Keep Your Home Upcoming Event in Cicero

You may be eligible for a loan modification if you:

• Are behind on your mortgage or at risk of fallilng behind due to a hardship
  
• Are an owner-occupant of a 1 to 4 until property
  
• Have a loan that was originated before January 1, 2009
  
• Have income that will support monthly mortgage payments

Find out how the new federal foreclosure prevention program can help you stay in your home by attending a program on Saturday, August 29th from 10 a.m. to 1 p.m. at the Cicero Community Center, 2250 S. 49th Avenue. For details and a list of what you should bring to the program, visit http://www.succeedwithmore.com/flyers/Keep%20Your%20Home%20Seminar.pdf 

Got a Clunker in Your Kitchen?

If you've been wondering what buyers are going to think about your appliances when it comes time to sell your home...now just might be the right time to make some updates. 

Beginning late fall, rebates of up to $200 will be available if you upgrade to more efficient ENERGY STAR refrigerators, dishwashers and washers.  (Stoves, ovens and dryers are not rated by ENERGY STAR.)  Each state was given funding by the Federal government to cover the rebates.  States have until October 15th to define their rebate plan.  I'll post an update when the Illinois plan is available.

It's a great opportunity to save money, cut your monthly energy bills and invest in the long-term resale value of your home!

In the meantime, you may be able to take advantage of ComEd's Smart Ideas Appliance Recyclingprogram.  They will pay you $25 and haul out that outdated beer fridge burning electricity in your basement!  It's a great program that I took advantage of myself! 

At Risk Homeowners

Are you concerned about making your mortgage payment? Do you feel like you are stretching yourself too thin in this current economy?

FICO, the national credit score company, has developed a website with a loan modification questionnaire. The questionnaire will help you determine if you are eligible for a loan modification. All data submitted is confidential and a HUD certified counselor will contact you within 48 hours. For more information, please visit www.MortgageReliefOnline.com.

New Program Offers a Tax Credit Advance

Are you interested in taking advantage of the $8,000 tax credit but don't have the necessary down-payment to purchase a home? Illinois now offers a Home Start Advance Loan, which allows qualifying buyers to get an advance loan on their anticipated tax credit to use toward a downpayment.

So how does it work? Offered by the Illinois Housing Development Authority (IHDA), this program is available through IHDA lending partners across the state of Illinois. IHDA will make a 0% interest loan for up to 3.5% of the purchase price with a maximum loan amount of $6,000. If the Tax Credit Advance Loan is repaid in full by June 30,2010, only the first mortgage remains. Otherwise, the Tax Credit Advance Loan will become a second position ten year amortizing loan at 0.5% above the interest rate on the Illinois Home Start 30 year loan.

To qualify, you must secure a Home Start 30 Year Fixed Rate Loan, be a first-time homebuyer (except Veterans and active duty service personnel) and must complete homebuyer education.

For more information on this exciting new loan, visit www.ihda.org

11.6% Increase in Home Sales

July 2009 Home Sale numbers are out and there is an 11.6% increase in the southern and western suburbs of Chicago compared to July 08'.

Several communities had big jumps in the number of closed transactions over their numbers in 2008. Westchester was up 228.6%, Lansing up 163% and Palos Park was up 250%.  Even the cities that had negative numbers versus 2008 were not off by much.  Aurora was down 3.8%, but that meant there were only 122 closed transactions in July, 2009 versus 127 in July 2008.  There have been  excellent gains over the 120 communities that Mainstreet Organization of Realtors serves.

What's the cause of all this activity? Three main factors are helping to contribute to the sales: reasonably price homes, large inventory, and the first time buyer's tax credit. Many buyers are trying to take affect of the tax credit which expires Dec 1, 2009. The big question is "Will the First Time Buyer Tax Credit be extended?". We will just have to wait and see.