits

Thu, 02 Apr 2009 08:08:27 -0500

Are you searching for FHA Mortgage Limits in your area? If so, this tool will help you do it.

Just type in your state or county of the area that you want to search and you'll be able to see what the FHA limits are in that area.

The Federal Housing Administration (FHA) sets limits on FHA mortgage loan amounts that HUD will insure. Limits are set for both FHA-insured traditional forward loans and FHA-insured Home Equity Conversion Mortgage (HECM) reverse loans. Limits set by Fannie Mae/Freddie Mac conventional loans are also available.

To access the link click here https://entp.hud.gov/idapp/html/hicostlook.cfm it will look like this, below.

If you have any questions on how to use the tool or drop down menus, please email me at Tino.Muratore@gmail.com.

Thanks and have a great day!

Search For Your FHA Approved Condo Or Townhome Here

Tue, 31 Mar 2009 01:18:44 -0500

Here is a nice link for you to search to see if the condo or townhome that you are looking to purchase is on the approved FHA condo list. Just click here https://entp.hud.gov/idapp/html/condlook.cfm.

The link allows you to search FHA approved units by name, location, or status. What does it mean if your condo or townhome is not found on the list? Well, it probably means that you won't be able to secure FHA financing on that particular unit. There may be an exception or two.....

The guidelines are very strict concerning what is approved and what is not. Below is a short list of items that must be met in order to be approved.

Condominium or townhome is complete with no ongoing or anticipated addition of any units or common areas
Unit owners have had control of the common area for at least one year
The condominium association has proof of hazard, liability and flood insurance coverage
Unit is owned fee simple
There are no restrictive covenants or provisions restricting conveyance of the unit
A minimum of 90% of the units in the project have been sold 51% or greater of the units in the project are owner occupied
No single entity owns more than 10% of the units in a project with more than 30 units
No single entity owns more than 20% of the units in a project with less than 30 units

Please email me if you have any questions on how to use this tool or any other mortgage related questions. You can email me at Tino.Muratore@gmail.com.

Have a great day!

FHA Appraisal Changes For Declining Market Areas

Thu, 26 Mar 2009 14:50:36 -0500

FHA is updating the appraisal requirements for declining markets. A declining market is considered to be any neighborhood, market area, or region that demonstrates a decline in prices or deterioration in other market conditions as evidenced by an oversupply of existing inventory or extended market conditions.

Here is a short list of the future changes.

Include an absorption rate analysis
Adjust pending sales to reflect contract sales price whenever possible or adjust pending sales to reflect list to sale price ratios
Adjust active listings to reflect the list to sales price ratios for the market
Need at least 2 comparable sales within 90 days of the appraisal date
Include original list price, any revised list price, and total days on the market
Provide an explanation for days on the market that do not approximate time frames
Provide know or reported sales concession on active and pending sales
Need a minimum of 2 active listings or pending sales in addition to the 3 closed comps
Need bracketed listings using both dwelling size and sales price when possible
Reconcile adjusted values of active listings or pending sales with the adjusted values of the settled sales provided
Insure that active listings and pending sales are market tested and have reasonable market exposure to avoid the use of over priced properties as comparables

These changes go into effect on April 1st 2009.

If you have any additional FHA, VA, or First time home buyer questions...please ask! I can be reached at Tino.Muratore@gmail.com

Thank you.

First Time Home Buyer Tax Credit 2009

Tue, 24 Mar 2009 23:12:30 -0500

I wanted to put together a short post for you First Time Home buyers out there. I'm know that you have been bombarded with Stimulus Bills and Packages just like I have. It can get real confusing trying to sort out the fact from fiction. Fact-President Obama passed a first time home buyer credit which was included in the American Recovery and Reinvestment Act that was signed into action on February 17th 2009.

Fact-This is a tax credit unlike the previous 2008 plan which was more like a 15 year interest free loan that had to be paid back. You do not pay this back. This is your money.

Fact-The maximum amount of tax credit that you may receive is equal to 10% of the purchase price of your home not to exceed $8000.00 (which is the max).

Fact-A tax credit is a dollar for dollar benefit to you the tax payer, not a deduction that decreases your taxable income. (Please consult your accountant)

Fact-There are income limits in place. A single home buyer with a modified adjusted gross income of $75,000.00 or less is eligible.

Fact-Married couples with modified adjusted gross income of $150,000.00 or less are eligible.

