The National Association of REALTORS recently reported that nearly one half of all first time homebuyers financed 100% of the purchase price of their home.

Are you getting this business?

Are you using the My Community Program?

 

my 100% My Community Program.

  

DU Approved or Manual Underwriting w/ alternative Credit.

Loan Limit - $417,000.00

 

Income Limitations:  $69,800 - Chicago MSA; $58,600 - Rockford MSA.

 

My Community Program income limitations do not apply if subject property is in "Fannie Neighbors" neighborhoods.  Approximately 70% of all properties in the "City of Chicago" are in areas that the income restriction of $69,800 is waived! 

 
This post has been included in Illinois Information

11 Comments on New HUD Income Limits for My Community Mortgages.

417 Grand, less the 58K in income 100% LTV...

is that correct?

06/13/2007 02:24 AM by Jenny Croshaw (South Florida Structured Real Estate)

Strange but true....The program will let you go to 65% DR.....better not have a car payment at all!

:-)

06/13/2007 09:44 AM by Kris Krajecki - American Mortgage Werks - Huntley, IL

Good Point!  Doing a lot of MyCommunity out this way and loving it! 

06/13/2007 10:55 AM by Rahil Pirani (Homeowners Assistance Group)

Super...I am looking at a few foreclosures now and figured the 100% loans being cut off would lower the future market...

Looks like I will still have options for a while to come.

06/13/2007 11:34 AM by Jenny Croshaw (South Florida Structured Real Estate)

Ahhh...Not to worry! We are still getting 100% approved through conventional conforming as well! You may get a level I, II, or III ... butt 100% is not that hard!

There are also still a few sub-prime lenders still doing 100% NOO as well.

:-)

06/13/2007 11:54 AM by Kris Krajecki - American Mortgage Werks - Huntley, IL

Are My Community Mortgages available for properties in McHenry and Lake Counties?

06/14/2007 08:09 PM by Laura Moore Godek (Laura Moore Godek, PC)

Absolutely! 

:-)

just click Chicago MSA area on DO.

06/14/2007 08:45 PM by Kris Krajecki - American Mortgage Werks - Huntley, IL

"just click Chicago MSA area on DO."

Kris 

Could you please translate the above?

What is DO and where we click? 

07/16/2007 05:40 PM by Jacek

Good question Jacek  I looked up Chicago MSA and found this...Chicago Metropolitan Sports Association (MSA)

07/16/2007 08:57 PM by Exit Platinum Realty

Jacek,

    DO is an automated underwriting program that Mortgage Brokers use; It stands for Desktop Originator. There is a drop down menu on the addendum screen of a "point" file (Mortgage Originator Software), where you can choose Chicago MSA which will include the Metropolitan & Suburban Area.

07/16/2007 09:17 PM by Kris Krajecki - American Mortgage Werks - Huntley, IL

Jacek  I guess this blog post was geared towards Loan officers and not Realtors.  I'll take my DOS and my MOS and mosey on out of here.

07/17/2007 09:53 PM by Exit Platinum Realty

Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Mortgage Company: Kris Krajecki - American Mortgage Werks - Huntley, IL
Kris Krajecki Mortgage Broker Huntley, IL
Huntley, IL
More about me…
Kris Krajecki - American Mortgage Werks - Huntley, IL

Office Phone: (847) 426-3431
Cell Phone: (630) 347-6321
Email Me

Links

Tags (Tag Cloud)

Archives

RSS 2.0 Feed for this blog
ATOM 1.0 Feed for this blog

Find IL real estate agents and Huntley real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved