First-Time Homebuyers Seminar, Tuesday, September 22nd

Now is a great time to buy a home.  Home prices are more affordable and interest rates are low.

Participants in this seminar will learn how they can benefit from low prices and historically low rates.  They will also learn how to take advantage of IHDA’s Mortgage Credit Certificate, the federal $8,000 tax credit, Cook County’s American Dream Down Payment Initiative, plus much more.

In addition to the Homeownership Center’s staff, housing and lending professionals will be on hand to answer questions.

The First Time Homebuyer Seminar is sponsored by the Homeownership Center and supported by the Village of Oak Park, Cook County, and IHDA.

For further information, please contact Marz Timms at (708) 848-7150, ext. 116.

Again this is a free event and open to anyone looking to buy a home in Illinois.

Time: 7pm to 9pm

Location: Oak Park Village Hall, 123 W. Madison St. Oak Park, Il. 60302.

Fannie Mae Ends Declining Markets Policy

In March, the Oak Park Regional Housing Center led an advocacy campaign to end Fannie Mae’s declining markets policy. The Housing Center was assisted by fair housing consultant Stella Adams and staff from the Lawyers’ Committee for Civil Rights Under Law, the NAACP, and the Woodstock Institute.

The Housing Center negotiated on the behalf of over 80 organizations and government commissions across the nation. Our fundamental opposition to the policy was rooted in its use of ZIP codes as a basis for determining the amount of down payment required of a borrower. We understood this policy to be akin to redlining and negotiated with Fannie Mae, the nation’s largest underwriter of mortgages, to remove the geographic determinants of the policy.

Largely due to conversations the Housing Center and Ms. Adams held with Fannie Mae, the policy will end on June 1. Fannie will institute a national policy in its place that does not include geography as a determinant. In addition, the nation’s second largest underwriter of loans, Freddie Mac, will follow suit and abandon its declining markets policy as well.

This victory provides an example of the Housing Center’s leadership in the fair housing community. Because of our strong commitment to fair housing principles and our solid community base, we were able to take a lead role in ensuring that national underwriting policy provided the fairest terms possible. Moreover, this change will benefit the communities we serve by ensuring that Fannie Mae’s lending policies do not create disincentives for borrowers looking to call Oak Park, Berwyn, and other western suburbs home.

Can You Save Money on Your Mortgage?

Did you miss this event?  No problem, call the Housing Center today to meet with us one on one.  Call 708-848-7150.

The Federal Reserve has cut rates dramatically over the last year.  See if you can benefit from lower rates by bringing your mortgage documents to our Loan Document Review Open House.

When:  Saturday, May 17, 2008 from 11am to 3pm.

Where: Oak Park Public Library – Main Branch, 834 Lake Street, 2nd Floor

Who:  This event is open to anyone in the Chicago region is welcome. 

Housing Center staff and 6 banks will be there to help you discover if you could get a better mortgage.

Refinance out of an adjustable rate loan into a fixed rate loan.

Get help with late payments or modifications.

Learn about programs for low and moderate-income families.