Illinois REALTOR® Magazine | October 2013
Homebuyers who lost their homes to foreclosure, short sale or deed-in-lieu of foreclosure but are now looking to buy again will have a much shorter waiting period—12 months rather than the previous 36 months—to be eligible for a mortgage insured by the Federal Housing Administration (FHA). Under FHA’s Back to Work-Extenuating Circumstances Program, potential buyers who lost their homes because of financial difficulty due to extenuating circumstances but can now document that they have recovered from that downturn, could be considered for homeownership much faster than before.
The U.S. household has changed over the years but the recession has had its own impact on households with children, according to a U.S. Census report, “America’s Families and Living Arrangements: 2102.” Between 2005 and 2011, there has been a 33 percent increase in children under 18 living with at least one unemployed parent. At the same time there has been a 15 percent decline in the number of households with children who own their home.
First-time homebuyers now account for 29 percent of residential buyers, a marked decrease from the 40 percent rate common in recent years. Of recent first-time buyers, 10 percent paid cash for the property.
Source: REALTORS® Confidence Index Survey, July 2013
Save on Verizon Wireless Accessories
Beginning Jan. 1, 2014, it will be illegal for Illinois motorists to use hand-held cell phones and PDA devices while driving. IAR has partnered with Verizon to offer IAR members a 25 percent discount on select Verizon wireless accessories, including Bluetooth items.
Claim your discount.
Password is IARBENEFIT1