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Mortgage and Lending - The Federal Savings Bank
The mortgage industry is changing almost daily. My blog is dedictated to updating readers so you and/or your clients can make educated choices and find the best loan options currently available.
 What is a Tax Credit? A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, th...
The three Cs of underwriting are credit reputation, capacity, and collateral.  Credit reputation is basically your credit history, including past foreclosures, bankruptcies, judgments, and basically measures your willingness to pay your debts. These items will be reflected in your FICO credit sco...
You are replacing your old loan with an entirely new one with different interest rate and terms.  Your new mortgage may come from the same lender or another. Since the  new loan pays off your old mortgage it doesnt much matter whether you change lenders in a refinance. Most borrowers choose to re...
Chapter 13 Bankruptcy & Mortgage Foreclosure Mortgage companies continue to foreclose on American homes at an alarming rate. The real estate market boomed in the late 1990's and early 2000's. Property values soared and homeowners cashed in on their new found home equity. However, interest rates h...
Q. Are there any no-down payment programs left?Yes. While it's true that most of the popular no-down payment programs disappeared in the wake of the subprime mortgage collapse, there are still two longstanding government-backed programs that offer mortgages with no down payment: the USDA Rural De...
The FHA appeard to be allowing homebuyers to use income tax credits for their entire 3.5% down payment but concerns this too closely resembled seller paid down payment assistance cause them to re-define this program.  Borrowers applying for an FHA loan will still be required to come up with a min...
Heidi is a bar owner.  She realizes that virtually all of her customers are unemployed alcoholics and can no longer afford to patronize her bar.  To solve this problem, she comes up with new marketing plan that allows her customers to drink now & pay later. She keeps track of the drinks consumed ...
Is it  "possible" one offer had anything to do with the other?  
The Treasury today announced details of the "Second Lien Program," which will work in tandem with the existing Home Affordable Modification Program to ensure more borrowers receive the assistance they need. "Up to 50 percent of at-risk mortgages have second liens, and many properties in foreclosu...
Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers in its efforts to stimulate the economy and revive the housing market,Time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 20...

Greg Zaccagni

Illinois Mortgage Lender
smartphone(630) 853-8555
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