Buyers in Kane County – don’t buy a home without reading this first!

The spring market is underway in the Fox Valley!  It’s time to do a little spring cleaning and shake off the cold hand of winter to find your new home.  We’ve got a lot of new programs to help folks find the perfect loan program, including ultra low down payments, special terms for Kane County renters, great Illinois home incentive programs and more.  Check out this list and be sure to call for more details!

Kane County Buyer’s Program:
KANE COUNTY – Fox Valley First Time Home Buyer Programs

If you’re looking to buy right where you live, in Kane county, you’re in luck!  They offer a wonderful down payment assistance program for first time home buyers.  With a down payment of 1% of the purchase price, you can become a home owner instead of paying your landlord!  Ask about the other county specific programs available too.

But that’s not all!  There are many more programs available for home buyers to look into:

@HomeIllinois
@Home Illinois – an IHDA program

This program offering up to $5,000 in down payment and closing cost assistance for FHA, VA, USDA and Conventional loans.  Qualifying borrows include first time buyers, veterans, repeat buyers and those who want to refinance.  Borrowers must meet income and purchase limits, credit requirements and contribute $1,000 or 1 % of the purchase price, whichever is greater.

1stHome Illinois
1st Home Illinois – an IHDA program

This is a program similar to IHDA’s (see above) but is only available to first time buyers and veterans purchasing a home in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will and Winnebago counties.  Qualifying buyers get $7,500 cash assistance for down payment and closing costs for a low-cost 30 yr fixed rate mortgage.  They must contribute $1,000 or 1% of the purchase price whichever is greater.  

FHA Loans
HUD for FHA Loans

This is a very popular type of loan for first time home buyers.  This is a federally backed mortgage by the Federal Housing Administration (FHA) and offers a 3.5% down payment, low closing costs and the less-than-perfect-credit score is accepted.  Limits on the purchase price in the Chicago land area are up to $365,700  Check the link below for details.

FHA Home Loans by First Click Mortgage

 

HomeReady Mortgage by Fannie Mae
HomeReady Mortgage by Fannie Mae

HomeReady offers a 3% down payment option for eligible low-to-moderate income first time and repeat buyers.  Additional income sources will be considered an all co-borrowers don’t have to live in the property.  Home buyers must complete a home ownership education course.  

Home Possible Advantage by Freddie Mac
Home Possible Advantage by Freddie Mac

Home Possible Advantage is Freddie Mac’s version of the 3% down payment mortgage loan.  The program is also open to qualifying low-to-moderate income first time or repeat buyers or those purchasing in high-cost or under served areas.  First time buyers must complete home ownership counseling.  

USDA Single Family Housing Guaranteed Loan Program
USDA Single Family Housing

Buy a home in certain rural areas and you might not need any down payment at all.  This U.S. Department of Agriculture (USDA) program assists low and moderate income consumers buy homes in eligible rural areas, including many counties in Illinois.  A low interest, fixed rate loan can be used to build, rehab, improve or relocate a dwelling in an eligible area.  

VA Home Loan Program
VA Home Loan Program

VA loans are another great tool for veterans and their families looking to buy a home without a down payment.  The loans are only for qualifying veterans, active milityar members and eligible surviving spouses.  Guaranteed by the U.S. Dept of Veterans Affairs, the loans to do not require mortgage insurance.

Questions on the loan programs?

Contact a Senior Loan Originator with People’s Home Equity
Steve Smither
Senior Mortgage Adviser
NMLS #224681
1801 S Meyers Rd. #500
Oakbrook Terrace, IL. 60181
Cell: 847-942-5151
Fax: 847-701-3267

ssmither@peopleshomeequity.com

 

 

Did you know?

Fox Valley Homes is full of great home tips, ideas and programs for all levels of buyer and sellers.  In addition to helping owners with distressed homes and foreclosures,  Fox Valley Homes offers full broker service for regular listings,  rentals, buyers and home sellers, as well as investors in residential properties across the northern Illinois and Chicago region. We coordinate real estate transactions effectively and retain the full skills and expertise of fully licensed Realtors®, including access to the resources of the local Illinois MLS database.

For more information about programs to list or buy with Fox Valley Homes, please contact Jennifer Kinzle, e-PRO, SFR, (630) 854-4360. Email me direct  jkinzle73@gmail.com.

Contact me:

Jennifer Kinzle, e-PRO, SFR Broker
Direct/Text:  (630) 854-4360
Email: jkinzle73@gmail.com
Twitter: @jkinzle
Instagram: @jkinzle

Facebook: Fox Valley Homes – Jennifer Kinzle, Broker
Fox Valley Investors Group: Fox Valley Investor Group – on Facebook
Website:  www.FoxValleyShortSales.com
MeetUp: Fox Valley Investors MeetUp Group

Charles Rutenberg Realty of Illinois
3135 Book Rd
Naperville, IL 60563
LIC 481.010.165

New Home Buyers: Risks and Benefits of Rent To Own

Planning ahead on your home ownership dream?

