GOOD NEWS! Fannie Mae Announces Significant Changes to Help People With Student Debt

Learn about the significant changes made by Fannie Mae to help people burdened with student debt qualify for home loans.  Many first-time home buyers will be affected by these changes.  

If you have been turned down for a home loan in the past because your debt-to-income ratio was too high, Fannie Mae just announced it has raised the DTI ratio from 45% to 50%.  If you can document that someone else is making your student loan payments, say your parents or your employer, Fannie Mae will no longer count it toward your DTI.

HOME BUYER FAQ: How much money will I have to come up with to buy a home?

home buyer faq graphic

HOME BUYER FAQ:  How much money will I have to come up with to buy a home?

Answer:  It depends on several of factors, such as the price of the home, the type of mortgage you get, and what seller concessions are negotiated in your purchase agreement. In general, you will need to have enough money to cover the cost of (1) earnest money, (2) down payment, and (3) closing costs (the seller can pay all or most of your closing costs, depending on the loan).

The Hard Costs of Waiting To Buy A Home

young buyer contemplating whether to buy now or wait

Sometimes the perfect deal just isn’t out there, or perhaps you're not completely convinced or motivated and feel that waiting may be a better idea.  Maybe you want to see if interest rates go down a little more, which seems unlikely in the near term since they have just started inching up. 

There are some significant financial factors based on timing that are working against you as you wait.  

Moving From Renting To Owning - What You Need To Know

Home buyers walking arm in arm in park

Purchasing your first home is a major life — and financial — milestone. After weeks or months of going through the search process and tempering your expectations to market realities, you get to sign on the dotted line and, at long last, join the ranks of homeowners.

But before you do, it’s important to keep in mind all of the changes that come along with homeownership. Owning a home involves a lot more than sending your monthly payment to a different address. There are a few more considerations to make before taking the plunge.

The Many Ways Homeownership Affects Your Taxes

home ownership and taxes, what you need to know

Whether your home is a house, condominium, cooperative apartment, mobile home, houseboat, or house trailer that contains sleeping space and toilet and cooking facilities, there are things you should know about home ownership and how it affects your taxes.

Things like how you treat items such as settlement and closing costs, real estate taxes, sales taxes, home mortgage interest, and repairs. There are items related to buying, selling, moving, and owning a home that you can and cannot deduct on your tax return.  

Why You Shouldn't Wait Until Spring to Buy or Sell

man making a chess move

If you're thinking of selling or buying real estate in the Chicagoland area, you have probably heard about the very low inventory of available properties to buy.  At the moment inventory levels have plunged to new multi-year lows in many areas.  There is very little competition for sellers, and there are lots of buyers just waiting for homes to come on the market.

In most Chicago communities inventories are down from 10-30% from this time last year . . . and inventories were low last year at this time.