Illinois Fha, Va, First Time Homebuyer, No Money Down, 100% Financing, Purchase and Refinance Mortgage Expert

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

2008-07-08T00:11:10Z

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

2008-07-07T13:54:06Z

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 saftey officer must be one of the borrowers on the first mortgage loan and must live in the aquired 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

2008-07-07T11:07:12Z

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.

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

2008-07-06T14:13:03Z

Are you looking to make your permanent residence in 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

2008-07-06T02:30:00Z

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

2008-07-06T01:24:01Z

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

2008-07-02T01:44:46Z

If you are moving to O'Fallon Illinois and you need assistance purchasing your first home, please email me at Tino.Muratore@gmail.com. I can assist you in acquiring financial assistance through the County Home buyer Assistance Program that is administered by the St. Clair County Intergovernmental Grants Department.

The 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!

Thank you,

Tino Muratore

First Time Home Buyer Programs for Residents of Illinois

2008-06-21T02:00:32Z

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 Refinance Loans, Questions and Answers, FHASecure Illinois

2008-06-20T22:01:02Z

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

What is the FHASecure loan and how is it different than a regular FHA loan?

2008-06-20T11:08:22Z

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

Increased FHA Loan Limits in Kendall County, Illinois

2008-06-20T09:18:41Z

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

Madison County Illinois first time home buyer program

2008-06-16T08:41:32Z

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:)

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.

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

Thank you!

First time home buyer program for City of DeKalb, Illinois

2008-06-16T08:16:52Z

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

The City of DeKalb Illinois has a great down payment assistance program 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 homebuyer 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 also have access to other first time home buyer programs in the state of Illinois:)

We do VA and FHA homes (purchases and refinances). We lend in all states!

Thank you!

Cook County Illinois First Time Home Buyer Programs

2008-06-16T07:33:43Z

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

2008-06-16T02:34:12Z

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!

No money down, 100% financing, First Time Home Buyer

2008-06-11T00:00:59Z

Future home owners, I have a true 100% no money down program for you. This program is not only for first time home buyers, but buyers in general.

Let me tell you some of the key benefits of the program.

First of all, you need absolutley no down payment. I know that's hard to believe, but believe it.
This particular loan does not have any expensive monthly mortgage insurance, none.
The only term on this program is a 30 year fixed rate loan, no adjustable rate mortgages here.
To qualify for this program you will need a 620 middle credit score. If you do have a 620 middle credit score, then any past adverse credit does not affect your chances of qualifying.
No assets required. You may keep your liquid assets for a rainy day.
100% gifted closing cost is allowed.
No cash reserves are required.
Not just for first time buyers, anyone may qualify.
Sellers can contribute up to 6% concessions which can help pay for closing costs and/or repairs.
Repairs may be financed up to 100% of the appraised or "as improved" value of the property.
I want to reiterate a true 100% financing home loan with no mortgage insurance!

This loan does have income and property eligibility requirements. Please call or email me and I will tell you if you qualify.

Have a great day!

Indiana FHA Mortgage, Indiana FHA Loans, Indiana First Time Home Buyer Programs, Indiana FHA Financing

2008-05-12T23:22:55Z

Do you live in Indiana? Are you looking to Purchase or Refinance your home with a FHA Mortgage? If you answered yes, then you have come to the right place. We Specialize in residential home mortgages and we cater to the residents of Indiana.

What is a FHA Mortgage and how will it help you? An FHA Mortgage is a mortgage that is insured by the Federal Housing Administration. That's right, insured by the Federal Housing Administration. A federally qualified lender, such as myself, issues the loan and the FHA insures it. So, how does that help you?

First of all, it allows you to purchase a home with a very low down payment. It also allows you to have a couple of bruises on your credit report with out affecting your interest rate or your approval. The interest rates associated with a FHA home loan are some of the best out there.

If you are looking to refinance and pull cash out of your property an FHA refinance might be the right solution for you. You can access more of your home's equity in a FHA cash out refinance than you can in a traditional (conventional) refinance.

If you are in the market to either purchase a home or refinance your exising home, I can assist you in getting the right loan for your situation. If you have any questions regarding an FHA mortgage and how it may help you, email me:)

P.S. I respond to my emails quickly.

