Tag: Mortgages
Surprising condos on a do-not-lend list
A post at Gary Lucido’s Getting Real blog includes an extensive list of condo developments that are on an unnamed lender’s “do-not-lend” list. Gar [...]
Mortgage lending is still alive on the North Shore
At an open house event in Winnetka, Joe Zekas met Diane Falk, a mortgage loan originator at Fifth Third Bank.
Joe had been hearing stories of p [...]
Higher credit scores needed for FHA-backed loans
Wells Fargo and Bank of America have tightened their standards for FHA-backed loans, says Bloomberg. Both banks now require applicants to have FICO sc [...]
FHA now backs a quarter of all new loans
Jeff Baird is a real estate valuation consultant based in Chicago. He founded Lakeshore Analytics to bring comprehensive, understandable housing data [...]
Jon Stewart on a foreclosure-based economy
The Daily Show With Jon StewartMon - Thurs 11p / 10c [...]
Quote of the day: Something still stinks in Back of the Yards
"There's no way any property in this neighbourhood should sell for that kind of money, even if it was in great condition."
- Emilio Carrasquillo of Ne [...]
Grand Bend condos get FHA approval
The price cuts that accompanied the relaunch of Grand Bend at Green Bay in Evanston earlier this year opened the development's new-construction condos [...]
Tip jar: Watch that debt load
Here's some advice from a local lender to buyers who are already thinking ahead to home furnishings and a ride to park in the garage:
Nowadays, once [...]
Quote: Strategic defaults keep on rising
On the conference call to announce the [Principal Reduction Enhancement] program this morning, BofA's credit loss mitigation executive, Jack Schakett, [...]
The merits of walking away
In January I posted an excerpt from a New York Times Magazine article titled "Walk away from your mortgage!", in which a University of Arizona law [...]
A fresh approach to selling gut rehabs and new construction homes in Chicago
Last month Greg Rose of Fresh Horizon Realty talked to Joe Zekas about how his brokerage differs from other local real estate companies when it come [...]
Special financing available for a new townhome on Winnemac Park
Snowy days must be a bummer for Realtors, especially when they come after a week of sunny, walkable weather. On a good day, the new townhome at 2130 [...]
FBI: Short sale scams on the rise
FlippingFrenzy.com, one of the more than 100 publications and blogs we feed into Chicago Real Estate News, published a story this morning about the ne [...]
No mortgage fraud in Illinois?
If you’re a regular follower of the Mortgage Fraud Blog, FlippingFrenzy and similar sites, you’re used to reading headlines like “Arizona broker convi [...]
Put your federal tax credit toward a new home with Fresh Horizon Realty
Time is running out to take advantage of the government's home buyer tax credits. Buyers must sign their contracts by April 30, meaning there are only [...]
New loan options offered at Astoria Tower
Buyers have several new mortgage options to consider at Astoria Tower, 8 E 9th St in the South Loop. According to a sheet I picked up at the develo [...]
Quote: FHA isn't the new subprime
“All we think about is credit risk, but comparing it to subprime just doesn’t make any sense. Let’s be rational."
- FHA Commissioner David Stevens, d [...]
Quote of the day: renting as a "stealth stimulus"
People's increasing willingness to abandon their own piece of America illustrates a paradoxical change wrought by the housing bust: Even as it tarnish [...]
The new rules: FHA revises loan policies
Temporary changes
50 percent owner-occupancy minimum excludes vacant and tenant-occupied units.
Condo pre-sale threshold reduced to 30% from 50%.
[...]
FHA fast facts: South Loop approvals
One of the questions Realtors hear most frequently is, "Is this property FHA approved?" Yesterday I punched three ZIP codes into HUD's FHA search and [...]