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FHA for renovation
August 22nd, 2009 11:22 AM
Daily Real Estate News  |  August 17, 2009  |   Share
FHA Program Offers Purchase, Renovation Aid
The Federal Housing Administration is encouraging use of its little-known 203(k) loan program.

The 203(k) lets an owner-occupant borrow money for both the purchase and renovation in one loan, and put down only 3.5 percent.

The program requires the use of credentialed contractors and can include cosmetic improvements as well as major renovations like replacing plumbing or electrical. Completing the application process requires patience, says Nancy Hammock, an associate with RE/MAX Properties in Western Springs, Ill.

But in this lending environment, more homebuyers are finding 203(k)s worth the hassle. In fiscal 2008, the government insured about 6,700 of the 203(k) loans. This year, more than 11,000 loans have already been insured, according to the Office of the Comptroller of the Currency.

Source: Chicago Tribune, Mary Ellen Podmolik (08/14/2009)

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Posted by JoAnn Leigh on August 22nd, 2009 11:22 AMPost a Comment (0)

Appraisal tips
August 15th, 2009 12:46 PM

Daily Real Estate News  |  August 3, 2009  |   Share
Tips for Getting a Good Appraisal
Appraisals can be tricky these days. Here’s some advice from Maureen Sweeney, a Chicago-area owner of an appraisal firm, on getting an accurate and fair appraisal.
  • Both the real estate practitioner and the owner should be present for the appraisal and follow the appraiser around. Make sure he doesn’t miss anything important.
  • Ask questions to determine if the appraiser has identified the correct neighborhood boundaries and if she’s comparing the home to similar properties.
  • Bring a copy of a recent tax bill and a survey of the property, and give them to the appraiser.
  • Provide a list of improvements to the home.
  • Offer your professional opinion about what makes this property worth more than other properties in the area.

Source: Chicago Tribune, Mary Umberger (08/02/2009)

Read More
Appraiser Checklist: What They Look For

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Posted by JoAnn Leigh on August 15th, 2009 12:46 PMPost a Comment (0)
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