We lend in the following Counties in Indiana;

Adams County, Allen County, Bartholomew County, Benton County, Blackford County, Boone County, Brown County, Carroll County, Cass County, Clark County, Clay County, Clinton County, Crawford County, Daviess County, Dearborn County, Decatur County, DeKalb County, Delaware County, Dubois County, Elkhart County, Fayette County, Floyd County, Fountian County, Franklin County, Gibson County, Grant County, Greene County, Hamilton County, Hancock County, Harrison County, Hendricks County, Henry County, Howard county, Hunington County, Jackson County, Jasper County, Jay County, Jefferson County, Jennings County, Johnson County, Know County, Kosciusko County, LaGrange County, Lake County, LaPorte County, Lawrence County, Madison County, Marion County, Marshall County, Martin County, Miami County, Monroe County, Montgomery County, Morgan County, Newton County, Noble County, Ohio County, Orange County, Owen County, Parke County, Perry County, Pike County, Porter County, Posey County, Pulaski County, Putnam County, Randolph County, Ripley County, Rush County, St. Joseph County, Scott County, Shelby County, Spencer County, Starke County, Steuben County, Sullivan County, Switzerland County, Tippecanoe County, Tipton County, Union County, Vanderburgh County, Vermillion County, Vigo County, Wabash County, Warren County, Warrick County, Washington County, Wayne County, Wells County, White County, Whitley County

First time homebuyer program

2008-05-06T08:55:46Z

I know that many of you have heard that 100% financing is gone. Well, that's not true anymore. I have a new first time home-buyer program that will allow you to purchase your home with no money down! This program is not only perfect for first time home-buyers but it is also a great program for low-to-moderate income families, the self employed, and buyers that have non-traditional credit.

Some other benefits of the program are:

No Mortgage Insurance (this is not a typo)
Minimum down payment of $500.00 for a single family residence
Seller contributions allowed
You must have a minimum credit score of 620
No reserves required
Non-traditional credit allowed for borrowers with insufficient credit history

Please email me if you have any questions:)

Veterans Administration Streamline Refinance

2008-04-23T13:00:02Z

This post applies to all Military veterans. If have have served in the Armed Forces of the United States of America and currently have a VA loan on your primary residence, you may be entiltled to do a streamline refinance and lower your current interest rate. The beauty of this type of refinance is that you lower your monthly housing payment with no out of pocket closing costs. That makes sense, doesn't it?

Below I have listed several benefits of doing a Streamline VA refinance:

No appraisal is required
No credit check required
No qualifying debt ratios
Credit score doesn't matter
No asset verification required
No out of pocket closing costs
No income verification required
No employment verification required
Your loan has no monthly mortgage insurance
Get a cash refund of any escrow balance with current lender

As a former member of the United States Marine Corps, I salute you.

Please email me any questions that you may have regarding this type of refinance.

Thank you.

Streamline FHA Refinances, Illinois, Michigan, Wisconsin, Indiana, Missouri, Kentucky, Tennessee

2008-04-23T02:00:18Z

A streamline FHA refinance is refinancing your current FHA mortgage with less documentation, hence the word "streamline".

FHA has allowed home owners to streamline their refinance since the early 1980's, although I think it is now more popular than ever.

I see a lot of homeowners taking advantage of the streamline FHA refinance who have purchased their new home through a builder. Typically, the builder of a community or subdivision has their own mortgage company or uses what they call a "preferred lender". If you don't use their mortgage company, the builder will usually tell you that you stand to lose some of the upgrades or incentives that they may be offering with the house. So, nobody wants to lose $10,000 to $60,000 in upgrades because of financing, most people choose to go with the builders financing.

I see this everyday out here in the Western suburbs of Chicago, Illinois. You can't drive anywhere without seeing a mass community of new homes being developed. Have you seen Kendall County, Illinois lately? Kendall County is the fastest growing county in the nation according to the U.S. Census.

How can a streamline refinance benefit you? Several ways, if you want to lower your current interest rate and monthly mortgage payment or convert your FHA adjustable rate mortgage into a fixed 30 year mortgage, you can.

