| My Market Insider - Update for September 2011 | |||||||||||||||||||||||||
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What is Down Payment Plus?
Downpayment Plus ("DPP") is a down payment and closing cost assistance program for low and moderate income home buyers, funded by the Federal Home Loan Bank of Chicago ("FHLBC"). Funds are available to FHLBC member financial institutions in Illinois.
Who is eligible to receive a Downpayment Plus grant?
The program is available to homebuyers with a combined annual household income at or below 80% of the median income of the area where the property is located, adjusted for family size. The borrower MUST contribute $1,000 toward the purchase of the home. The purchaser(s) must complete a homebuyer or homeowner counseling program prior to receiving the grant funds, and sign a certificate of eligibilty that certifies household income. The borrower does NOT have to be a first time homebuyer!
During our training there were a few questions that came about too. Please see below answers for those questions:)
Are all borrowers requried to take the homebuyer counseling? Yes.
Is the training available in Spanish? Yes, the RAAHC does provide the homebuyer counseling courses in English and Spanish.
Attached you will find a brief summary sheet of the program, borrower responsibility checklist, income limits and a flyer.
If you are going to utilize this program for one of your buyers we highly suggest that you set your contract dates for closing out a minimum of 45 to 60 days for closing. The FHLBC does need to review the file and this does add some additional time to the entire process. If we take this proactive approach it will eliminate the need to extend dates down the road.
If you have any questions or need anything else please let us know.
The Hoefle Team
Michele 815-990-0506
Steve 815-238-8830
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 Heather Lawson 815 627 0477 (Office) Keller Williams Realty Signature 227 Logan Ave. Belvidere, IL 61008 | I found this video and thought it might surprise you. It's less than a minute long, so check it out!  As always, please be sure to share my contact information with anyone you know who may need real estate advice. Sincerely, Heather Lawson | ||
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| This email was sent by Heather Lawson of Keller Williams Realty Signature 227 Logan Ave. Belvidere, IL , 61008 |
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Will your home age gracefully with you, or will it turn out to be a burden through your “golden years?” Here are some helpful tips to determine if your home and neighborhood will still serve you as you reach retirement age.
I often hear from clients who are worried about their parents (or themselves) when it
comes to living in their home through their retirement years. There are lots of reasons
why a dream home can become a retirement nightmare as we age. From safety
issues to neighborhood concerns, there are numerous factors which impact whether or
not a home is ideal as we get older. Consider:
1. Falling / slipping hazards. Are bathrooms designed with mobility challenges in
mind? Are the surfaces we once loved (hardwood, tile, concrete) now slipping
hazards?
2. Accessibility. Is a second story practical? Will stairs become a painful hassle in
years ahead?
3. Entrapment. Could locks in the house be inadvertently engaged, trapping a
resident in a back bedroom or bathroom without access to medicine or lines of
communication?
4. Right-sizing. Is the home still appropriate for the number of residents? Will it be a
maintenance or upkeep hassle now that kids or spouses may no longer be in the
house?
5. Neighborhood safety. How as a neighborhood improved or declined in recent
years? Whatʼs projected to happen in the next 10? 20?
6. Walkability. Are you planning to keep and drive a car as you age? How close are
grocery stores, drug stores, hospitals, entertainment venues, and restaurants? Are
you in a relatively isolated area? How close do you want your neighbors to be?
This is but a fraction of the full list, but a good place to begin thinking about the years
ahead. I love helping home owners evaluate properties with an eye on getting the
most out of retirement.
If youʼre interested in a free consultation with these issues (and more!) in mind, please
donʼt hesitate to contact me today:
There are so many advantages to purchasing your own home. For instance, it offers the pride of ownership, provides an overall sense of accomplishment, and is a place where you and your family will build many lasting memories. Among others, real estate opens the door to many tax benefits as well. Let’s discover some of the following ways that owning a home/s can help to create a tax shelter.
Therefore, it pays to consider the benefits of homeownership and to discuss with your tax professional what you may qualify for. Especially for those who are entertaining the thought of buying instead of renting, it is very important to consider the long-term impact that owning real estate can have on your overall financial future. There are advantages whether you are buying for yourself or investing in properties for additional income. Contact us today using our information above to start exploring what options may be available for you!
Here are some of the most frequent issues that come up during a home inspection that are easily prevented. Don't let the sale of your home be compromised by a bad home inspection report!
