Recently there have been a lot of changes in the mortgage industry – changes that affect you as a Chicago home buyer and seller. Nationally Certified Mortgage Specialist and Top Producer Teresa Giannini at Great Lakes Home Mortgage, has agreed to share insights gained from her 23 years loan experience with our Chicago readers over the next couple of Fridays. This week’s blog post focuses on advice for Chicago home buyers.
“NOW is the time to buy. Prices haven’t been this low in so many years and rates are historically low,” said Giannini. She went on to explain that there are many programs available for first time buyers, low down payment buyers, veterans, military personnel, repeat buyers, and high end buyers. “Regardless of what people hear, there are many programs out there to fit the needs of most buyers,” she explained. “You can buy FHA with as little as 3.5% down with a minimum credit score of 620 or conventional with 5% down with a 720 score. These rates include condos.” Giannini also shared that Veterans can purchase a home with no money down and that buyers in luxury markets can buy with 20% down and on 30 year and 15 year fixed rates available to them or 3,5 and 7 year adjustable rate mortgages.
One more item that Giannini mentioned is the FHA 203k rehab loan. This is designed for buyers looking at distressed properties that can be rehabbed with funds from this program. “With so many neglected properties on the market due to short sales and foreclosures,” Giannini said, “This program fits the need.”
Having known and worked with Grace Sergio for many years, Teresa Giannini, had one more piece of advice to share. “My recommendation to Grace’s readers is to call Sergio & Banks Real Estate and have one of their highly skilled and knowledgeable agents help you find the home of your dreams. They will hold your hand through the entire process and leave you feeling comfortable and confident that you have made the right investment.” Giannini continued, “They will make sure that every aspect of your transaction will be handled by only the best in their field from attorneys, to insurance agents, to home inspectors, to your mortgage lender. I know that I will be here for you guiding you through the process of obtaining a loan and making sure that you are very pleased with the whole experience, as well.”
Teresa Giannini is a licensed Certified Mortgage Specialist trained for FHA, VA and conventional financing including 203k loans. Her Great Lakes Home Mortgage office is located at 1030 W. Higgins Rd. Suite 210 Park Ridge, in Park Ridge. If you would like more information, please call Giannini at 847.292.0989 ext 102 or email [email protected].