Chicago Luxury Condos For Sale
Chicago Luxury Condos For Sale
Buying your first home or condo is one of the major milestones in life. Right now, according to data gathered by the National Association of Realtors, first-time home buyers made 50% of all purchases in the first three months of 2009. And those numbers are due to several factors in the housing market coming together at once.
Foreclosures and short sales are flooding the market and bringing prices down on many condos and houses. Developers are cutting prices and in some cases turning to auctions to move units that have sat unsold for too long. And the $8,000 tax credit plus attractive FHA financing can make it financially possible for some buyers to make a purchase when they wouldn't be able to otherwise. Click here to find more information about Chicago Luxury Condos For Sale.
A first-time home buyer, or someone who hasn't bought a home in the past three years meets the first qualification for the $8,000 Homebuyer Tax Credit. The three year stipulation also affects your husband or wife if you are married, so keep that in mind.
The next criteria is that you must have purchased your home on or after January 1, 2009 and no later than December 1, 2009. You can buy a condo or house that is still under construction, but you have to be able to move in before December 1st as well.
You also must use this as your primary residence for three years, so buying to rent it out or as an investment to sell won't qualify. And if for some reason you do sell before the three years are up, you'll have to pay back the tax credit.
The amount of credit you'll receive depends upon the purchase price of your home. You'll get the lower of two numbers; either 10% of the purchase price or the full $8,000.
Income is another deciding factor. For couples, the combined income limit is $150,000. For a single buyer it's $75,000. Buyers with incomes over those amounts get a reduced tax credit and once you hit $95,000 (single) and $170,000 (married) you are no longer eligible for the credit.
FHA approval of many real estate developments has also opened doors for first-time buyers. As developers face increasing competition from other developers plus foreclosures, short sales, auctions and investors, more high-rise condos are applying for FHA approval. Certain conditions must be met, such as at least 51% of the units being owner-occupied.
FHA approval of a building makes it possible for first-time buyers to purchase a condo for as low as 3.5% down. Typically a mortgage company or bank will require that a buyer have anywhere from 10% to 20% in savings for a down payment. But with FHA, the 3.5% doesn't have to come from your own pocket.
This money can be a gift, whether it be from your parents, a family member or friend, or even a church. State grants can also be used. The only condition is that whomever gives you the money states in writing that it is indeed a gift and not to be paid back.
Besides the low down payment, FHA insured loans are eligible for a low fixed interest rate on 15 or 30 year mortgages. The extreme end of the scale can be 3.75% to 4% and some are as high as 5.75%. In the application process, the lender will calculate your debt to income ratio.
It can't be more than 29%, meaning that your monthly FHA loan payment can't be more than 29% of your monthly paychecks. Also, with most non-FHA mortgages you have to provide previous credit references that can usually only be traditional sources. But with FHA loans, good credit history with utility payments or other similar sources is accepted if you haven't built up any loan history.
If you're a first-time home buyer and are interested in a certain condo, check with developers to see if they have applied for FHA approval and it's pending even if it isn't advertised yet. The process can take some time, so you may want to get on a waiting list if only a limited number of units in the building will be available.
A few of the Chicago condo developments that are currently FHA approved are 1400 Museum Park, 1600 Museum Park, 1720 South Michigan, Emerald, 235 West Van Buren, 740 Fulton, Catalpa Square, Eco18, The Lofts at 1800, Silver Tower, Trio, VB1224 and The Mondial.
So with low interest, low down payment FHA loans, the $8,000 tax credit and an overstocked housing market, you could say that this is one of the best times in a long time to be a first-time buyer. Click here to find more information about Chicago Condos For Sale.
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