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
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:
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:
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 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;
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;
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.
As a Mortgage Banker I have access to a wide variety of mortgage programs throughout the country. I have 100% financing programs, first time home buyer programs, limited credit programs! FHA! VA!
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