Here is a list of some of the requirements necessary to do a streamline FHA refinance.

You must hold an FHA insured mortgage on your primary residence.
No cash may be taken out of the refinance.
Your existing FHA mortgage should be current. No late payments within the past year.
The refinance must result in lowering your monthly principal and interest payments.
An appraisal is not needed if your new loan amount does not exceed your origingal FHA loan amount.
No credit check
No income verification
No asset verification
Max loan to value is 97%

If you have a current FHA mortgage and are looking to refinace it for a better interest rate and lower montly payment. Please email me.

I look forward to answering any questions you may have about the program.

Have a nice day!

FHA financing with past Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure

2008-04-19T17:18:53Z

I wanted to write a quick post and try to answer some of the most commonly asked questions regarding previous derogatory credit and FHA financing. I'm going to try to explain what you can do if you have a Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure, Tax lien, Delinquent Government Student Loans, Collection account, Lack of traditional credit and/or a Judgement on your credit report.

The first question I will answer is regarding the lack of credit history.

Question: I don't have any credit cards because I pay for everything cash. Is that going to hinder me from obtaining an FHA loan?

Answer: No, if you don't have at least 2 trade lines (ex: Sears card, JCPenny card), alternative forms of credit may be used. Alternative forms of credit would include such things as utility bills, auto insurance payments, cell phone bills, etc.. Now, just because you don't have traditional lines of credit, doesn't mean you can pay your bills late. You must have paid your non-traditional credit bills on time.

Question: I have a judgement on my credit report from 10 years ago. Can I get a FHA loan?

Answer: Yes, provided all judgements are paid in full prior to closing.

Question: Is it true that if I've had a Chapter 7 Bankruptcy that I may still be able to get a loan through FHA?

Answer: Yes, it is true. FHA requires you to have a minimum of 2 years since the discharge date of the bankruptcy. They also require you to re-establish new credit with no late payments. So, yes it is possible.

Question: I took out some government students loans back when I went to college and have defaulted on re-paying them. Can I still get financing through FHA?

Answer: Sure you can! The rule is you will not be eligible if you are delinquent or in default on any federal debt (ex: student loans, HUD mortgage, Veterans Administration mortgage, SBA loans or a tax lien against your property). You can become eligible by bringing any delinquent accounts current. You will need to make satisfactory repayment arrangements with the creditor (generally a 3 month history is required), or you can pay the account off in full.

Question: Does having a Chapter 13 Bankruptcy keep me from ever buying a home though FHA again?

Answer: Absolutley not. FHA will consider financing your home if you have made timely payments to the court for a minimun of one year. We will also need to get the approval of the court trustee.

Please let me know if you have any questions regarding FHA financing or mortgage programs. I lend in all states but happen to reside in the beautiful Land of Lincoln...Illinois.

I can be reached via email.

Thank you and have a great day!

What you need to know when buying a condo

2008-01-03T11:13:15Z

IS BUYING A CONDO RIGHT FOR YOU?

Many people find Condominiums, or condos, represent an ideal alternative to single family homes. City dwellers, singles, couples, seniors, and many other find condos that suit their needs and their budgets. Many buyers who feel "priced out" of detached single family home may discover condos offer an affordable homeownership alternative.

For some buyers, a condo is a place to live for a few years before moving to a single family home. For others, a condo can be home sweet home for a lifetime.

Although buying a condo and qualifying for a mortgage loan to purchase it may have many similarities to purchasing a single family home, there are some important differences.

JUST WHAT IS A CONDOMINIUM?

You may have a basic understanding of what a condo is: you own you "unit" within a larger building, or community, or other condo owners. You jointly own the exterior property and common areas with all unit owners in the building or community. And you pay a "condo fee" that covers general repairs and maintenance to the common areas and builds up a cash reserve for future needs. But there's more to know. And one important thing is that condo ownership is homeownership. As a condo owner, you'll enjoy both the benefits and the responsibilities of homeownership. You may find homeownership provides you with tax and investment advantages. For example, you may be able to deduct your mortgage interest if you itemize deductions on your tax return, and you may discover that, like single family detached homes, condos appreciate in value too! Please consult your tax adviser about your individual situation.