Question? What is modified adjusted gross income? Modified adjusted gross income or (MAGI) as you will sometimes see it is your adjusted gross income (AGI), modified by various adjustments. Which adjustments? (Please consult your accountant)

Fact-The tax credit is retroactive to January 1, 2009 and runs through December 1st 2009. (Please consult your accountant)

Fact-It is true and if you already filed your 2008 tax return, which most of you probably have...you can amend your return and still receive the credit this year. (Please consult your accountant)

Fact-This program is for what they define as First time Home Buyer. What is the definition of a first time home buyer? Good question. A first time home buyer is defined as any tax payer who has not owned a primary principal residence within 3 years of your new home purchase. What is a primary principal residence? Another good question. Your primary principle residence is where you live. Not your Aunt, or your Cousin, where you sometimes may stay. It's the primary location that you inhabit.

Fact-If you make more money than the above listed figures...you may still be eligible for a reduced credit.

Fact-You or your accountant needs to fill out Form 5405 which will help you determine your tax credit. Then you will be able to claim that amount on line 69 of your 1040 tax return. (Please consult your accountant)

Fiction-You can not borrow against the credit to help you with your down payment on your home. That would be nice! There are several different programs that will help you do that. Please read some of my older blog posts. I have written about quite a few of those programs. If you have any questions...please email me at Tino.Muratore@gmail.com.

Thank you.

FHA Cash Out Refinance Changes

Tue, 24 Mar 2009 17:35:15 -0500

FHA cash out refinances have undergone a couple of recent modifications. Here are a couple things that you should know about the changes.

Your existing loan must be current and not delinquent.
You cannot add non-owner occupants to help you qualify for a cash out refinance.
You must have lived in your primary residence for 12 months to get the max cash out of 85% LTV (loan to value).
If you have lived in your primary residence for less than 12 months, your new loan amount will be capped at 85% of the sales price or appraised value (whichever is less).
You will need a 2nd appraisal for all cash out refinances above $417,000.00.
If you plan on adding a new simultaneous 2nd mortgage, you will be capped at a max of 85% CLTV (Combined loan to value).
If you have an existing 2nd mortgage and are planning on re-subordinating it, you can re-subordinate it with no max CLTV.
If you currently have a 2nd mortgage and you modify it to accomodate your new 1st mortgage, you will not have a CLTV restriction.

These changes are temporary and in effect as of April 1st 2009. Please email me if you have any questions, Tino.Muratore@gmail.com.

Thank you,

Tino

Understanding Annual Percentage Rate (APR)

Sun, 22 Feb 2009 02:22:30 -0600

I often get asked often if APRs (Annual Percentage Rate) are a good way to determine lenders rates and fees?

My answer is no, it's not. While you can use the APR as a guideline to help you shop for your loan, you should not solely depend on it. What you should be looking at is total fees, possible rate adjustments in the future if you're holding an ARM (which stands for adjustable rate mortgage), and you should also be considering the length of time that you plan on staying in your home.

The Federal Truth in Lending Law requires that all financial institutions disclose the APR when they advertise a rate. This is why you see it everywhere. The APR is designed to show you the actual cost of obtaining your financing. The problem is, that it includes some, but not all of your closing cost fees in it's calculation. These fees in addition to the interest rate determine your estimated cost of financing over the full term of the loan. It may be misleading to spread the effect of some of these up front costs over the life of the loan.

Also, the APR does not include all of the closing fees that you are likely to pay. Lenders are allowed to interpret which fees they may include in their APR calculation. Certain fees like appraisals, title work, and other document preparation fees are usually not included, even though you'll have to pay them.

Remember, that the APR is an "effective" interest rate and not the actual interest rate that your monthly mortgage payments will be based off of.

Good luck and happy mortgaging:) If you have any mortgage related questions, please email me.

Thank you.

Pre-qualifying vs Pre-approval the difference

Tue, 17 Feb 2009 02:25:57 -0600

Hello everyone...

I get asked all the time to explain the difference between getting pre-qualifyed or pre-approved. So, let me try to explain a couple of the most confused words in the mortgage vocabulary.

When you hear someone speak of getting pre-qualified, that usually means that they have spoken to a loan officer and he/she has determined the dollar value of a loan that you could be approved for based on your implied income, credit score and other miscellaneous financials. A pre-qualification is not a commitment to lend, but an educated guestimate based on the information that you provided to your loan officer.