If you are ready to kick your home search into full gear,  consider an option like a rent to own.  Less than perfect credit scores and loads of flexibility are two pluses when buying a home as a lease to own.  

A rent to own option works like this: a buyer is given the “option” to purchase the home at some point in the future at a specified price.  A traditional sale brings the buyer and seller together to complete the purchase quickly, after agreeing to terms.

Instead, with a rent to own transaction, the final purchase is delayed.  The buyer and the seller agree to the possibility of the sale at a future date and it may or may not occur.  The buyer or seller can back out of the agreement, by simply not accepting the sale when the agreement is ended.  In the meantime, the renter decides if they want to make the purchase, often paying additional funds to the seller, to decrease the amount of money needed toward purchase price.

Benefits for Buyers:

Renters can buy even with bad credit: Often dinged on credit scores, renters may not qualify for a traditional conventional home mortgage.  But they may be able to repair their credit with a solid report of their regular monthly payments over the long term.

Lock in a purchase price: Renters can agree with the sellers as much as 12 months 9 or more) ahead on the purchase price.  They can put extra dollars toward the purchase of the home, setting up a discount for when they finally do close.  

Take it for a Test Drive: Try it before you buy it!  Renters may fall in love with the home even more while under the option.  Or they may decide the property isn’t the home of their dreams and decide to skip it at the end of the agreement.

 

Risks for Buyers:

Forfeiting money: If for some reason, you don’t buy the home, you lose all of the extra money you paid.  

Slow progress: If you plan on getting that raise or improving your credit score, and it doesn’t quite work out, you may be unable to commit to the sale when the agreement ends.  

Less control:  This is a tricky part because while you inhabit the property, you don’t have control over it (yet).  For example, your landlord could skip making mortgage payments, not pay the taxes or wind up with a contractor’s lein.  These are outside of your control.  Be sure to have it in your agreement to address these scenarios, including the landlord cannot sell to another buyer while under the option to you.  

Falling prices:  This is not a consideration for the current home market, but it was a few years ago.  If home prices fall during your contract, you may be unable to renegotiate the purchase price.  Then you are left with the option of forfeiting all your option money or buying the house at a higher than market value price.  If your lender won’t approve an oversized loan, you’ll need to bring extra money out of your own savings to the closing table to cover the difference.

Late payments hurt: Just like a traditional mortgage, missing monthly payments can penalize you.  Your lease to own agreement may include a qualifier clause that you must make all payments on time, you may lose the right to purchase (and lose your extra payments).  In some cases, you keep your option, but your extra payment for the month is not “counted” towards the eventual purchase.

Home Issues: There might be problems with the property that you don’t now about until you try to buy it (as noted with tax liens, deferred maintenance and title problems).  It’s best to treat a rent to own property like a “real” purchase and get the reassurance of a full home inspection and title search.

Scams: Protect yourself and the sellers by hiring a reputable attorney to review the sales contract and go over all the requirements to successfully purchase he home.  A home purchase is a major investment, so be sure to do your due diligence.  If it sounds too good to be true, it probably is.   

Contracts:

If you’re interested in finding out more about rent-to-own a home contracts, check out  a sample agreement for your state that protects both the home owner and the tenant.

https://www.rocketlawyer.com/document/rent-to-own-agreement.rl#/

There are many sample rent-to-own agreements and templates online that you can customize and use.  Before using a template however, you should review laws in your state and common items included in a contract to ensure you covering all bases prior to signing a contract. 

I always suggest that you consult with an attorney prior to signing any lease-to-own contract or drafting a contract for your home.  It’s a big investment, and you’ll want the peace of mind that comes with a well prepared contract to help protect yourself.

 

Did you know?

In addition to helping owners with distressed homes and foreclosures,  Fox Valley Homes offers full broker service for regular listings,  rentals, buyers and home sellers, as well as investors in residential properties across the northern Illinois and Chicago region. We coordinate real estate transactions effectively and retain the full skills and expertise of fully licensed Realtors®, including access to the resources of the local Illinois MLS database.

For more information, about Fox Valley Homes, please contact Jennifer Kinzle, e-PRO, SFR, (630) 854-4360. Email me direct  jkinzle73@gmail.com.

 

Contact me:

Jennifer Kinzle, e-PRO, SFR Broker
Direct/Text:  (630) 854-4360
Email: jkinzle73@gmail.com
Twitter: @jkinzle
Instagram: @jkinzle

Facebook: Fox Valley Homes – Jennifer Kinzle, Broker
Fox Valley Investors Group: Fox Valley Investor Group – on Facebook
Website:  www.FoxValleyShortSales.com
MeetUp: Fox Valley Investors MeetUp Group

 

Charles Rutenberg Realty of Illinois
3135 Book Rd
Naperville, IL 60563
LIC 481.010.165

 

Happy Easter!

