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ABOUT FHA MORTGAGES

UP TO $6,000 FOR YOUR DOWN PAYMENT -- FREE
The Illinois HOME START Loan Program offers below market rates and down payment assistance for first time homebuyers and Veterans. First time homebuyers and individuals that have not owned a home in the previous three years are eligible based upon household income, family size, and sale price of the home. the HOME START Down Payment Assistance Loan is a 0%, 10 year forgivable loan that provides 3% of the purchase price (up to $6,000) to assist with down payment. This loan is only available when used in conjunction with the 30 year fixed rate loan and has a current lowered rate of 5.25%. Check for current availablity. Funding may be limited. For details and further information on how to qualify email with your name, phone number, and current address.

WHAT IS A GOVERNMENT-INSURED FHA MORTGAGE?
An FHA loan is insured by the Federal Housing Administration which allows approved lenders to offer loans with fewer restrictions and greater flexibility than conventional mortgages. Available to everyone, FHA loans require as little as 3.5% for a down payment and have been especially popular with 1st time homebuyers and for refinancing. Not just for small loans, loan amounts can be as high as almost $800,000. The government recently raised the maximum loan amount from an original cap of $362,790 to $793,750 (varying from county to county) as a way to help stabilize the housing market. Check with your lender for the latest FHA information and mortgage loan programs available.

ADVANTAGES OF AN FHA MORTGAGE
These fixed rate loans are government-insured and easier to qualify for compared to conventional mortgages. Down payments and closing costs may be lower than conventional mortgages. With the many changes over the last year the qualification and approval process is also quicker and easier. There is no maximum income restriction associated with FHA loans, but borrowers need to substantiate income and assets with proper documentation.

WHAT ABOUT REFINANCING?
You may be able to get up to almost 97% of your home's value, which gives you the opportunity to get extra cash out -- for any need -- and take advantage of a fixed rate that is lower than a personal loan or other credit sources. (Cash out loans are not available if you are refinancing an existing FHA loan.)

FHA LOANS ARE ASSUMABLE
When a seller with an FHA loan sells a property, the loan, its financing terms and interest rate, can be transferred to the new buyer. 

NEED A LOAN THAT INCLUDES THE NECESSARY FUNDS FOR FIXING UP A PROPERTY?
The FHA 203(k) provides a cost-effective, single-close loan that enables borrowers to purchase a home that may need repairs, refinance their existing home for the purpose of remodeling, or move an existing home onto a mortgaged property. The loan is based on the "as completed" value of a home and allows up to six months for completion of the rehabilitation construction. Not all lenders have this program available, and not all are experienced. For details of the program and contact information for the lender who knows 203(k) just email with your name, phone, and current address.   

OTHER FHA REFORMS
FHA's manufactured housing program has been modernized to include higher loan limits and changes in insurance coverage and underwriting. FHA home-equity conversion mortgages, or reverse mortgages, now allow seniors to purchase a home and obtain a reverse mortgage in one transaction. The minimum down payment on FHA loans have increased from 3 percent to 3.5 percent. And while down payment assistance from family members, government programs and charities is allowed, seller-funded or assisted down payments are prohibited. VA loan limits will match other stimulus loan limits through 2011.

FHA RULE CHANGES FOR CONDOS
Since February 2010 the entire condominium development must now apply to HUD and be granted FHA approval before a buyer can use an FHA loan to purchase a unit in an association or before an existing unit owner can refinance using an FHA loan. Individual buyers or sellers can initiate the approval process or current owners can encourage their home owners association to apply.

As your Personal Real Estate Advisor an important part of my job is advising and guiding you through the home buying or home selling process. That includes financing. Above is some basic information about government-insured FHA mortgages which I hope will be helpful in the process of applying for a mortgage loan, but there is no substitute for a direct relationship with a mortgage lender of your choice. A mortgage is a complicated transaction, but there is no reason for it be be difficult. Please don't hesitate to ask me and your lender for help if there is something you don't understand. Or apply online here.

For a list of mortgage lenders in the Rockford area and this weeks interest rate information --
see my weekly local mortgage rates update.

If I can be of help to you in buying or selling a home
please don't hesitate to call at 815-381-6850 or email.

For more FHA information, visit www.checkfhaapproval.com
to identify FHA-approved condo association
and review maximum loan amounts for a given geographic location.

 
 

FREE CREDIT REPORTS
The Fair Credit Report Act now requires that each of the top nationwide credit reporting bureaus (Equifax, Experian, and TransUnion) provide consumers with one free credit report annually.
Check your credit reports from the only government approved site.
 