A pre-approval on the other hand usually involves taking a full mortgage application (1003), pulling a credit report, getting your employment history, financial information (assets) and (liabilities), monthly gross income, monthly housing expenses, etc...and entering that data into a computer program that does the automated underwriting. If your particular loan scenario comes back as eligible, then you will be issued a pre-approval letter stating the amount of loan that you are pre-approved for. Usually a pre-approval is subject to a few conditions that need to be addressed prior to closing. Getting a pre-approval letter may help you negotiate a better price for the home that you are trying to purchase. It tells the seller that you are a qualified buyer and your offer should be taken seriously.

Well, simple enough, huh? If you have any mortgage related questions....please email me.

Thanks.

Il First Time Home Buyer Program

Mon, 16 Feb 2009 22:58:48 -0600

CAHMCO which stands for Corporation for Affordable Homes of McHenry County is a first time home-buyer program for residents in McHenry County Illinois. CAHMCO assists potential first time buyers with down payment and closing costs funds. This is one of the biggest obstacles preventing home-buyers from ever buying their first home.

The assistance is provided as a 0% loan, which is forgivable after five years. So, if you live in your home for the full five years, you do not have to pay the loan back. If you do not live in the home for five years, the repayment of the loan is calculated at 1/60th of each month that has not been forgiven.

Example; if your grant was for $5000.00 for your down payment and you sell your home after living in it for 30 months you would calculate it like this...
$5000.00 (grant) divided by 60 months (5 years) = $83.33 a month
$83.33 multiplied times 30 months = $2500.00 which is what you would have to pay back

I hope that example makes sense and I did not confuse you even more:)

There are also income limitations associated with the program which is calculated by the size of your household and your gross income. All homes cannot exceed $190,000 in sales price and must be located in McHenry County Illinois.

If you are interested in finding out more about this unique first time home-buyer assistance program, or any other assistance program in Illinois, please email me.

Thank you!

FHA Streamline Refinance

Fri, 26 Sep 2008 23:27:21 -0500

FHA Streamline Refinances are a great way to reduce your current (FHA insured mortgage) interest rate without going through all of the paperwork needed to do a traditional refinance transaction.

FHA Steamline refinances are designed to lower your monthly principal and interest payments and must involve no cash back to the borrower, except for minor adjustments at closing not to exceed $250.00.

FHA Streamline refinances can be made with or without an appraisal. *

FHA Streamline refinances do not require a credit report or verification of employment. *

Lenders can use an abbreviated version of the Uniform Residential Loan Application (1003) that omits sections IV, V, VI, and a-k of VIII, provided all other required information is captured. The lender must assure itself that is in compliance with Equal Credit Opportunity Act and all other regulations, the loan application does not need to be signed by the borrower (s) until closing.

We have been seeing a huge demand for this type of refinance transaction in today's market.

There is not another product on the market that will allow you to refinance your current mortgage without an appraisal or credit report. This is huge! The housing market today is not what it was a couple of years ago, hence you may still be able to refinance even though your true appraised value of your home went down, or even your credit score for that matter.

Please email if you would like to see if you qualify for a streamline refinance. It's not going to cost you a thing, but could save you a small fortune!

Streamline FHA Refinance

Fri, 26 Sep 2008 22:58:40 -0500

FHA has permitted streamline refinances on insured mortgages since the early 1980's. The "streamline" refers only to the amount of documentation and underwriting that needs to be performed by the lender, and does not mean that there are no costs involved in the transaction.

The basic requirements of a streamline refinance are:

The mortgage to be refinanced must already by FHA insured.
The mortgage to be refinanced should be current and not delinquent.
The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
No cash may be taken out on mortgages refinanced using the streamline refinance process.

Lenders may offer the streamline refinances in several ways. Some lenders offer "no cost" refinances (actually, no out of pocket expenses to the borrower) by charging a higher rate of interest on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the lender pays any closing costs that are incurred on the transaction.

Lenders may offer streamline refinances and include the closing costs into the new mortgage amount. This can only be done if there is sufficient equity in the property, as determined by an appraisal. Streamline refinances can also be done without appraisals, but the new loan amount cannot exceed the original loan amount. Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal.

If you have an existing FHA home mortgage and you want to take advantage of a lower interest rate, this is the product for you!

Please email me, and I will assist you with your refinance transaction.

