How to get a loan in a tight credit market.
While there is home financing available for people with good credit, the options are fewer if your credit score is less than stellar. If someone has a credit score below 680, they will pay more private mortgage insurance on loans above 80 percent LTV. Below 620 it's going to be extremely difficult. Mortgage insurance companies that typically do loans for people with lower credit scores aren't offering it without extremely high monthly premiums. If the client has face-to-face counseling, most mortgage insurance companies will lower the cost of private mortgage insurance by half or two-thirds."
About the author:
Cheryl Bowers is a Chicagoland Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Plainfield, Naperville, Aurora Illinois or any place in the country. Cheryl has created a team of professionals throughout the Chicago suburbs to ensure that you enjoy a smooth transition to your new area. Please visit http://www.cherylbowers.com/ for your real estate needs. Please give me a call if you have questions about the Plainfield, Naperville, and Aurora real estate market.
Cheryl Bowers, REALTOR® (630) 712-1921
(Copyright © 2008 By Cheryl Bowers, Realtor. All Rights Reserved.)
Larger Loan Amounts. Lower Interest Rates.
Now Available On FHA Loans.
Good news! Qualified customers can now borrow loan amounts from $417,000 and up to $729,750 without paying a typically higher jumbo interest rate. The new FHA loan amounts are only available in certain metropolitan areas.
That means, for a limited time, purchasing or refinancing a home:
• Is more possible
• For more people
• In more metropolitan areas.
If you've been waiting for a better time to explore your options -it's here!
Get More Details Right Away
Find out soon if one of our government-insured FHA loans is right for you. Contact me today for a free no obligation buyers consultation.
About the author:
Cheryl Bowers is a Chicagoland Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Plainfield, Naperville, Aurora Illinois or any place in the country. Cheryl has created a team of professionals throughout the Chicago suburbs to ensure that you enjoy a smooth transition to your new area. Please visit http://www.cherylbowers.com/ for your real estate needs. Please give me a call if you have questions about the Plainfield, Naperville, and Aurora real estate market.
Cheryl Bowers, REALTOR® (630) 712-1921
(Copyright © 2008 By Cheryl Bowers, Realtor. All Rights Reserved.)
Economist suggests $5,000 home-buyer tax credit to spur homeownership. In the March Real Estate Insights, NAR (National Association of Realtors) chief economist Lawrence Yun, analyzes several federal plans proposed to curb foreclosures and stimulate the housing market. Yun proposes a homebuyer tax-credit of $5,000 tax credit (which currently exists in Washington, D.C.), which would cost the federal government $40 billion. Yun says: "A reversal in the weakness in the housing market, which has been subtracting about one percentage point off GDP growth, can add $40 billion to the U.S. Treasury, essentially offsetting the cost of the tax credit. If the initial $40 billion cost is hard to swallow, how about a more targeted tax credit for only first-time home buyers? That would cost the government about $15 billion."
We'll see if that happens!
About the author:
Cheryl Bowers is a Chicagoland Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Plainfield, Naperville, Aurora Illinois or any place in the country. Cheryl has created a team of professionals throughout the Chicago suburbs to ensure that you enjoy a smooth transition to your new area. Please visit http://www.cherylbowers.com/ for your real estate needs. Please give me a call if you have questions about the Plainfield, Naperville, and Aurora real estate market.
Cheryl Bowers, REALTOR® (630) 712-1921
(Copyright © 2008 By Cheryl Bowers, Realtor. All Rights Reserved.)
February home sales activity improved slightly from January as we gear up for the spring market. According to the IAR's (Illinois Association of Realtors) latest report, total home sales were up 15.1 percent in February 2008 to 6,832 sales compared to January 2008 sales of 5,938; sales were down 22.9 percent from February 2007 totals of 8,860. The Illinois median price in February was $181,265, down 5.6 percent from $192,000 in February 2007. "REALTORS are seeing some signs of the spring market with increased activity and interest from potential buyers. If people have good credit, their finances in order, and are looking for a home for the long haul, they should get in the market with confidence," said IAR President Kay Wirth. "Conditions in many local markets are good and present opportunities for first-time and move-up buyers."
