Tricks and Tips

Time and 8 Grand are Slipping Away

by Matt Hernacki September 29, 2009 First Time Buyers

If you or someone you know has considered taking advantage of the $8,000 tax credit for first time buyers (buyers who have not owned a home in 3 years are also eligible), time is running short. While there are bills being debated in congress to extend the credit, there is no solid indication that it will be extended …

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Time is Running Out

by Matt Hernacki September 18, 2009 First Time Buyers

If you had thought of buying a home before the tax credit deadline of Nov 30, time is running short. You typically need 45 days from when you find a property to close. So there are only a couple of weeks left to find and put a home under contract.

A good lender may be able to …

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100 Days and Counting….

by Matt Hernacki August 21, 2009 First Time Buyers

Until the $8,000 first time buyer tax credit deadline. To take advantage of it you must close by November 30. This means you have just over a month to find a home. Due to long mortgage processing and underwriting times it typically takes 45 days to close from when you find and put a home under …

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First Time Buyer Tax Credit = Real Estate’s Cash for Clunkers?

by Matt Hernacki July 31, 2009 First Time Buyers

In light of the mess the government has made of handing out ‘free’ money this week to car buyers, I can’t help but wonder what this means for the many first time buyers expecting their $8000 from the fed. If it were me, I would be amending my ’08 taxes immediately – not waiting to …

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Use $8000 Tax Credit as Down Payment? Well, Kind of…

by Matt Hernacki May 31, 2009 First Time Buyers

Apparently a buyer will be able to use it as additional funds toward their down payment, but must bring their own money to meet the FHA minimum down payment of 3.5%. The $8,000 credit can’t be used as the 3.5%…at least according to this Inman News story posted on Friday:

The bad news, for those hoping that the initiative …

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$7,500 is $15,000 is now $8,000 to First-Timers

by Matt Hernacki February 16, 2009 Algonquin

Well, it was not the $15,000 that the Senate got everyone hot and bothered about (you can’t really expect them to do something totally right, can you?) a week and a half ago or so, but it is an improvement over the current $7,500 tax credit currently in place. Part of the new stimulus bill includes an $8,000 …

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$15,000 Tax Credit May Be Coming Your Way

by Matt Hernacki February 5, 2009 Algonquin

The government is trying to greatly improve the tax credit that was offered last year and that is in place now. Right now you have to be a first time buyer or have not owned a home in three years to get a $7500 credit that has to be repaid over 15 years. If the …

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First Time Buyer Incentives

by Matt Hernacki December 17, 2008 Arlington Heights

There are several programs available to first time buyers in Chicago’s Northwest Suburbs and surrounding areas. If you are a first time buyer, you can take advantage of grant programs offered by the town you want to live in, or in some cases the County. These programs can provide matching funds for your down payment, …

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Short Sale, Foreclosure, Bank-Owned, etc. What Does It All Mean?

by Matt Hernacki December 1, 2008 Tricks and Tips

The glut of the various types of properties in some stage of the foreclosure and/or short sale process has led to many questions this year. We have found that many people want some simple definitions of what the various terms mean. So we added a page to our web site explaining the terms and the basic …

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YES – You Can Still Get a Mortgage!

by Matt Hernacki October 7, 2008 Real Estate - local markets

Despite what you see on TV these days, banks are loaning money! I have talked to a few people lately who think they can’t get a mortgage because of the current financial ‘crisis’. We have had several closings, and the money for the mortgage has been there everytime so far. We also have other people …

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