Mortgage Specialists of Illinois, Inc. 1910 S. Highland Ave. Suite 260, Lombard, IL. 60148 Local: 630-627-9580 Toll-free: 888-879-9800

What's New? 95% Financing available for First-time Homebuyers! First time homebuyers are still eligible to obtain 95% loan-to-value financing on single family residences & PUDS. Condominiums are not allowed under this program. Call for more details! 203K/ Rehab Loans now available! With so many homes on the market in need of repairs - or if you just want to rennovate a home you're buying or purchasing, this is the program for you.. Make the home your own - new siding, windows, appliances, roof, changing the floor plan, energy-efficient improvmenets, etc. can now be financed using an AFTER_IMPROVED value! Call Walter today to find out more - 630-627-9580. New refinance program available - "Refi Plus" If you are a homeowner who has not refinanced because of a low credit score or low appraisal this new program may be for you. A minimum credit score of 620(middle of three) credit score is required and a loan-to-value of not more than 105% will be available(current guidelines use a maximum loan-tovalue of 95%). Best of all, this program has the same low rates as the regular conventional rates! Call us for a rate quote today at 630-627-9580. BEWARE OF LOAN MODIFICATION SCAMS! Beware of anyone that calls you to help with your loan modification that asks for money up-front. Your lender will NOT require any money up-front in most cases. For more information please got to: http://www.makinghomesaffordable.gov/ First Time HomeBuyer Tax Credit If you purchase a home between January 1, 2009 and December 1, 2009 you may receive a tax credit up to $8,000. The credit is equal to 10% of the purchase price with the maximum credit being $8,000. Homebuyers can claim the credit on their Federal Tax return to reduce their tax liability. If the credit is more than your tax liability you will get a refund check for the balance. ONLY first-time homebuyers can take advantage of this. First-time homebuyers are defined as an individual who has not owned a home in the past three years. If you are married, both borrowers must meet this test to take the credit on a joint return. Eligible properties include anything that will be used as a principal single-family residence - including condos and townhomes. There are also income guidelines - Individuals with an Adjusted Gross Income of up to$75,000(or $150,000 filing jointly) are eligible for the full tax credit. It is phased down from there and is not available for those making over $95,000(or $170,000 if filing jointly). The tax credit does not have to be repaid if you stay in the home for at least 3 years. If the home is sold before that then the entire amount of the tax credit is recaptured on the sale. Please consult your tax advisor. Fed cuts rates .75% The Federal Reserve has cut the Federal Funds rate on Tuesday, December 16th to .25%. Banks immediately reduced their Prime Rate to 3.25%. Increase in Reverse Mortgage Loan Limits Loan limits have been increased to $625,000 nationwide on Reverse Mortgages. Are you a homeowner over the age of 62? You can use the equity in your home to improve the quality of your life dramatically. If you qualify you will no longer have a mortgage payment and you may even get a monthly check to supplement your income. The title remains in your name and your heirs can still inherit the house when the time comes. Why struggle with rising gas, food and heating costs when you can use your hard-earned equity to live a more comfortable lifestyle? We can give you a FREE analysis in about 10 minutes over the telephone! We also have a FREE CD to send you if you are interested in learning more about this unique product. Fannie Mae keeps $417,000 as Conventional Loan Limit! Fannie Mae has elected to keep in place the loan limit of $417,000 for single family residences it has just been announced. This applies to all conventional single family loans. For 2 unit properties the limit is $533,850, for 3 units it is $645,300 and for 4 units it is $801,950! Any loan limit over these is considered a "Jumbo" loan, subject to higher pricing (of course, there are ways around that also - just call us to find out how!). APPROVALS IN LESS THAN 1 HOUR! Don't lose sleep wondering whether your loan is going to get approved! As part of our commitment to bring our customers the very best in customer service, we can now give approvals in less than 1 hour. This is a full underwriting approval, underwritten by a lender we deal with, not a "best guess" as with many brokers. Conventional, FHA and Jumbo loans are all available for this program. I WANT TO BUY A HOUSE, WHERE DO I START? Any realtor or experienced home buyer will tell you that the first thing you need to do is get approved for your mortgage first. This will give you more negotiating power with the sellers. In fact, many sellers will not even negotiate with a potential buyer until their mortgage is approved. We can get you approved easily and quickly with NO APPLICATION FEES! Simply give us a call or hit the "apply now" button to the left and we will have you pre-approved today. From there we just need to overnight the loan package to you or make an appointment with you (we make morning, day and evening appointments for customers in the "6 County" area of Chicago). Either way, your loan will be approved in a matter of days and you can go house-hunting with a CERTIFIED APPROVAL LETTER.   Equal Housing Lender Mortgage Specialists of Illinois, Inc. is an Illinois Residential Mortgage Licensee, license number 4590. We are licensed through the State of Illinois Office of Banks and Real Estate. Their telephone number is 312-793-1409.