Tax Credit for First Time Homebuyers or Homeowners in Chicago, Illinois

Tue, 08 Jul 2008 00:11:10 -0500

TaxSmart Mortgage Credit Certificate

TaxSmart is a Mortgage Credit Certificate (MCC) program that provides a federal income tax credit to qualified home buyers. A tax credit is a direct reduction of taxes due. Under the program, a home buyer would receive an MCC to reduce income taxes by an amount equal to 20% of the interest paid on a mortgage. The tax credit may be claimed each year the home buyer continues to live in a home financed under this program.

Federal law requires that a home buyer satisfy each of the following guidelines:

First time Home buyer or Target Area Purchase: Any person who has not owned a principal residence at any time during the three years prior to closing a loan under this program is considered a first time home buyer. Non first time home buyers are also eligible if they purchase a home in a a designated target area.

Income: Because the program is intended to benefit low and moderate income households, federal law imposes maximum limits on the annual gross income of home buyers.

Purchase Price: Federal law also imposes limits on the purchase price of home financed under the program.

Principle Residence: The home buyer must occupy the home as a principal residence within a reasonable period which, under most circumstances, may not exceed 60 days after financing is provided. A principle residence is a home occupied primarily for the residential purposes and does not include a home used as an investment property, as a recreational home or a home in which 15 percent or more of its total area is used for a trade or business.

One to Four Family Home: Each residence financed must contain 1-4 units. A one family residence includes a detached home, one unit of a duplex, a townhouse or a condominium unit. If the residence is a 2-4 unit building, one unit of the residence must be the principal residence of the building owner and the residence must have been first occupied for residential purposes at least five years prior to applying for a mortgage loan financed in connection with the MCC.

New Mortgage: The mortgage loan financed in connection with a credit certificate is required to be a new mortgage and may not replace a prior mortgage on the home (whether or not previously repaid).

Program Area: In order to be eligible for a certificate, the home financed under the program must be located in the City of Chicago, Illinois.

Under this program, mortgage credit certificates will be issued to eligible home buyers on a first come, first served basis. The certificates are available in connection with any type of mortgage loan (except loans from a tax exempt bond programs), including fixed rate and adjustable rate mortgages.

If you have any questions regarding this program, or any other first time home buyer programs in Illinois, please email me at Tino.Muratore@gmail.com

Thank you,

Tino Muratore

First Time Homebuyer Program for Chicago Police Officers, Chicago Firefighters, and Chicago Paramedics

Mon, 07 Jul 2008 13:54:06 -0500

If you are a Chicago Public Safety Officer which can include being a Chicago Police Officer, firefighter or paramedic, you may be eligible to receive down payment and closing cost assistance from the City of Chicago. You must purchase a home in targeted areas of Chicago to be eligible to receive $3000 in down payment and closing cost assistance. If you purchase a home that is located in a CHA Redevelopment area, then you may be eligible to receive up to $7500 in assistance:)

The deferred loan is available per household and may be used for your down payment, closing costs, title insurance, credit reports, recording fees, appraisals, points, transfer stamps, third party property inspection fees, first year's payment of mortgage insurance, and other customary bank related closing charges. This loan will be fully forgiven in the officer resides in the home for at least five years. Nice!

Program Requirements:

The applicant must be a non-probationary police officer in good standing with the Chicago Police Department or a non-probationary firefighter or paramedic with the Chicago Fire Department.
Assistance is only available for properties located within the City of Chicago, Illinois.
The applicant must be purchasing a single family property (a building with 1 to 4 units) located within a census track in Chicago where a minimum of 50% of the residents have incomes below 80% of the area median income, based on current census data or within a CHA Redevelopment Property.
The public safety officer must be one of the borrowers on the first mortgage loan and must live in the acquired home as his or her primary residence for at least five years after acquisition.
Contribute at least 1% of personal funds towards the down payment on the purchase price of the property.

If you have any questions regarding this program or any other first time home buyer program, please email me at Tino.Muratore@gmail.com.

Thank you!

Tino Muratore

First Time Homebuyer Program Skokie Illinois

Mon, 07 Jul 2008 11:07:12 -0500

If you are considering making Skokie, Illinois your primary principle residence and you are a first time homebuyer then let me tell you about a program that you may be eligible for.

The Village of Skokie, Illinois in conjunction with Illinois Housing Development Authority (IHDA) has rolled out a program designed to benefit low and moderate income first time homebuyers. The program offers three alternatives to help you obtain your first home.