HERE ARE SOME IMPORTANT THINGS TO KEEP IN MIND:

Condos represent a community form of ownership
Depending on where you live, you will likely pay local property taxes on your condo. The property taxes on your unit are not usual part of your condo fee.
As your lender, we will factor in the condo fee in determining how much to lend you. If your down payment is less than 20 percent of the purchase price, you may also have to pay PMI, or private mortgage insurance, each month.
All the "home buying basics" still apply. Your monthly income, your credit history, and your monthly debts all help determine if you qualify for a mortgage.

QUALIFYING THE PROPERTY

We look am many of the same kinds of borrower qualifications for loans secured by condos as we do for loans secured by single family homes. We want to know that you can repay the loan without undue hardship to you or risk of default on your mortgage. But with condos there are also some additional factor to know.

To make sure your condo qualifies for conventional loan financing, we may evaluate the percentage of owner-occupancy, which means the ratio of owner/occupants to renters in the condo building you are interested in.

You'll want to evaluate the condo carefully before finalizing your offer. You'll want to know:

Are there any special assessments (such as capital improvements) that will affect your cost to own the condo, or the building's value, in the long term?
Are there any lawsuits pending against the building or the condo association?

Remember, your're not buying a home; you're buying into a community. Take the time to look around, to learn and to ask the right questions.

QUESTIONS TO ASK YOU REAL ESTATE PROFESSIONAL, LENDER, AND CONDO ASSOCIATION

To help you learn more about purchasing a condo, here are some questions you may wish to ask or research. Remember, this is only a partial list, meant to help you get started. If you don't know or don't understand, ask me, your real estate professional, or the officers of the condo's homeowners association (HOA); or do research at your local library or on the Web.

How much of a condo can I afford? We will be looking at what your total monthly housing costs would be, taking into consideration the condo fee, property taxes, PMI (if applicable), plus the principal and interest of the mortgage itself. One of the best ways to identify how much you can afford is to get pre-qualified before you go condo shopping. I can help you with that.

Have the condos I'm considering appreciated over time? Your real estate professional can probably run a "com-parables" chart to determine the values of various condo units in the community over a period of time. You may also access public tax records to see how your local government has valued or appraised the condos your're looking at for tax assessment purposes.

What are my legal rights and obligations under the condo bylaws? Your real estate professional should provide you with a copy of your condo bylaws and other relevant documents, and you should review these for rules about remodeling, leasing your unit, fees and penalties, parking restrictions, pet ownership and other obligations. If you have any questions, you may wish to talk with an officer of the condo association, or a real estate attorney with experience in your area.

What are the CC&R (Covenants, Codes, and Restrictions) for this condo? How are these or other condo governing documents enforced? You need to understand your legal rights in this area. In most cases you have a limited period to review the condo documents after your purchase contract is accepted by the seller. Talk to your real estate professional, know your rights and, if necessary, consult your real estate attorney.

What is included in the condominium fee? Are utilities or real estate taxes paid directly by homeowners or are they included in the condo fee? What about on-site property management?

Is parking deeded or assigned? Are there spaces for visitors? How many spaces? Can spaces be purchased?

How are officers elected to the condo board of HOA? How frequently are elections held? What are the qualifications to run for office? How long to officers serve? Are there term limits?

What kind of modifications can I make to the unit? Is there a committee that reviews and approves changes?

Can I talk to some owners in the building? What is it like living there: for example, are maintenance needs promptly met? Is there much turnover? Are there noise or other problems?

Can I see the minutes from the last association meeting? This may help you identify the current "hot button" issues and see how they are being addressed.

What is the remaining useful life of the buildings major components? These include the roof, the plumbing, elevators, and other major building infrastructure. Is there a potential impact on the value of your condo?

How much is the cash reserve fund for future repairs? Are there any pending assessments or major repair projects that exceed the repair fund at this time? Has the HOA's accountant opined on or has the HOA obtained a study on the adequacy of the cash reserve fund? Could a special assessment impact your ability to repay the mortgage loan?

