Conforming, Jumbo and Super Jumbo. 

No these are not the size of the French fries you can get from McDonalds but the 3 main mortgage loan amount categories. 

Conforming is the level set forth by Fannie Mae and Freddie Mac and is currently at $417,000 for the Chicagoland area.   This value is determined by the direction of housing prices and should be a lot lower but the government has maintained this amount for the last few years.   This category will have the cheapest interest rates and the most flexibility when it comes to underwriting the loan. As an example, 5% down payment options are readily available. 

Jumbo is loosely defined as any amounts over $417,000 and since it is not backed by Fannie Mae and Freddie Mac this category will demand higher interest rates and more stringent underwriting criteria.  The interest rate premiums are currently a minimum of a .5% above the conforming loan amounts for a fixed rate loan and about a .25% for any adjustable rate loan types.   The down payment requirements increase to 10%-25% depending on many factors including purchase price and property type. 

Super Jumbo has many different definitions but this is typically loans above $850,000.  At this level the rates are yet even higher and the down payment requirements are even greater.  20%-30% down is a common down payment requirement on these size of loans.  It is worth noting at this level the process interest rates and requirements can vary greatly from lender to lender.  For example, some lenders will require two appraisals or cash reserves equal to 10%- 20% of the loan amount after closing. 

As you plan your financing it is important to discuss these levels with your lender to help make sure you are getting the best offer available. 

Tony Pigatti

Vice President Residential Lending

Archer Bank

Office #708-237-4049

Cell #630-254-8946

www.metrobankgroup.com

9s300 Woodcreek Downers Grove IL

Squeaky clean and in absolute move in condition. See for yourself: 9s300 Woodcreek in Downers Grove IL is just sensational.

Conveniently set in the Mallard Landing neighborhood, just south of Plainfield Road and west of Cass Avenue, this is the perfect location for the commuter who drives. The accessibility to the city of Chicago (via Interstate 55), Oak Brook (via Route 83) and Schaumburg (via Interstate 355) is simply unmatched.

Why live in a far out place like Naperville when you could cut an easy 30 minutes off your commute each way?

This fine home is surrounded completely by like kind residences. The street is low traffic and quiet.

Here’s a sneak peek of the interior…

Main Level

Foyer
Dramatic two-story entry
Traditional entry door with side lights and transom
Marble flooring
Designer light fixture (George Kovacs design)

Living Room 17 x 14
Two story ceiling
Neutral plush carpeting
Triple bank of floor-to-ceiling windows with transoms
Ceiling fan with remote

Dining Room 13 x 12
Neutral plush carpeting
Double bank of windows
Designer pendant lighting fixture

Kitchen 17 x 13
Marble flooring
White cabinets
Kromark solid surface counter tops (Corian type)
Center island with breakfast bar
Designer light fixture over island
Recessed can lighting
Appliance package includes:
GE cook top
GE double oven
GE Profile microwave
GE dishwasher
Whirlpool refrigerator with through the door water and ice
Eating area with designer light fixture
Sliding glass door access to paver patio in back yard

Family Room 17 x 13
Carpeting
Marble fireplace
Sliding glass door access to back yard
Recessed can lighting

Den 12 x 10
French door entry
Carpeting
Double bank of windows

Laundry / Mud Room 8 x 5
Marble flooring
Upper and lower cabinets
Laundry sink
Maytag washer and dryer
Storage closet
Direct garage access

Powder Room
Marble flooring
Tempered glass sink
Custom designed mirror
Recessed can lighting
Silent flush commode

Second Level

Master Bedroom 21 x 13
Neutral plush carpeting
Vaulted ceiling
Two walk-in closets, one reach-in closet
Three windows

Master Bathroom
Ceramic tile floor, tub and shower surround
White vanity with double sink
Granite counter top
White plumbing fixtures
Whirlpool tub
Stand-up shower
Separate commode area

Bedroom 2 12 x 12
Carpeting
Full-wall closet
Two windows

Bedroom 3 13 x 12
Carpeting
Two windows

Bedroom 4 12 x 10
Carpeting
Reach-in closet
Two windows with transoms

Full Bathroom
Ceramic tile floor and tub surround
Granite counter top
White plumbing fixtures
Silent flush commode