Home Equity Loan Program (HELP) provides a qualified homebuyer with a grant of 4.25% of the purchase price. Specifically, 3% of the home's purchase price can be applied to reduce the amount of the down payment to be provided by the buyer, and 1.25% can be used to reduce the mortgage loan origination fees.
A 30 year fixed rate financing at below market interest rates.
Provides a dollar for dollar tax credit on the buyer's income tax return of 25% of the annual interest paid on the life of the mortgage. This results in greater mortgage capacity since the homebuyer effectively has more income after the tax credit to put toward the purchase price.

All these programs have strict restrictions as to income and maximum purchase prices. If you are looking for a specific county or state program, please don't hesitate to ask. I will do my best to assist you.

Please email me at Tino.Muratore@gmail.com with any of your first time homebuyer questions:)

Thank you,

Tino Muratore

First Time Homebuyer Program in Evanston, Illinois

Sun, 06 Jul 2008 14:13:03 -0500

Are you looking to move to Evanston, Illinois? If so, you might be able to utilize the city's first time homebuyer program. The program in 2008 is one of city's best programs ever! This program allows you to purchase more home with lower payments and with the security of a fixed rate mortgage.

To be eligible for the program you must either be a Evanston resident for at least six months prior to obtaining the mortgage or work in Evanston for the past six months with a local company or branch.

You must also be classified as a first time homebuyer. A first time homebuyer is someone who has not owned a home in the past three years.

You can get into your home with as little as a 1.5% down payment with a gift:)

Another benefit of the program is that the second mortgage used to help purchase your home will have no payments for five years and no interest over the life of the loan (30 years). Nice!

Please email me with any additional questions concerning this program or any other first time homebuyer programs offered in Illinois. I can be emailed at Tino.Muratore@gmail.com.

Thank you and I look forward to speaking with you,

Tino Muratore

McHenry County Illinois First Time Home Buyer Program, CAHMCO

Sun, 06 Jul 2008 02:30:00 -0500

Are you a first time home buyer in McHenry County, Illinois? If you are, then let me tell you how CAHMCO can assist you in purchasing your new home. Two of the biggest road blocks that first time home buyers run across when purchasing a new home are coming up with the down payment and closing costs. This first time home buyer program provides down payment and closing cost assistance to individuals or families that have limited incomes.

The assistance provided by the program is in the form of a 0% loan, forgivable after five years. If you live in the home for five years, then you do not have to repay the loan. Nice, huh?

Please email me to see if you are eligible for the program. I can be reached at Tino.Muratore@gmail.com.

Thank you,

Tino Muratore

City of Aurora Illinois Neighborhood Redevelopment Assistance Program

Sun, 06 Jul 2008 01:24:01 -0500

Hello,

Business owners of Aurora, Illinois....

Do you need help with the development or expansion of your Aurora based business? The City of Aurora has funds that can be used for the acquisition, demolition, new construction, rehabilitation, equipment purchase, inventory or even working capitol for your business. The loan is a low interest HUD funded loan. The amount of the new loan is in proportion to the number of new full time equivalent jobs which will be created by receiving the loan. The newly created jobs must also be made available first, to the residents of the (NRSA) Neighborhood Revitalization Strategy Area. The business must also be situated in the (NRSA) area which includes the downtown area and parts of the near east side of Aurora.

This loan is available for a limited time, so if your interested in finding out more information pertaining to the program please email me at Tino.Muratore@gmail.com.

Also, email me with the address of your business or future business address and I will check to see if it falls within the programs eligible areas.

Thank you,

Tino Muratore

First Time Home Buyer Program O'Fallon, Illinois

Wed, 02 Jul 2008 01:44:46 -0500

If you are moving to O'Fallon Illinois and you need assistance purchasing your first home, I can assist you. Did you know that there is financial assistance through the County Home buyer Assistance Program that is administered by the St. Clair County Intergovernmental Grants Department? Probably not. There are so many different programs out there that it is difficult to keep tabs on them all.

This program provides assistance to low and moderate income households who are first time home buyers. A qualifying household can receive between $3000 and $5000 for down payment and closing cost assistance to purchase a home.

If you are a veteran of our military forces or wish to inquire about an FHA loan, please email me at Tino.Muratore@gmail.com.

Thank you,

Tino Muratore

Il First Time Home Buyer Grants

Sat, 21 Jun 2008 02:00:32 -0500

If you live in Illinois and you are considering purchasing your first home, you just might qualify for one of the first time home buyer programs I have listed below.

Let me start off by explaining that a first time home buyer is classified as a buyer that has not owned a property in over three years. So, if you owned a property four years ago but have not owned one since...you are considered a first time home buyer.

Here are a couple of the programs that might be available to you.