Does the master property insurance policy cover full replacement costs? Does the policy have a building ordinance clause to cover costs associated with bringing the building up to code in the event rebuilding is required?

Is the complex renter friendly? If you are looking at your condo as a long term investment, you may not want any restrictions on your future ability to rent the unit. But if you plan to make the condo your full time residence, you may prefer that owner occupancy is high, so you'll be living among property owners (like you!). Inquire about all terms and conditions by which you can rent your unit, as there may be seasonal or other restrictions.

TIPS FOR MOVING FORWARD

First, make sure you've covered all the standard "home buying basics." I can help advise you if you're ready to purchase a condo and help you select the mortgage product that is best for you. If yo have credit or other issues that need to be addressed before you can buy, now is the time to address them. Be proactive. Visit a variety of condos and prepare your own "checklist" of what kinds of condos, services and amenities are available, and how important each service/amenity is to you.

I have access to the best loan programs in the country! Our Mortgage Department is second to none! We have a variety of home financing options to assist you in making your home purchase. We have 15, 20, 30, and 40 year fixed rate mortgages, we have interest only loans, jumbo loans, FHA loans, VA, loans, new construction loans, no money down loans, low down payment loans, we have loans that allow a family member to "gift" you the down payment, alternative lines of credit loans, first time home buyer loans, and many, many, more. We also lend in all 50 states!

Please email me for a professional quote or free mortgage analysis. I will let you know what you qualify for long before your out shopping for the home of your dreams. Remember, there is no cost to you for your analysis, it's free. If you have any mortgage related questions, email me and I will respond to you promptly.

Thank you.

Are you looking to purchase or refinance your home in Oswego, Illinois?

2008-01-01T03:11:40Z

Are you looking for a Mortgage Professional to handle your next purchase or refinance transaction? Please allow me to introduce myself. My name is Tino Muratore and I am a licensed loan officer at Allied First Bank located in Oswego, Illinois in Kendall County.

Allied First Bank is located at 3201 Orchard Road. We are just north of the Route 34 and Orchard intersection. Below is a photo of the bank just in case you haven't seen it yet. We are a full service bank and have a community center inside (with computers and free Internet access). We also have a basketball court in our building. Yes, thats right....a basketball court. So bring your gym shoes and I'll take you on a tour!

Below is a list of some of the products that we offer at Allied First Bank;

Auto loans
Aircraft loan (yes, aircraft loans)
Boat loans
Motorcycle loans
Recreational Vehicle loans
Personal loans
Education loans
Home equity loans
Home equity lines of credit
Retirement planning (through our in-house Smith Barney Investment Center)
Money market accounts
Certificates of deposit
Platinum Mastercard
Checking accounts (ask about our totally free checking account)
Savings accounts
Reverse mortgages
Full Service Mortgage Department

Our Mortgage Department is second to none! Our facility and use of technology allow us to originate, underwrite and process all of our mortgage loans in house. We control the entire process from initial application through funding! We have 15, 20, 30 and 40 year fixed mortgages, cash out mortgages, debt consolidation loans, interest only loans, Jumbo loans, FHA loans, VA loans, we do purchase loans, new construction loans, no money down loans, alternative lines of credit loans, loans for first time home buyers and much, much, more. We lend in all States!

We also have a Commercial Loan Department which handles;

Commercial real estate purchase and refinance transactions
Business loans
Business real estate loans
Investment property mortgage loans
Land acquisition loans

If you are not from Oswego, Illinois but would like to know a little bit about this small town, please let me share a little bit of information with you. Oswego, Illinois is located along the Fox River Valley in Kendall County. Oswego is situated approximately 50 miles southwest of Chicago, Illinois and is one of the fastest growing municipalities in the state. As of the 2005 census, the village population was 23,089. Its population has nearly doubled since 2000. Downtown Oswego is undergoing a historic renovation and making some beautiful improvements to the classic small town area.

Please call or email me for a professional quote or free mortgage analysis. Remember it's free!

Do you have any mortgage related questions and want answers? Email me and I will do my best to answer all of your questions!

