In the meantime, here’s a is a tip on ceiling fans…..

This tip brought to you by:

It is a fantastic show starting at approximately 9:45 p.m. It is timed to music and is just outstanding!
There will be food vendors starting at 5 pm and 2 bands will be taking the stage the 1st one at 6 p.m.

Here’s the details from the Itasca website….http://www.itasca.com/index.aspx?NID=1272

RAIN OR SHINE FRI/SAT JUNE 10/11 8AM TO 3PM BOTH DAYS!

Located at the South side of Devon Ave and Bay Dr in Itasca (Between Arlington Heights Rd and Rohlwing Rd)

SEE YOU THEN!

As a member of the Referral Network of Illinois, LLC, I can refer you to a great realtor anywhere in the Chicagoland area or anywhere in the United States!

Wouldn’t you rather get a referral from someone who has been a Realtor, rather than picking one from google or yahoo?

By contacting me for a referral to an agent you get the benefit of my personal knowledge and contacts in the world of real estate!

And the best part is there is no cost to you.

Call, email of text me anytime!

Or just leave your contact info in the comments section below for a fast response as well!

Talk to you soon!

Please be advised we have been told by HUD that the monthly mortgage insurance rates for FHA will be going up on Sept. 7^th.

The current monthly MIP (mortgage insurance premium) for a 30 yr fixed  is .55%, and it will go up to .90%.   The good news is that the upfront MIP is going down, from 2.25% to 1%.

So for example, a first time homebuyer at a $200K purchase, their payment will now be about $45 more per month.

For any buyers you have with less than 10-20% down,  …. get a contract written before then.  Please get me the contract by no later than Sept. 2^nd, as the Labor day weekend follows, and we have to request the FHA case number before the 7^th to get the lower MIP.

Thank you very much for your business, and have a great week!

Ralph Saile
Mortgage Loan Specialist
Woodfield Planning Corp.
Celebrating 28 years of excellence
2005 & 2007 Illinois Broker of the year !

Direct Line: 847-483-5314 (forwards to my cell if out of the office)
Fax: 847-590-8380
www.woodfieldplanning.com/rsaile

Contact Ralph directly for more information on these changes.

If you are still looking for a property in Schaumburg, Itasca, Medinah, Hoffman Estates, Roselle, Bloomingdale, Elk Grove Village, Bartlett or other Northwest or Western suburb, I can set up a search that will email you all the listings currently on the market and it will automatically send you any new listings that come on the market.

Want to search yourself….just click here!

Remember you need to be under contract and have it into your loan officer by 9/2/10 in order to avoid the increase in the FHA monthly rate.  If you have questions, call or email me any time.

But where will you get the money to make the repairs or improvements?

Have you heard of the Streamline 203 K program that will allow you to borrow up to $35,000 for property improvements?

Cash that you can use to improve your home after your purchase closes.
Some of the types of improvements that can be done using these funds are:

Repair or replacement of Roofs/Gutters/Downspouts
Repair/Replacement/Upgrade of heating, ventilation and AC
Repair/Replacement/Upgrade of Plumbing and Electrical
Repair/Replacement of Flooring
Exterior and interior Painting
Purchase and Installation of appliances
Basement finishing and remodeling

These are just some examples!

The maximum loan amount (including a possible $35,000 for improvements) is $410.000 for single family homes, or FHA approved condos and townhomes.
3.5% downpayment
31/43 ratios apply
Can be used with down payment assistance programs
Less than perfect credit okay!

Sorry no investors allowed at this time!!

For more information, give me a call or send me an email and I can get you the full information on this program!

Haven’t found the home you want to buy in Schaumburg, Itasca, Medinah, Hoffman Estates, Roselle, Bloomingdale, Elk Grove Village, Bartlett or other Northwest or Western suburb? I can set up a search that will email you all the listings currently on the market and it will automatically send you any new listings that come on the market.

Want to search yourself….just click here!

A new mortgage fee; Plus, five golden rules …

by Amber Dakar

Dear Nina,

If you’re in the market to buy a new home, be aware that the U.S. Treasury Department is considering a new mortgage fee to fund the backstops it gives for loans purchased through Fannie Mae and Freddie Mac.