ILLINOIS HOUSING DEVELOPMENT AUTHORITY-

The Illinois Housing Development Authority's Affordable Housing Trust Fund Program offers low and very low income individuals help with down payment and closing costs. Through the program, qualified sponsors can provide loans or grants up to $3000 for low income families and $5000 for very low income families to be used toward a down payment of closing costs. A minimunm personal contribution of $500 is required to qualify.

USDA ILLINOIS GUARANTEED RURAL HOUSING LOANS-

This program is not only for first time home buyers in Illinois but for move up homebuyers as well. You do not have to be a first time home buyer to use this program, but you certainly can be. Section 502 loans are primarily used to help low income individuals or households purchase homes in rural areas. Funds can be use to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities. Some of the highlights of the program are 30 year fixed rate mortgages, no down payment, no mortgage insurance required. The program does have income and property eligibility requirements to qualify. Please email me and I will assist you.

CENTRAL ILLINOIS COALITION FOR AFFORDABLE HOUSING-

Offers down payment grants financed through the Illinois Housing Development Authority Trust Fund. The assistance is in the form of a five year forgivable loan. Applicants must meet income and eligibility requirements. Who is eligible? Any individual who is qualified based on general program quidelines and is a fist time home buyer within McLean Illinois, Livingston Illinois, DeWitt Illinois or Woodford Counties. You must contribute at least $1000.00 of your own money to the purchase of the home.

THE TOWN OF NORMAL ILLINOIS OFFERS DOWNPAYMENT & CLOSING COST ASSISTANCE-

This program is not restricted to first time home buyers in order to qualify. Highligts of the program are that you must be purchasing a home in Normal, Illinois. Mobile homes are not eligible and contract for deeds can not be done. This program does have income requirements. The town will provide a dollar for dollar match of your funds to assist in the down payment and closing costs. The maximum the Town will provide is $3000.00. The Town will put a second mortgage on your home in the amount of the grant, after 10 years (if you live in the house for 10 years), the loan will be forgiven. Nice, you will not have to pay it back if you stay.

COOK COUNTY DOWN PAYMENT ASSISTANCE PROGRAM-

Qualified buyers receive cash form a five year forgivable second mortgage loan to help with down payment and closing costs. The loan amount may not exceed $10,000 or 6% of the purchase price, which ever is greater. The home buyers must attend Cook County approved housing counseling.

The program is available in these communities and unincorporated areas as well.

Glenco, Glenview, Golf, Kenilworth, Lincolnwood, Morton Grove, Niles, Northbrook, Northfield, Park Ridge, Rosemont, Wilmette, Winnetka, Barrington, Barrington Hills, Bartlett, Buffalo Grove, Elk Grove Village, Hanover Park, Hoffman Estates, Inverness, Prospect Heights, Rolling Meadows, South Barrington, Streamwood, Wheeling, Bedford Park, Bellwood, Berkeley, Berwyn, Bridgeview, Broadview, Brookfield, Burbank, Burr Ridge, Cicero, Elmwood Park, Harwood Heights, Hillside, Hindsdale, Hodgkins, Indian Head Park, Justice, La Grange, La Grange Park, Lyons, Maywood, McCook, Melrose Park, Norridge, North Riverside, Northlake, River Grove, Riverside, River Forest, Schiller Park, Stickney, Stone Park, Summit, Westchester, Western Springs, Willow Springs, Alsip, Chicago Ridge, Countryside, Evergreen Park, Hickory Hills, Hometown, Lemont, Merrionette Park, Orland Hills, Palos Heights, Palos Hills, Palos Park, Tinley Park, Worth, Blue Island, Burnham, Calumet City, Calumet Park, Chicago Heights, Country Club Hills, Crestwood, Dixmoor, Dolton, East Hazel Crest, Flossmoor, Ford Heights, Glenwood, Harvey, Hazel Crest, Homewood, Lansing, Lynwood, Markham, Matteson, Midlothian, Oak Forest, Olympia Fields, Park Forest, Phoenix, Posen, Richton Park, Riverdale, Robbins, Sauk Village, South Chicago Heights, South Holland, Steger and Thornton, Illinois.

Please email me at tino.muratore@gmail.com if you have any questions regarding Illinois Down Payment Assistance Programs. There are a lot more programs out there....but I didn't want this post to read like a novel:)

Thank you,

Tino Muratore

FHA Secure

Fri, 20 Jun 2008 22:01:02 -0500

Are you in trouble with your existing mortgage? Do you need help? Are you afraid that you won't be able to qualify to refinance your existing home loan? Have foreclosure proceedings started on your home?

