....if you don't get moving now! Must be under contract by April 30th and closed by July 1. While there are a lot of properties on the market, there may not be that many that meet your requirements - and activity is beginning to pick up, particularly for deeply discounted foreclosures and short sales. In today's market, it may take longer to finalize a transaction due to issues with finding the right type of financing. And unexpected issues may come up in the home inspection that cause you to back out of the contract and start over again. If you are looking to buy a condo with FHA financing, it will be extremely difficult to make that happen in time, unless the condo project is already approved by the FHA. You can get a list of approved condos by zip code at https://entp.hud.gov/idapp/html/condo1.cfm. If you have chosen FHA financing because of the low down payment requirements, there are some other non-FHA low down payment loan programs available for first time buyers. Call me for details. If you wish to purchase a foreclosed property and if it needs any work and is currently "uninhabitable", you will need to be pre-approved for a rehab loan. FHA has a rehab loan program called 203(k), but not all FHA lenders participate in that program. As you zero in on the type of property you plan to purchase, you may need to shop around for the right financing for the type of property you are purchasing. This will, of course, add time to the buying process. In your search for financing, don't sweat the interest rate - from an historic perspective, rates in general are at extremely low levels. Finding the right financing to enable you to purchase the property you want may be of greater value than shaving a bit off the interest rate. Which leads me to my last point...forget about the Home Buyer Tax Credit. Or at least don't let this be the principal driver of your search for a home. At this point, look at it as a nice benefit if you happen to qualify, but don't buy something just to get this credit. For example, there are some great values in short sales where the property is still being lived in and maintained, but the seller needs to sell at a deeply discounted price, less than the amount of the seller's mortgage. In these cases, the seller's lender has to approve the sale and this can be an extended process, taking weeks and in some cases, months to get a response. But this may be a great deal, even without the tax credit. We are at an amazing place in the history of real estate - the severe recession has driven prices down significantly and interest rates are at historic lows. This may be a once in a lifetime opportunity for buyers of real estate, regardless of getting a federal income tax credit. Please don't hesitate to contact me if you have any questions. And please consider attending the free home buyer seminar I conduct monthly at Chase Bank in Bronzeville - details are on my website www.BronzevilleProperties.com. For information on the tax credit, consult with a tax professional or go to the IRS website.

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 Call me today   

Pam Dempsey
Broker/Owner
Bronzeville Properties LLC
3930 S. King Drive
Chicago, IL  60653

 312-560-8498 cell
773-548-3300 office
773-305-0977 fax
pamdempsey@msn.com