If you don't live in Oswego, Illinois and you would like to contact me please do so. I can help anybody living in the Continental United States of America:) I look forward to hearing from you!

Thank you.

Are you looking to refinance your home in Yorkville, Illinois?

2008-01-01T02:41:59Z

Allied First Bank is located at 3201 Orchard Road in Oswego, Illinois (Kendall County). Below is a photo of the bank, just in case you haven't had a chance to drive by it yet. We are a full service bank and have our own community center inside (with computers and free Internet access). We also have a indoor basketball court. Yes, thats right, a basketball court. You have to see it to believe it! So, If you are in the neighborhood stop by and bring your gym gear and I will take you a tour!

Below are some of the products that we offer;

Auto loans
Aircraft loans (yes, aircraft loans)
Boat loans
Motorcycle loans
Recreational Vehicle loans
Personal loans
Education loans
Home equity lines of credit
Home equity loans
Retirement Planning (through our in house Smith Barney Investment Center)
Money Market Accounts
Certificates of Deposit
Platinum Mastercard
Checking accounts (ask about our totally free checking account)
Savings accounts
Reverse mortgages
Full Service Mortgage Department

Our Mortgage Department is second to none! Our facility and use of technology allow us to originate, underwrite and process all of our loans in house. We control the process from initial application through funding! We have 15, 20, 30 and 40 year fixed mortgages, cash out mortgages, debt consolidation loans, interest only loans, Jumbo loans, FHA loans, VA loans, we do purchase loans, new construction loans, no money down loans, alternative lines of credit loans, loans for first time homebuyers and much, much, more. We lend in all States!

We also do Commercial loans such as;

Commercial real estate purchase and refinance transactions
Business loans
Business real estate loans
Investment property mortgage loans
Land acquisition loans.

If you do not live in Yorkville, Illinois but would like to know a little bit about this small town, please let me share a little bit of information with you. Yorkville, Illinois is situated on the Fox River and is located in the center of Kendall County. The Village of Yorkville once existed as two small towns. One town The Village of Bristol was situated on the north side of the river and the other town The Village of Yorkville was situated on the south side of the river. In 1883 residents of the two towns agreed to form a unified school district and in 1957 the Village of Bristol and the Village of Yorkville united. The United City of Yorkville has a population of approximately 12,000 residents and is experiencing phenomenal growth! The city by the water offers small town charm with the peaceful serenity that draws bikers, hikers and visitors of all kinds to view its magnetic postcard charm.

Please call or email me for a professional quote or free mortgage analysis. Remember it's free!

Do you have any mortgage related questions and want answers? Email me and I will do my best to answer all of your questions!

If you don't happen to live in The United City of Yorkville and you want to contact me, please do so. I can help anybody living in the Continental United States of America:) I look forward to hearing from you!

Thank you!

Are you Purchasing a new home in Pulte's Autumn Creek's Townes or Autumn Creek's Fields in Yorkville, Illinois 60540?

2007-11-17T14:24:42Z

Are you considering purchasing a new home or town-home in Pulte's new Autumn Creek Subdivision located in Yorkville, Illinois (Kendall County)?

As you go through the home buying process you will be asked if you would like to use their financing (Pulte Mortgage). Most people do use the in house financing because it's easier and the builder usually has some incentives tied to the home.

How do you know that your getting the absolute best deal unless you have something to compare it too? You don't! One way to handle this situation is to negotiate the price of the home first. Who knows, maybe your a cash buyer and you don't need the builders financing. Then, when you have negotiated the absolute best price on the home, ask to see what interest rate and program you qualify for. There you go....now you can compare interest rates and programs to see if the builder is giving you the best deal.

Call or email me and I will give you something to compare it too! I am a mortgage banker at Allied First Bank and I can quickly give you a second or third opinion.

On another note....

Are you working with a Realtor? Don't leave any money on the table!

The reason I ask is because working with a professional Realtor when purchasing a new home doesn't cost you any money, it costs the builder. Why not have professional representation when someone else is going to pay the bill? A Realtor could save you money! If you need me to explain, I will. Please email me.

I have a team of professional Realtors that I work with that I would love to refer you to.

p.s. I'm sure they would love it too