If you answered yes to any of the above questions then you may be eligable to receive help from the Federal Housing Administration FHASecure Program.

If you are currently in a adjustable rate mortgage (ARM) or your interest rate is higher than it should be, you owe it to your self to check into the program.

I have outlined several of the most common questions regarding the program;

Question: How can the FHASecure Program help me stay in my home?

Answer: The FHASecure program allows homeowners with non-FHA adjustable rate mortgages (ARMS), current or delinquent and regardless of reset status, the ability to refinance into a FHA insured mortgage. Therefore, if you are able to refinance....I have a feeling you won't be going anywhere.

I want you to read the above sentance again and pay special attention to the part where it says current or delinquent. I have had several people tell me that program is only for homeowners who are delinquent, but this is not the case. You don't have to be delinquent to be eligible. In fact, FHA strongly encourages you to refinance before you get into trouble and fall behind.

Question: Do I have to be delinquent on my home loan in order to be eligible for the program?

Answer: No, you don't have to be delinquent on you loan, but if you are....that is ok too.

Question: How far behind can I be on my mortgage?

Answer: There is no limit to how far behind you can be.

Question: What if I have an interest only mortgage? Can I still qualify?

Answer: Yes, if you are current on your mortgage you may be eligible. If you are behind on your mortgage, then the default must have been due to payment shock of an interest rate reset.

Question: What if there isn't enough equity in my home to refinance or I have a prepayment penalty?

Answer: If there is not enough equity in your home to add your prepayment penalty and or closing costs to your loan balance, then you should ask your lender to see if a second mortgage would be possible to pay the difference on your home loan.

Question: I am already in the foreclosure process, are there any programs available to help me?

Answer: There is a possibility that the FHASecure program may be able to help you, but each situation needs to be looked at on a case by case basis. There are many factors that must be considered such as the value of your home, how much you owe, is a lender willing to take a second mortgage on your property, etc...

Question: What if the value of my home is worth less than the amount that I originally financed?

Answer: It doesn't matter to FHA. But, it will matter to the mortgage lender. They would have to be willing to accept a short payoff or hold a second mortgage to make up the difference.

If you have any additional questions regarding the program, please email me at tino.muratore@gmail.com I would be more than happy to answer your questions.

Thank you,

Tino Muratore

FHASecure

Fri, 20 Jun 2008 11:08:22 -0500

What is a FHAecure loan?

The FHASecure loan is a refinancing option backed by HUD (U.S. Department of Housing and Urban Development) that gives homeowners with non-FHA adjustable rate mortgages (ARMS), current or delinquent and regardless of reset status the ability to refinance into a FHA-insured mortgage. With FHASecure, the lender will not automatically disqualify you because you are delinquent on your loan, and the lender may offer you a second mortgage to make up the difference between the value of your property and what you owe.

How is it different than a regular FHA loan?

It's different because it doesn't disqualify you from refinancing if you are currently delinquent on your loan. That is huge! You can still refinance you home if you are 30, 60, or 90 days late making your mortgage payment. There is no limit to how far behind you can be on your current mortgage.

Also, you can be upside down on your mortgage, meaning you can refinance more than what your home is worth!

If you have any questions regarding the program and how it may help you, please email me at tino.muratore@gmail.com

Thank you,

Tino Muratore

FHA Loan Limits in Kendall County Il

Fri, 20 Jun 2008 09:18:41 -0500

I don't know how many of you are aware of the temporary loan increase created by the Economic Stimulas Act of 2008? If you are unaware of the recent changes, well, now you'll know whats going on...

Effective March 6, 2008 HUD (US Department of Housing and Urban Development), started offering temporary FHA loan limit increases across the county. As you can see in the above diagram the (One Family) or (single family) loan limit in Kendall County, Illinois is now $410,000.

This is a huge improvement over the standard mortgage limit that the County was previously under. If you look at the diagram and find "The current basic standard mortgage limits of FHA insured loans" you will see that the old limit set for the county was $271,050. You might be able to purchase a nice single family home in today's market for under $271,050, but as soon as the market gets it's legs back...the old standard of $271,050 will fall a little short in offering you a finance option.

The Economic Stimulus Act of 2008 will end December 31, 2008. Loan limits will reset across the country to the old standard's that were once in place, unless the U.S. Congress approves bipartisan legislation to permanently increase loan limits as a part to the FHA Modernization bill, which is awaiting final approval on Capitol Hill.

