Think You Can't Buy a Home in Chicagoland? 10 Facts That May Change Your Mind

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Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI

 

 Think You Can't Buy a Home in Chicagoland?
10 Facts That May Change Your Mind


http://www.genemundt.com
     I've found that Home Buyers looking to be Pre-Qualified  for a home loan purchase are sometimes quite surprised by their ability to successfully get a Loan Approval without having PERFECT credit 

     To add to that (pleasant) surprise, they also find that they can obtain a Mortgage with just 3.5% down payment for a FHA loan, or even no (0%) down payment as a Veteran (VA Loan).  In certain rural areas, USDA-Rural Development Loans are also available with no down (0%) payment requirements.

     Note:   It has been reported that Fannie Mae will soon begin authorizing Mortgages for Borrowers with as little as 3% down payment, according to a recent statement made by the company's President and CEO, Timothy Mayopoulos. (Oct. 26, 2014)  

     Mayopoulos reported that Fannie Mae will offer a 97% Loan-to-Value Mortgage that may be originated by Lenders doing business with Fannie Mae.  He stated that, "Increased underwriting quality and improving representations and warranties will allow Fannie to buy these loans".


     As of the writing of this post, (November 6, 2014) no exact starting date has been provided for the availability of this 3% down payment program. 


      
     What is frustrating for me as a Lender, is that myths continue to exist regarding down payments, credit scores, and "gift monies".  Myths that keep too many that want to buy from actively pursuing home ownership.  (It's my opinion that the media contributes greatly to these myths.)

     So I want to address only FACTS here:

     Fact:  I've closed a great number of Mortgages that fly-in-the-face of these myths.  I've closed loans for Buyers with less-than-perfect credit.  With Credit Scores at the time of their Closing ... in the range of 580 to 640.  

     Fact:  I help those with Credit Scores below the range of immediately allowable lending, improve their Scores.  My help is provided at no charge to the client.  Other lenders do much the same, but you rarely see or hear that reported by the media.  

     Fact:  Gift Monies have been involved in a large number of my closings.  I've written many articles on this topic.  

     Fact:  Gift Monies ARE acceptable funds for down payments and closing costs, but there is a right way ... and a wrong way to utilize them and present them to an Underwriter. 

http://www.genemundt.com/MortgageChecklist.aspx

     Fact:  The more quickly you educate yourself regarding the use of Gift Monies (and the entire Mortgage Process), the better. 

     Fact:  The selection of your Mortgage Lender is vitally important. Take the time.  Make the effort to find the best professional possible.

     Fact:  An experienced Mortgage Lender like myself, can interview a prospective Home Buyer, pull their credit, analyze their income and debt, and assess the likelihood of an Underwriting Approval, in most cases, in a reasonably quick time-frame.  

     Fact:  It's true when it's reported that Borrowers must be more educated and actively participate in their Mortgage Process more than they used to in the past.  

     Fact: The quality of the guidance being received via your Mortgage Lender (and real estate professionals) and the quality and level of communication you share with them ... can make or break your home buying/financing experience.  

     But remember, it's also a FACT that the responsibility to communicate and produce results rests on both sides of the transaction ... professional AND clients.

     Fact:  Quality information, guidance, and assistance exists if you truly hope to buy, whether your purchase is immediate or at some point in the future.  Again, the sooner you seek and find help, the more quickly and smoothly you'll be able to successfully purchase and finance your home.

      Think You Can't Buy a Home in Chicagoland?  10 Facts That May Change Your Mind ...   


     Whether you're a hopeful Buyer with less-than-perfect Credit Scores, a poor Credit History, low/no down payment, hoping to use gift monies, or have little or no understanding of the process ... it can all be overcome.  You just need some time and the right professional at your side assisting you.

     Contact me today ...

http://www.genemundt.com/ContactUs.aspx


     
*  Hoping to Buy, Build, or Construct a home in the Chicagoland area?  Contact Me!  I'll put my 37 years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281

 

 

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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

 

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Tags:
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Ambassador
3,873,907
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Gene- this is important information to get out to the residents of Chicago.  A buyer seeking to buy a home in Chicago would do well to contact Gene Mundt.

Nov 06, 2014 06:40 AM #1
Rainmaker
1,229,941
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Kathy Streib ... You're always so darn supportive ... thank you ...

Gene

Nov 06, 2014 06:50 AM #2
Rainmaker
687,756
Michael Dagner
Brokers Guild Classic - Denver, CO
Your Denver Homes Realty Expert

Gene, like your emphasis on these little-known facts, particularly the use of gift funds.  Will refer this information to others, so thanks!

Nov 06, 2014 02:09 PM #3
Rainmaker
3,255,296
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

From the school of "who knew"...lots of folks do not..but as you so sagely point out...should !

Nov 06, 2014 06:22 PM #4
Rainmaker
2,257,053
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Gene. We all need to keep getting these messages out for that all in that may consider buying a home are made aware, that they most likely can and you can certainly help them accomplish the goal.

Nov 06, 2014 06:58 PM #5
Rainmaker
2,791,465
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Gene, This fact “But remember, it's also a FACT that the responsibility to communicate and produce results rests on both sides of the transaction ... professional AND clients” is so critical. We simply cannot read minds no matter how good we are at what we do. 

Nov 06, 2014 11:15 PM #6
Rainmaker
1,229,941
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Michael Dagner ... Glad the info is beneficial to you .. and hopefully helps some of your clients!

With as much written and reported on this topic, you'd think there'd be little confusion or more knowledge.  Not so ... so we keep on plugging, Sally K. & David L. Hanson  ...

Gene

 

Nov 06, 2014 11:51 PM #7
Rainmaker
1,229,941
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Joe Petrowsky ... There does seem to be confusion .. and a bit of fear ... of the process and contacting a Lender.  We keep trying to change that ... hopefully posts like yours and mine help accomplish that ...

Oh so true, Kathleen Daniels ... nor can we move forward with some tasks until we have talked with our clients ... or gained the info/documentation we need.  To that, that is the definition of frustration!

Gene 

Nov 07, 2014 12:20 AM #8
Rainmaker
2,020,350
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Gene,

With 37 years experience in the mortgage industry you know what you are talking about. People in the Chicagoland area need to shop local and contact you for the most accurate information and stop listening to the media.

Nov 07, 2014 01:50 PM #9
Rainmaker
600,540
Claude Labbe
Real Living | At Home - Washington, DC
Realty for Your Busy Life

I've got to believe every  Buyer's Agent has these given out to their buyers like candy.

And, every listing agent is handing these out at Open Houses.

Nov 13, 2014 11:19 AM #10
Rainmaker
1,229,941
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Admittedly, Patricia Feager, MBA, GRI, Cert Negotiations Expert, Military Relo Prof ...  I don't understand the reluctance to not even TRY to obtain information.  There is NO obligation ... the info is FREE.  Why not at least call to get the facts as they pertain to your personal financial situation???  The media scares people to death!

It certainly needs to be a combined effort on agents and lenders part, Claude Labbe.  Hopefully when we do so we overcome the voice of the media ..

Gene

Nov 14, 2014 04:18 AM #11
Rainmaker
3,000,099
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Such great information on many factors that buyers are puzzled about. Have a great day

Nov 17, 2014 10:05 PM #12
Rainmaker
1,229,941
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Thank you, Scott Godzyk ... always appreciate your comments and support!

Gene

Nov 18, 2014 12:45 AM #13
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Rainmaker
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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