Basement

Recreation Room 35 x 18
Multi-level loop carpeting
Wet bat with granite counter top, wine refrigerator and beverage refrigerator
Recessed can lighting
Pool table
Off-white love seat
Sony 52” TV, receiver, cassette/DVD/CD changer, VHS VCR and Direct TV, surround sound system
Built-in shelving

Exercise Room 29 x 10
Laminate flooring
Recessed can lighting
Wall-to-wall mirror

Full Bathroom
Ceramic tile floor and shower surround
Kohler plumbing fixtures
Pedestal sink
Steam shower with body sprays
Reach-in linen closet

Storage/Mechanical Room
Central air conditioning
Two sump pumps
Two 40-gallon water heaters
Blown-in cellulose insulation

Miscellaneous Features

Exterior Features
Brick and cedar siding exterior
Stamped concrete driveway and walkway
Paver patio
Play set
Wrought iron fencing
Professional landscaping

Garage Features
Two-car garage with a lot of storage (both sides of garage have cabinets)
½ h.p. garage door opening
Epoxy coated garage floor

Schools
Elizabeth Ide Grade School – District 66
Lakeview Junior High School – District 66
Downers Grove South High School – District 99
Village Link

9s300 Woodcreek in Downers Grove can be rented for $2,450 per month or purchased for $599,800, the choice is yours!

Contact the exclusive marketing agent, Bryan Bomba of Coldwell Banker, to arrange a private showing.

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5744 Garfield Hinsdale IL 60521

Plenty of options here:

• Rent it for $6,500 per month
• Buy it for $1,699,700
• Or rent it until you are ready to buy

5744 Garfield in Hinsdale, Il 60521 is an excellent value. Per the assessor, there is 5,390 square feet above ground, plus an amazingly well-finished lower level with an additional 2,000+ square feet. Three car garage. 64 x 296 lot. Five bedrooms. Six bathrooms.

See the virtual tour of 5744 S. Garfield Hinsdale IL 60521. The next step is to contact Bryan@BryanBomba.com to set an appointment for your private showing. I look forward to hearing from you.

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Is paying your credit card bills on time each month enough to maintain a high credit score?

Unfortunately no, there are two other lesser known factors that play a significant role in determining your scores.

The first is the relationship between what you owe and your total available credit.  It is generally believed that exceeded 30% of your total available credit starts to impact your scores negatively.  For example, if your total available credit on all of your open cards is $10,000 try to limit your purchases or balances to $3000 or less.  The higher this percentage is the more it will lower your score even if you are paying the bill each month.

Second, is the frequency in which you use your card.  Clearly, limiting your use of credit cards is the responsible thing to do but not using them enough will also negatively impact your scores.  Each creditor reports a date last active to the credit bureaus.  This is the date the card was last used.  The longer you go without making charges on the card the less valuable this credit reference becomes.  I suggest using each of your cards at least once per quarter to avoid having what appears to be a positive thing turn into a negative.

Authored by Tony Pigatti, Archer Bank.

TPigatti@archerbank.com

When it comes to maintenance-free lifestyles, it does not get any better than Forest Gate of  Oak Brook. It is a gated, 55 and over community, comprised of luxury, detached homes devoid of the hassle of exterior maintenance. Forest Gate is located in the heart of the village, immediately next door to the beautiful recreation complex and west of the forested headquarters of McDonald’s Corporation.

And when it comes to Forest Gate, the home at 63 Forest Gate exemplifies perfection. Idyllically located in the interior of the neighborhood, on a site that offers so much privacy the neighbor to the rear is a scenic pond!

The interior is sheer traditional excellence. You will swear that you are walking through a new home that has NEVER been lived in. The decor is so flawless it is suitable for the cover of Architectural Digest. See for yourself….View the virtual tour of 63 Forest Gate in Oak Brook IL….and then contact me (Bryan@BryanBomba.com) to arrange your private personal tour. You will not be disappointed. And you will most assuredly be impressed.

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Before I market a house for sale, my team and I go through the home and comprise a list that we call “How Marketable Do You Want To Make Your Home?” This exercise is designed to reveal objections that prospective home buyers would have to the home before we go on market. The home owner then has the opportunity to address these objections and presumably reduce objectins from real buyers.

While preparing homes for sale and showing homes to buyers, I have seen more than my fair share of closets. While I see over 100 homes every month, most have closets that could use some loving. While most people are aware of the staging process, where homes are made over to appeal to a greater number of buyers, closets tend not to be included in this category.