P.S. You can email me with any of your FHA or Conventional financing questions.

Thank you,

Tino Muratore

Illinois First Time Homebuyer Program For Madison County

Mon, 16 Jun 2008 08:41:32 -0500

Are you thinking of purchasing your first home in Madison County, Illinois? If your answer is yes, then there may be down payment assistance to help you get into your new home.

How the program works;

Madison County Community Development will provide a portion of the minimum down payment and closing costs.
Total maximum of assistance provided shall be $5,000 for households at or below 50% or median income, or $3,000 for households at or below 80% of median income.
Financial assistance will be offered in the form of a forgivable loan.
Property being purchased can be an existing or newly constructed home.
Property can be either a detached single family dwelling or condominium.
Maximum value of the property being purchased must not exceed the program limit of $161,500

You must have one year clean credit to qualify and two years of steady income.

Please email me if you have any questions on the program. I can be reached at Tino.Muratore@gmail.com.

If you are considering purchasing a home in a different part of Illinois, please contact me to see if there is a special program available to you in that community.

Thank you!

Down Payment Assistance Program City of DeKalb Illinois

Mon, 16 Jun 2008 08:16:52 -0500

Are you a first time home buyer? Are you looking to purchase a home in the City of DeKalb, Illinois? If you answered yes, then the City of DeKalb may have a program for you.

This program offers down payment assistance for first time home buyers.

A few goals of the program are to;

Give families and individuals who do not have sufficient resources for a down payment but have the income to qualify for a mortgage an opportunity to purchase their first home.
Give families and individuals who are not home owners, an opportunity to realize the American dream.
Give individuals with special needs an opportunity to realize home ownership.
Allow first time home buyers an opportunity to take advantage of favorable interest rates.
Assist in providing home ownership to families and individuals, a key ingredient in their financial security.

The program will grant funds of 2% of the purchase price of a home to qualified first time home buyers.

A first time home buyer is classified as an individual or family who has not owned a home during the preceding three year period. Also, any individual who is a displaced homemaker or a single parent if, while married, the individual owned a home with his or her spouse.

Please email me if you have any questions on qualifying for this program. I can be reached at Tino.Muratore@gmail.com.

I also have access to information on a number of different first time home buyer programs and grants available across Illinois.

Thank you!

Cook County Illinois First Time Home Buyer Programs

Mon, 16 Jun 2008 07:33:43 -0500

Are you looking to purchase a home in Cook County, Illinois? Do you need assistance obtaining money for your down payment or closing costs?

If you answered yes to the above questions, then I may have a program for you.

The Cook County Home Buyer's Program allows qualified buyers to receive cash from a second mortgage loan to meet the down payment and closing cost expensed associated with the purchase of a home. You qualify if your income is 80% or less than the median income of the area, adjusted for family size.

The Home Buyer's Program awards a second mortgage for down payment and closing cost expenses. This program allows a qualified home buyer to borrow 2% of the required 5% down payment on the purchase price. In addition, loan funds may be used for up to 50% of the estimated closing costs.

This program is available in various Cook County communities and all unincorporated areas.

Please email me if you have any questions regarding purchasing your first home:) If you are a first time home buyer in the state of Illinois, I may have a program for you! Email me, and I will assist you!

I also do VA and FHA home loans (purchases and refinances:) We lend in all states!

Thank you!

First time Home Buyer Grants in Alton, Illinois

Mon, 16 Jun 2008 02:34:12 -0500

Are you a first time home buyer and thinking of purchasing your new home in Alton, Illinois? If you answered yes to my question, then you may be in luck.

Alton, Illinois is a small river town that has approximately 30,500 residents. Alton is located in Madison County and sits about 15 miles north of St. Louis, Missouri. Most of Alton is located on steep bluffs overlooking the river valley.

The City of Alton has a home ownership program that assists home buyers in the form of a forgivable loan. The loan can be used to help potential home buyers come up with a down payment. Or, the loan can be used the to help cover closings costs associated with your purchase.

If you are considering moving to Alton, Illinois please contact me. I will assist you with your financing and make sure that you are aware of any and all grants, down payment assistance programs, first time home buyer programs that may be available to you.

I also do VA and FHA home loans (purchase and refinance). Please email me if you have any questions:)

P.S. Ask me about other grants and programs that are available to you in other parts of Illinois. We lend in all states!

Thank you!