Analysts say the fee may be up to 1.5 percent of the borrower’s mortgage, which would be a big increase from the current 0.25 percent that both Fannie and Freddie currently charge mortgage borrowers. Plus, it remains to be seen if this new charge would be in addition to that current charge!If you’re in the market to buy a new home, be aware that the U.S. Treasury Department is considering a new mortgage fee to fund the backstops it gives for loans purchased through Fannie Mae and Freddie Mac.

The Treasury is also thinking about breaking up Fannie and Freddie and selling pieces to the major banks, though most believe it will end up going with the fee.

So if you obtain a mortgage for $300,000 you could see an additional fee of up to $4,500 ... and the additional cost would just keep rising with the size of the loan. Talk about a reversal from the recently-expired homebuyer credit!

Meanwhile, in today’s economy, banks continue to significantly tighten their mortgage lending standards.

For instance, on June 1, Fannie Mae put into effect the Loan Quality Initiative (LQI), which requires lenders to pull two credit reports along with additional verification checks on potential borrowers.

That means even if you are initially approved for a loan, it can still be put on hold or cancelled altogether if you run-up credit card debts … apply for other new loans of any kind … or otherwise take actions that change your perceived risk profile before the mortgage actually closes.

And it’s worth noting that this initiative is mandatory — affecting practically every mortgage lender and secondary mortgage market product!

To be sure, a borrower’s credit scores and credit reports are playing a more significant role in whether a loan is approved or not these days. As reported by The Wall Street Journal, the Federal Housing Finance Agency said 55 percent of approved mortgage borrowers’ credit scores were 720 or higher in 2007, and a whopping 85 percent hit that level in 2009!

So, in light of potential new fees and tight lending standards, remember these five golden rules if you’ll be applying for a mortgage:

#1. Clean up your credit history. A few months before applying for a mortgage, review your credit report and check for any discrepancies. You can access your credit report from all three credit reporting agencies once a year for free atwww.annualcreditreport.com.

#2. Don’t become house poor. Be realistic about how much house you can afford. Plan to borrow roughly 2 to 2-1/2 times your annual gross salary. And in these uncertain times, if you’re buying the house with another person, you’d be wise to take on mortgage payments (including taxes and insurance) that can be supported with one income.

#3. Know the 28/36 ratios rule. The majority of lenders will back a buyer whose monthly house payment will not exceed 28 percent of their gross monthly income. Lenders also prefer the borrower’s overall debt ratio to fall below 36 percent of their gross monthly income.

#4. Use a down payment. Aim to put down 20 percent on your home purchase so that you can avoid paying private mortgage insurance.

#5. Get pre-approved. Try to be pre-approved for a mortgage before your home search begins. That way you’ll be able to better focus on the best potential home in your price range and give yourself one additional competitive advantage should you decide to make an offer.

And always remember that even though looming new mortgage fees and strict lending standards are making home purchases a more daunting task these days, it is a buyer’s market if you’re well prepared!

Best wishes,

Amber

About Money and Markets

For more information and archived issues, visit http://www.moneyandmarkets.com

I may have written about one or more of these rules in the past, but I thought it might be good for you to “hear it” from another source as well.

So if you have followed the 5 Golden Rules and are ready to look for a home in Schaumburg, Itasca, Medinah, Hoffman Estates, Roselle, Bloomingdale, Elk Grove Village, Bartlett or other Northwest or Western suburb, I can set up a search that will email you all the listings currently on the market and it will automatically send you any new listings that come on the market.

Want to search yourself….just click here!

This link will take you to the complete list along with ratings in several categories that were used to determine the rankings….

http://www.forbes.com/2010/07/24/best-us-cities-working-mothers-employment-family-forbes-woman-leadership-parenting-table.html

If you think you would like to relocate to one of these cities, let me know and I can refer you to a great realtor in any of these cities!  If you think old #21 isn’t so bad and are going to look for a home in Schaumburg, Itasca, Medinah, Hoffman Estates, Roselle, Bloomingdale, Elk Grove Village, Bartlett or other Northwest or Western suburb, I can set up a search that will email you all the listings currently on the market and it will automatically send you any new listings that come on the market.

Want to search yourself….just click here!