About the author:
Cheryl Bowers is a Chicagoland Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Plainfield, Naperville, Aurora Illinois or any place in the country. Cheryl has created a team of professionals throughout the Chicago suburbs to ensure that you enjoy a smooth transition to your new area. Please visit http://www.cherylbowers.com/ for your real estate needs. Please give me a call if you have questions about the Plainfield, Naperville, and Aurora real estate market.
Cheryl Bowers, REALTOR® (630) 712-1921
(Copyright © 2008 By Cheryl Bowers, Realtor. All Rights Reserved.)
Will I still have to pay property taxes if I do a short sale?
Someone will have to pay the property taxes in a short sale. It's just a question of who? Whether it is the property owner or the lender depends on the policies and specific agreements negotiated during the short sale. Do not take a short sale on by yourself, it's unnecessary. Contact me today.
Cheryl is an innovative realtor for todays innovative real estate market. Visit me at http://www.CherylBowers.com or Call Now 630-712-1921
Cheryl grew up in Naperville, Illinois. Her parents lived in Ashbury subdivision located in South Naperville and she attended Waubonsie Valley High School. Cheryl met her husband while working at her first job, McDonald's. (The one off Weber and Boughton in Bolingbrook.) She and her husband rented an apartment in Naperville for about a year before buying their first home in North Plainfield. Cheryl and her husband, Bruce welcomed their first child in the winter of 2007.
Cheryl truly enjoys being a realtor. She believes:
"WHEN YOU DO WHAT YOU LOVE...
...PEOPLE LOVE WHAT YOU DO"
Cheryl Bowers is a real estate professional who brings buyers and sellers together to achieve their ultimate dreams. A few areas she excels in are:
Whatever your real estate need, you will be happy Cheryl assisted.
Patricia C. - Aurora, Illinois In April of this year I had the opportunity to receive a promotion at work which would take me to the ChicagoLand area. Having never been to the area I was as you can imagine a bit nervous and anxious about finding a place to live. Prior to coming for my house hunting trip I had been on the internet looking at homes with my children when we saw a few we liked in the Aurora area. We sent severeal emails to different realtors listed and Cheryl was the first and I might add only one to contact us very quickly. She asked us very specific questions spending quality time over the phone with us about what we needed and said she would be ready to meet us when we arrived. When we arrive from Florida Cheryl had prepared a wonderful packet which she had left for me at the hotel detailing information about the area including medium income, school district info, things to do, articles from publications about the area etc. The next day we met Cheryl and she spent all day with us taking us to visit homes which would fill our needs. Every single home was exactly what I had been looking for and after just one day of looking we were able to identify a home we would want to purchase. Cheryl very quickly took care of our contract, put me in contact with someone locally who could be of assistance for the morgage loan, and stayed in constant communication with me on where we were with the process. All of this was done via e-mail, phone and fax as I was in Florida which was extremely kind and thoughtful. I was able to purchase the home I wanted and am happy to say I am enjoying the area immensely. Cheryl not only assisted with the process but has kept communication also offering help and sharing information about the local market. Her professional attitude, local knowledge and communication skills were outstanding and I would recommend her to anyone and or of course use her myself some day if needed. Hope you enjoy her services as much as I did. Jamie and Michelle N. - Aurora, Illinois We just wanted to thank you for your help in selling our home. You were recommended to us by a friend and we were amazed by the results you produced. We called you in the middle of winter, told you we needed to sell our home, and that we wanted it done as quickly as possible. 30 days was the goal. You did it and exceeded all of our expectations!! You were professional, organized, knowledeable, and fun. You always answered our phone calls and made a very stressful time in our life a breeze. You gave us weekly recaps, provided us with prospective buyer comments, and helped us remain patient. At our initial meeting you actually talked us into increasing our listing price. In retrospect, the decision saved us an additional $5,000. Thanks again for everything, Cheryl. You are more than just a realtor to us, you're a friend. If we ever move back to Chicago, you will be our first phone call. Joyce M. - Rockford, Illinois
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