Happy Easter from Fox Valley Homes!

 

 

 

 

 

 

Fox Valley Home Shortage?

This spring, it hasn’t taken me a very long time to run through the full list of properties available in the lovely Fox Valley area for my select buyers.  It is a short list!  While home buyers may be stuck with low inventory, home sellers are enjoying the sellers market for the first time in years.  

 

The housing inventory levels for an average market, are about 6 months’s worth of inventory during the year, but there is far less currently available now.  Today’s home buyers are seeking great homes with super low mortgage rates, and are willing to compete in bidding wars for the best ones if necessary.

 

Where are all the houses?  Been there, seen that

Adjust your expectations:
Fewer homes on the market can mean it may take longer for you to find the right one or even changing your expectations.  A willingness to compromise can go a long way to getting you into the perfect place.  Perhaps a finished basement can be skipped but a 3rd bedroom is a must.  If you prefer newer homes, but the city is full of turn of the century farmhouses, you may need to reconsider the style.  Or buyers may need to expand their search radius, increase their budget, or consider buying something that may need fixing up.  

Adjust your search:
Optimize your property search by getting the latest listings emailed to you once, twice or even as they hit the MLS!  Homes may be on the market for a day or two and have offers already in place if your search is slowed down.  Catching the listings as soon as they are activated can mean previewing them the same day or next day.  Consider talking to your agent about the best times to arrange showings for you and work around your schedule so you don’t miss a preview.

Adjust your offer: 
An experienced agent, like myself, can help you put together the best offer with a strong, personal letter, a pre-approval mortgage note from a local lender, and properly signed paperwork.  Using services to collect electronic signatures under Docu Sign or Adobe Digital Signature, will help get your offer in the same day and avoid any delays.  I also can monitor the status of the deal and send regular updates as it progresses.  Working out the price is just one part of the real estate transaction.

 

 

Did you know?

Fox Valley Homes is full of valuable seller marketing strategies and ideas.  In addition to helping owners with selling,  Fox Valley Homes offers full broker service for regular listings,  rentals, buyers, as well as investors in residential properties across the northern Illinois and Chicago region. No other agent runs an Investor Meetup Group like Fox Valley Homes!  We coordinate real estate transactions effectively and retain the full skills and expertise of fully licensed Realtors®, including access to the resources of the local Illinois MLS database.

For more information, about Fox Valley Homes, please contact Jennifer Kinzle, e-PRO, SFR, (630) 854-4360. Email me direct  jkinzle73@gmail.com.

Contact me:

Jennifer Kinzle, e-PRO, SFR Broker
Direct/Text:  (630) 854-4360
Email: jkinzle73@gmail.com
Twitter: @jkinzle
Instagram: @jkinzle

Facebook: Fox Valley Homes – Jennifer Kinzle, Broker
Fox Valley Investors Group: Fox Valley Investor Group – on Facebook
Website:  www.FoxValleyShortSales.com
MeetUp: Fox Valley Investors MeetUp Group

Charles Rutenberg Realty of Illinois
3135 Book Rd
Naperville, IL 60563
LIC 481.010.165

Front Porch News – Fox Valley Homes April 2017 Newsletter

Now available: Front Porch News from Fox Valley Homes

Click the link below to download a PDF:

Fox Valley Homes April 2017 Newsletter

 

Did you know?

Fox Valley Homes is full of great marketing tips and ideas.  In addition to helping owners with distressed homes and foreclosures,  Fox Valley Homes offers full broker service for regular listings,  rentals, buyers and home sellers, as well as investors in residential properties across the northern Illinois and Chicago region. We coordinate real estate transactions effectively and retain the full skills and expertise of fully licensed Realtors®, including access to the resources of the local Illinois MLS database.

For more information, about Fox Valley Homes, please contact Jennifer Kinzle, e-PRO, SFR, (630) 854-4360. Email me direct  jkinzle73@gmail.com.

Contact me:

Jennifer Kinzle, e-PRO, SFR Broker
Direct/Text:  (630) 854-4360
Email: jkinzle73@gmail.com
Twitter: @jkinzle
Instagram: @jkinzle

Facebook: Fox Valley Homes – Jennifer Kinzle, Broker
Fox Valley Investors Group: Fox Valley Investor Group – on Facebook
Website:  www.FoxValleyShortSales.com
MeetUp: Fox Valley Investors MeetUp Group

Charles Rutenberg Realty of Illinois
3135 Book Rd
Naperville, IL 60563
LIC 481.010.165