1. You are going to be living really close to your neighbors.  That’s just how it is in an attached property.  Whether it’s a condo, coach home/manor home or a townhome, your neighbors are just a wall away.  Ask about the construction of the building, what separates you from those neighbors, do you have cement between the floors or are you going to hear every step someone takes on the floor above you.  What about the walls?  What soundproofing was put in to eliminate sound between the units.  Take a look at how close your balcony or patio is to the next unit, make sure this distance is “livable.”  Will the neighbors hear every word of your conversation, and you theirs?    How close is the building behind you and does another unit look directly into your unit?
2. Pets- Yours and theirs! Are pets allowed?  Are their weight limitations?  Is there a limit to the number of pets?  What other pet rules does the association have?  Again, remember you are going to be living close to your neighbors, will your barking pet be a problem?  Will theirs disturb you?
3. Parking What are the rules about parking?  Is it assigned? Are there enough guest spots designated for when you entertain?  Is parking 1st come/1st served?
4. Find out how much the association fee is and what it covers!  Don’t ASSUME anything! Every association makes it’s own rules!  One may include water, one may not.  One may include roof repair/ replacement, another may not!
5. Insurance What does the association policy cover, what are you going to have to insure yourself?  Don’t wait until you think you have a claim to find out that your issue is not covered by the master policy.
6. The Budget, Reserves and Special Assessments Make sure you take a look at the budget for the association.  See if the money they are collecting is covering the bills.  Ask about how much money is in the Reserve Fund,  is it adequate to cover any upcoming expenses?  Has a Reserve Study been done to determine what repairs/replacements will need to be done and when?  If the answer to any of these questions is no, there is a good chance you may find yourself with a special assessment in your future.  Make sure to find out if there are any known special assessments.

These are just a few of the things you need to think about when making a decision to purchase an attached property. So how do you find out the answers to these questions and any others you may have? Be sure to obtain a copy of the Declaration and the Rules and Regulations for the association.  And be sure to get it while the contract is still in the attorney review period.  Make sure it is an updated copy with any amendments or changes included.

These are usually long documents, but it is worth your time to “wade” through them to be sure there is nothing you find objectionable before it is too late to change your mind!  You don’t want any surprises after closing!

Have more questions?   Call or text 630-776-5263.  If you prefer email  me nina@NinaRocus.com.

If you are looking for a home in Schaumburg, Itasca, Medinah, Hoffman Estates, Roselle, Bloomingdale, Elk Grove Village, Bartlett or other Northwest or Western suburb, I can set up a search that will email you all the listings currently on the market and it will automatically send you any new listings that come on the market.

Want to search yourself….just click here!

I was reading an article today about Fannie Mae’s rule requiring lenders to check buyers credit a second time right before closing.  If you are under contract, I am sure your REALTOR and mortgage lender have stressed this issue when you have talked with them.

If you are still in the thinking stages, or are close to getting ready to purchase a home, be sure not to do anything that would harm your credit rating/score.  It is always best to talk to a lender to make sure that you are qualified to buy.
Lending requirements have changed drastically over the past few years, and the guidelines are much tougher than ever before.  Don’t do anything without talking with your REALTOR and your lender.

For instance, maybe you think it would be a good idea to close out some old accounts that your aren’t using…..but that is not the case.  This will actually hurt your credit score rather than helping it.  This is just one example of something you might do without realizing how it will affect your credit report/score.

Once you are under contract,have made a mortgage application, and are approved, it is IMPERATIVE that you do not do anything to change your credit standing.  DO NOT OPEN ANY NEW ACCOUNTS!  If you have taken on additional debt prior to closing, when that 2nd credit report is run, you may very well be disqualified and have no financing to buy your home!

I have a great report I can send you about how what goes into your credit scoring and some of the do’s and don’ts!
Just send me an email nina@ninarocus.com and I will be happy to email it to you.

Want to start searching for homes in  Schaumburg, Itasca, Medinah, Hoffman Estates, Roselle, Bloomingdale, Elk Grove Village, Bartlett or other Northwest or Western suburb, call or text 630-776-5263.  If you prefer email  me nina@NinaRocus.com. I can set up a search that will email you all the listings currently on the market and it will automatically send you any new listings that come on the market.

Want to search yourself….just click here!