Bloomington IL home for sale. Great three bedroom two bath ranch with walkout lower level. Master suite with garden tub and dual sinks and walk-in closet. All kitchen appliances remain. Lower level framed ready for finishing. http://service.yourmlssearch.com/full.search?id=stevestevens&photo=ON&properties=ON

 

Learn how to avoid Foreclosure and KEEP your home!

The housing boom led to a record homeownership rate of nearly 70%, but some homeowners now face problems making their mortgage payments and can’t refinance their loans. Over the last few years, lender invented new types of mortgages to help individuals buy their first homes and refinance their current mortgages. Many of these mortgages helped individuals without cash for a downpayment, or with less-than-perfect credit, qualify for loans known as “subprime” loans.

Subprime loans have a higher interest rate and higher costs, such as prepayment penalties. A very popular and widely available mortgage product is the hybrid adjustable rate mortgage (ARM). Hybrid ARM’s have an initial period with a lower interest rate (“teaser rate”) followed by significant increases over the remainder of the loan. The hefty payment increases is often called “payment shock”, because the borrower is surprised by the size of the increase and can’t afford the new payment.

If you are having trouble paying your mortgage for any reason, or expect problems, you should work with experts and your lender to find a solution now. If you fall behind and you don’t take action, the lender will foreclose on your home. If this happens, you may lose your home and all the money you have already invested in it. The sooner you act, the better the chances you will avoid foreclosure.

The Center for Responsible Lending estimates that 2.2 million American households with sub-prime mortgages have lost or will lose their homes as monthly payments rise on high-risk mortgages. These families stand to lose as much as $164 billion of equity in their homes.

I feel us (Government, Bankers, Real Estate Agents, and home owners) all share the blame in this avoidable problem. This why I will send you a free brochure that will help you understand your options and give you tips on how to avoid losing your home-regardless of what kind of mortgage you have.

This brochure has been approved by the Center for Responsible Lending, NeighborWorks®, and the National Association of REALTORS®, and The U.S. Department of Housing and Urban Development (HUD)

If you’re in trouble, call 888-995-HOPE

Buying a house and turning it into your dream home and getting a loan to fulfill this desire. Sounds ridiculous doesn’t it? Well it’s not as crazy as it sounds? I have a relationship with a Mortgage broker who has a renovation financing plan that provides the opportunity to buyers to purchase properties in need of improvements. With this option, qualified buyers can chose a fixed or adjustable rate loan that’s based on the improved value of the property. The loan covers all the costs of minor and major repairs as well as the purchase price. In a nut shell, buyers can buy a property in not the best of shape and transform it into the house of their dreams. Applicants must meet standard credit qualification guidelines applicable to the loan program.

So you wish to buy a home and you have no or very little money saved for down payment? Also you have read so much about all the foreclosures of homes across the country. Which was fueled by either, a no documented loan (a loan where no consideration of the buyers finances is taken in account) or a piggy back loan, (a loan where there are actually two loans such as 80% and 20%, the 20% amount was an adjustable loan rate). When it adjusted at a much higher rate, the buyers couldn’t afford the payment, so payments weren’t made and they went into foreclosure and lost the homes.

As a trusted real estate agent I have found a safe way for you to still purchase a home with no money down and no Private Mortgage Insurance payment. It’s by using a Rural Development Loan. Currently I have listed a home for sale in LeRoy, Illinois. It’s a 3 bedroom, 1 bath ranch on a large lot and the asking price is $103,900. If the purchase price is for full price, the monthly payment would be approximately $785.56 per month. This would cover the principal, interest, taxes, and insurance. The interest on the loan would be 6% and the APR is 6.175%. The loan is for 30 years and the interest rate is fixed. Certain restrictions do apply.