I have worked in the mortgage industry for 10 years now and have enjoyed every minute of it! I love helping the first time buyers get into their home, I love helping the newly divorced couple realize they can move on and go it separate, I love helping people lower their mortgage payment with a refinance or getting rid of M/I, or taking cash out for home improvements or debt consolidation. I love just about every aspect of my job! When you help someone find the right loan program for their situation and/or needs they are happy! When they walk out of my office knowing so much more than when they came in.
I have a client I am working with right now, I will call her "Jane". She is a first time buyer, mid 30's, single and currently renting. Her lease is up, but her landlord has allowed her to rent month to month. She has had several job changes in the last couple of years and stints of unemployment sometimes as long as 8-9 months. She has excellent credit a few credit cards and some student loans. When she was referred to me, she thought there would not be a chance in H*** she could get a mortgage! I gathered her information, pulled her credit and ran her through automated underwriting. She could afford (by guidelines) much more than she wanted to spend monthly. No problem, we figured out what she wanted to spend and worked from there. I spoke with her Realtor and suggested that with any property she decides to put an offer on, they ask for 3% towards closing costs and prepaids. After finding her dream home in one short week, she came to my office and we discussed 5 different ways to structure her loan. I provided her with good faith estimates for each option and answered all her questions.
In the end "Jane" went with a 100% financing with a My Community loan, with the seller paying 3% towards closing costs and prepaids. "Jane" has put down $1500.00 in earnest money. In Illinois taxes are paid a year in arrears, so she will also receive a credit for taxes next year. "Jane" received an AWESOME rate on her 30 year fixed mortgage and will walk away from closing with some cash in her pocket!
I find many first time buyers still don't know you can buy a home with the sellers help! "Jane" thought she couldn't buy a home with 100% financing. She also thought because she had student loans she would not be able to buy a home! In July "Jane" will have a place of her very own to call home, and live closer to her current job. With the money she will be getting back at closing, she will pay off a credit card and save a monthly payment.
She is excited and so am I! I love when they realize the AMERICAN DREAM is within their reach!
For more 100% financing options in DuPage, Kane, Lake and Cook County Illinois contact me at Kim.Murphy@1amllc.com
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