Posts Categorized: Financial Considerations

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What is this new home buyer tax credit all about?

Like me, you might be confused on the new tax credit passed recently. A credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence between January 1, 2009 and December 1, 2009 has been made available under the American Recovery and Reinvestment Act of 2009. The National Association of REALTORS states… Read more

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Who the Heck are Fannie and Freddie?

So, my last post may have caused you to wonder just who are Fannie and Freddie. Fannie Mae and Freddie Mac are America’s two largest mortgage companies.  There names are acronyms for their official names: the Federal National Mortgage Association (Fannie) and the Federal Home Loan Mortgage Corporation (Freddie). The two are key players in… Read more

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Fannie and Freddie Plan Fee Increases

On April 1st, Fannie Mae and Freddie Mac are increasing down-payment rules. The upcoming changes are as follows: Condo buyers with down payments of less than 25 percent will be charged a three-quarter point add-on penalty regardless of their credit score Buyers of  multi family units, where one unit is owner-occupied and the other is rented,… Read more

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Taking The Short Route – The Process

Suppose you read my earlier post on why you should consider a short sale. What needs to happen in order to pull it off? Here is a short overview of the process. Get The Right People Involved It definitely helps to have a realtor involved in this process because there is a lot of back… Read more

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Chicago Olympics And Home Values

I run into a fair amount of discussion about how the olympics being held in Chicago in 2016 would be such a boon to real estate values on the south side. Interestingly, everyone believes that hosting the olympics would benefit home values but I haven’t really heard any discussion of exactly how this works. Presumably,… Read more