That is why I was interested to learn more about a new business in Hinsdale Illinois. What-2-Wear.biz is owned by Sally Guglielmo and Tiffany Cummins. Their two primary focuses are closet makeovers and personal style shopping. When you check out their website, you will see that there is much greater depth to the concept. For example, while my wife call me “cheap”, I like to think of myself as “value-oriented”. That’s why I thought that the “deals and steals” section ALONE was worth bookmarking this site.

Go look at your own closet, check out What-2-Wear.biz or call them at 617-320-4843.

Grand Avenue Preschool & Day Care

4211 Grand Ave
Western Springs, IL 60558-1435
(708) 246-2270

www.grandavenuepreschool.com

Montessori School-Western Springs
1500 Walker St
Western Springs, IL 60558-1374

(708) 246-9696‎

Montessori School of Western Springs – Programs available are preschool, extended day and full day, half and full day Kindergarten. Program is located in the Recreation Center. For more information, call 708/246-9696.

Sunflower Montessori

5129 Wolf Rd
Western Springs, IL 60558-1817
(708) 246-3757

Kensington School of Western Springs

1500 Walker St, Western Springs, IL

(708) 246-3491 ‎

First Congregational Church of Western Springs

1106 Chestnut

Western Springs, IL  60558

708-246-4908

www.wscongo.org

St. John of the Cross Parish School

708 51^st St

Western Springs, IL  60558

708-246-4454

http://www.sjcpsinfo.org/Welcome.htm

LaGrange has done it again.

Of the towns considered to be the best western suburbs of Chicago-Hinsdale, Western Springs, LaGrange, Clarendon Hills, Burr Ridge, Oak Brook, Downers Grove and Elmhurst-LaGrange has the coolest, most vibrant downtown. As a result, it singularly attracts the coolest restaurants. Most recently, like as of 12/21/2009, Prasino’s Restaurant has opened it’s doors.

The concept is unique. Prasino’s is very green. Lots of organic. Lots of sustainable everything. A clear lack of processed and chemical-free whatever. Even the tables, chairs and flooring were reclaimed from Sportsman Park.

The menu, which is viewable via the Prasino’s Restaurant link posted above, is categorized as American. Hmmm. I don’t agree with the American categorization, but it is somewhat “eclectic American”.

I had organic pork tenderloin with peach chutney and sautéed spinach. While the dish as an “8″, my daughter’s dish got a “10″. It was a butternut squash with a twist. Even the flatbread pizza (perfect for a pre-teen) was delicious and fairly priced at $9 (definitely enough for two meals).

There is a full coffee and juice bar as well. While I did not try the coffee (wanted to have an excuse for coming back a second time), the Prasino’s blend smoothie was very good. It had a unique green color which was the result of the avocado, pear and agave ingredients.

The restaurant’s sanitation appeared to be excellent as well. Before I sit down in any restaurant, i visit the rest room. If the areas seen by the public are not clean, my presumption is that the hidden areas are worse. In this case, the place was spotless. And I am always a fan of the high speed “air blade” style dryers. It’s the little things that keep me going.

Okay, you have heard the pros and cons of buying now versus waiting. You have been consulted by the experts at your company water cooler and your family’s Thanksgiving table. Here are the facts:

1. INVENTORY is high.

2. INTEREST RATES are low

3. INCENTIVES are high. Government tax credits had resulted in a significant increase in buyer activity in late 2009. The extension of same will push buyers off the fence as they been to buy before April 30, 2010. This level of buyer will cause a domino effect of move-up buyers.

4. PRICES are low.

The combination of these four major factors results in an environment that is absolutely ideal for real estate buyers.

Remember, real estate has led us out of the last two significant economic downturns (the S& crisis and post 9/11/01).

When you are ready to discuss prudent buying strategies, contact me at Bryan@BryanBomba.com

Bank forces sale of new construction town houses in unincorporated Burr Ridge. This is an unheard of opportunity for a buyer to acquire a brand new town house that has never been lived in. The prices range from $249,900 to $299,900! You cannot buy anything even remotely close to this for this price in a 5 mile radius.

The units are mostly brick construction. All have full basements. All have two car garages. There are two bedroom, two bedroom plus loft and three bedroom models.

I am marketing the last nine right now.

If you have an interest, contact me immediately as these units are priced to sell quickly. I already have offers in on some of the town units.

Please feel free to contact me directly at Bryan@BryanBomba.com.