The Krain Blog

Assessor Berrios Releases first-year Report Card

Makes assessment process more transparent, customer-friendly

Chicago – Since taking office on December 6, 2010, Cook County Assessor Joseph Berrios has made marked improvements to the Assessor’s office, while maintaining a level of fiscal responsibility.

"In the past year, I have made sure that property values reflect today’s housing market, and that the office moved swiftly with the assessment process" Berrios said. "I’m also pleased that all of my 386 employees took their furlough days, and that we made our budget goals."

Berrios accelerated the 2011 assessment process more than three months early. The next earliest completion of an assessment occurred in 1993.

"This speed and efficiency ultimately helps in the timely mailing of tax bills," Berrios said. "More importantly, it ensures that local taxing bodies receive their funds sooner."

Berrios managed to finish early, despite having almost 400 employees take furlough days, as required by the President’s Office. He also met President Toni Preckwinkle’s request to reduce the 2011 budget by 16 percent, and her request for a 9 percent reduction for 2012.

Among Berrios’ other accomplishments this year:

"We have accomplished much in the past year, but there’s so much more to be done," Berrios said. "We must continue to make strides while maintaining the high level of customer service that property owners expect."

The continuous volatility in the markets have pushed rates to 2011 lows!

8/4/11 purchase rates with 0% points

30-yr fixed @ 4.25%

15-yr fixed @ 3.5%

5-yr ARM @ 3%

5-yr Interest Only @ 3.125%

FHA 30-yr fixed @ 4%

FHA 5-yr ARM @ 3%

30-yr fixed jumbo @ 5.125%

5-yr jumbo ARM @ 3.5%

5-yr Jumbo Interest Only @ 3.625%

Purchase rates with optional 1% point

30-yr fixed @ 4.125%

15-yr fixed @ 3. 25%

5-yr ARM @ 2.625%

5-yr Interest Only @ 2.75%

FHA 30-yr fixed @ 3.75%

FHA 5-yr ARM @ 2. 5%

30-yr fixed jumbo @ 4.875%

5-yr jumbo ARM @ 2.75%

5-yr Interest Only @ 3%

*Assumes a 20% down payment  for conventional SFH purchases

and 3.5% for FHA transactions with a 740 credit score.

97% Conventional Single Family Home financing available.

No longer do you have to rely on FHA financing for low down payment buyers.  Avoid the strict FHA appraisal requirements, upfront FHA MI premiums and high monthly FHA PMI rates with this new conventional program.

95% Conventional (non-FHA) Condo financing available.
No need to search for already approved FHA condo projects or having to worry about obtaining new FHA project approval with this conventional program.  

530 FICO scores for FHA financing available.

That’s right, we can get your not so perfect credit clients approved with this FHA program.

Have your clients call today!

7/7/11 purchase rates with 0% points

30-yr fixed @ 4.75%

15-yr fixed @ 3.875%

5-yr ARM @ 3.25%

5-yr Interest Only @ 3.375%

FHA 30-yr fixed @ 4.375%

FHA 5-yr ARM @ 3.25%

30-yr fixed jumbo @ 5.125%

5-yr jumbo ARM @ 3.375%

5-yr Jumbo Interest Only @ 3.5%

Purchase rates with optional 1% point

30-yr fixed @ 4.5%

15-yr fixed @ 3.625%

5-yr ARM @ 2.875%

5-yr Interest Only @ 3%

FHA 30-yr fixed @ 4.25%

FHA 5-yr ARM @ 3.%

30-yr fixed jumbo @ 5%

5-yr jumbo ARM @ 3%

5-yr Interest Only @ 3.125%

*Assumes a 20% down payment  for conventional SFH purchases

and 3.5% for FHA transactions with a 740 credit score.

97% Conventional Single Family Home financing available.

No longer do you have to rely on FHA financing for low down payment buyers.  Avoid the strict FHA appraisal requirements, upfront FHA MI premiums and high monthly FHA PMI rates with this new conventional program.

95% Conventional (non-FHA) Condo financing available.
No need to search for already approved FHA condo projects or having to worry about obtaining new FHA project approval with this conventional program.  

530 FICO scores for FHA financing available.

That’s right, we can get your not so perfect credit clients approved with this FHA program.

99% Financing available for owner occupied purchases!

1% down (must be borrower’s own funds)

No mortgage insurance required

Max loan amount is $250k

SFH, townhomes, condo and 2-flats only

Condos with litigation or HOA delinquencies allowed

Min FICO score is 625

Max debt ratio is 40%

5-yr ARM’s only

Current rates are 4.8%

Have your clients call today!

Mike Jennings

Sr. Residential and Commercial Mortgage Advisor

Nominated Mortgage Company of the Year

Capital Financial Bancorp, Inc.

1003 N Damen

Chicago, IL 60622

773-235-0111 x 115 Office

312-493-6021 Direct

773-496-8572 Fax

NMLS# 215236

www.mikeshomeloans.com

HomePath Mortgages:

·        Minimum Down Payment is 3% but 5% is best.

·        Investor’s minimum down payment is 10% down.

·        2 Unit properties require 20% down regardless of occupancy.

·        3-4 units require 25% down regardless of occupancy.

·        An appraisal is not required.

·        Regardless of down payment mortgage insurance is not required.

·        Most closings can occur within 30 days.

·        The interest rate is usually .375% higher than market. 

·        The payment on a HomePath Mortgage will always be lower than an FHA payment.

·        Condos do not require HOA certificates.  Verification of owner occupancy ratios or percentage of delinquent HOA dues is not required.

·        Condotels are not allowed.

·        Condos in Arizona, California, Florida, Michigan and Nevada are not eligible.

·        Manufactured homes are not eligible.

·        Minimum credit score is 660 unless the down payment is 20% then the minimum score is 620.  No exceptions.

·        The minimum loan amount is $50,000.  The maximum loan amount is $417,000.

·        The seller can pay up to 6% of the sales price towards the borrowers closing costs.  Regardless of loan to value.

·        HomePath is a conventional loan product.

HomePath Renovation Mortgages:

·        Minimum Down Payment is 3% but the fees to do this will exceed 2% of the loan amount.  I require 5% down on all HPR loans.

·        The sales price on the contract should not include the cost of repairs.

·        A list of required repairs will not be provided.  The borrower must rely on their inspection.

·        Sweat equity is not allowed.  Borrowers must hire one credible General Contractor to bid the entire project. 

·        Multiple bids are not allowed.

·        The General Contractor must attend closing.

·        The repairs are completed after closing.

·        The minimum down payment for investors is 15%.

·        2 unit properties require 25% down regardless of occupancy.

·        3-4 unit properties require 30% down regardless of occupancy.

·        Condominiums, manufactured housing and co ops are not eligible.

·        Properties in New York, New Jersey, Delaware and North and South Dakota are not eligible.

·        Miami Dade County in Florida is not eligible.

·        Renovation funds can be used for cosmetic renovations. 

·        The bid must include all required repairs necessary to bring the house up to average condition.

·        Barns and pools cannot be added.

·        $35,000 is the maximum the borrower can escrow, but additional repair costs can be paid in cash.

·        Minimum loan amount is $50,000.  However the program doesn’t work if the loan amount is under $100,000.

 ***all information subject to error or ommission