Open Houses, Rockford, Illinois
bill marek, realtor, rockford illinois residential real estate agent

Dickerson & Nieman, largest rockford illinois real estate broker

 

 Contact Bill Marek by e-mail
Your personal real estate advisor --
helping you make
the right decisions
when buying or selling
a home in today's
real estate market

by phone:
815-381-6850 ­ Office Direct

by fax:
1-815-231-8176

by mail:
Bill Marek
Dickerson & Nieman, Realtors
6277 East Riverside Blvd
Rockford, IL 61114

 

  


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If you are THINKING OF SELLING YOUR HOME
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FOR MORE HOME BUYING AND SELLING INFORMATION GO TO:

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[ EASY SEARCH UPDATES–Get The Most Current Information on Homes For Sale ]
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[ Monthly Mortgage Payment Calculator ]
[ Apply for a Mortgage and Financing Pre-Approval ]
 [ 9 Ways to Kill Your Mortgage Funding ]
[ Facts about Foreclosures and Short Sales ]
[ Home Inspection Guide ]     
[ Get Relocation Information Mailed to You ]
[ Relocating Guide to the Rockford area ]
[ Rockford Community and School Links ]
[ Winnebago County "SCHOOLS REPORT CARDS" ]
 [ Relocating Guide to the Ogle County area ]
 [ Ogle County Community and School Links ] 
[ Ogle County-land-homes-business-TODAY'S LATEST LISTINGS ]
 [ How To Sell Your Home ]     
[ Seven Ways To A Smoother, Faster Home Sale...and More Selling Tips ]     
[ Reminders, Tax Tips and Information for Homeowners ]
[ Home Buying, Home Selling, Real Estate Investing Questions and Answers ]
[ Senior Retirement Planning -- Comparison of Nursing Home Facilities ]
 [ Fixing-up and improving your home -- how-to tips ] 
 [ Green, Smart Energy Efficient Homes ]   
[ NEW CONSTRUCTION HOMES -- Floor Plans, Custom Build Designs ]
[ What's The Value of My Home -- FREE HOME MARKET analysis ]
[ Contact Bill Marek for Buying or Selling Real Estate in the Rockford Illinois area ]
 [ Home Page ]

 

For quick, up-to-date Rockford area real estate information, all in one place, all at your fingertips, BOOKMARK or SAVE THIS PAGE TO YOUR FAVORITES and visit often for timely information on houses for sale anywhere in the Rockford and Northwest Illinois area, visual grand tours, latest listing information, new construction home floor plans, custom built house plans and designs, plus home selling and home buying help, tips on how-to-buy and how-to-sell a home in Rockford Illinois, mortgage and financing information, Rockford area mortgage rates and mortgage payment calculator, lenders, banks, relocation and moving information, Rockford area schools and community information, information for Seniors and for first time home buyers, real estate investment, online house plans, tips on home improvement and home decorating, lots-acreage-land-new home building sites-new home subdivisions, free home evaluation, and free real estate reports from your Personal Realtor® in the Rockford Rock River Valley area of Winnebago, Boone, and Ogle counties in Northern Illinois.

Homes and real estate listings on the Rockford Area Association of Realtors® multiple listing service are updated throughout the day for the latest and most accurate information on the availability of homes, condominiums, duplexes, rural or country property, river, water front, and water view property in the Rockford Illinois Rock River Valley area of  Winnebago, Boone and Ogle counties including: Rockford zip codes 61101, 61102, 61103, 61104, 61105, 61106, 61107, 61108, 61109, 61110, 61112, 61114, 61125, 61126; Belvidere 61008; Cherry Valley 61016; Stillman Valley 61084; Byron 61010; Oregon 61061; Loves Park 61111, 61130, 61131, 61132; Machesney Park 61115; Caledonia 61011; Roscoe 61073; Rockton 61072; Poplar Grove 61065; Davis Junction 61020; Garden Prairie 61038; Winnebago 61088, Pecatonica 61063; Capron 61012 and surrounding communities in north and northwest Illinois.

Rockford home source information is provided as a service to help you better understand issues related to the process of buying or selling real estate, especially in the Rockford Illinois area. The accuracy of content is not guaranteed, nor is it intended to replace the advice of an attorney, financial advisor, accountant, tax advisor, lender, home inspection service, building contractor or other real estate professional. This site contains links to other real estate related internet sites. These resources are selected on the basis of ease-of-use and helpful content for owning, buying, or selling a home, and no information, product, or service has been endorsed or approved by us. Privacy Statement: We are dedicated to protecting your privacy and handling your information in a secure and confidential manner. We know that having trust and confidence in the people you work with is important to you and we value the trust you place in us to protect your information. We do not permit list brokers, mail-order businesses, telemarketers, or other marketing companies to contact you to promote their products or services, and we do not sell, lend, or give out your information for this purpose. We use your information only to help us provide the home buying or selling real estate services you request. Bill Marek is a residential real estate agent with Dickerson & Nieman Realtors in the Rockford area of Northern Illinois, and, as a REALTOR©, is a member of the National Association of Realtors©, Illinois Association of Realtors©, and Rockford Area Association of Realtors©.

 



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ALL INFORMATION IS CONSIDERED ACCURATE, BUT IS NOT A WARRANTY BY AGENT, SELLER, OR BROKER.
 © Copyright 2000-2011 all rights reserved for content and format. Bill Marek, Personal Realtor®, Rockford, IL
Rockford Illinois, Winnebago, Ogle, and Boone County real estate information, listings, and search information can be reached thru www.aboutRockfordHomes.com, www.rockfordhomesource.com,  www.oglecounty-homes-land.com, www.oglecountyillinoishomes.com,  www.rockfordhomelistings.com,  www.rockfordhomesandcondos.com, www.greenhomesrockford.com,  www.billsmyrealtor.com

We hope you have found aboutRockfordHomes
-- the Rockford Home Source by Bill Marek--
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in the Rockford Illinois Rock River Valley area of Northwest Illinois.
We're continually striving to improve this site with the goal of making it your
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