Get Down Payment Assistance to Buy Your New Home

Even in this economic climate, down payment assistance remains available. With the mortgage interest rate continuing to be historically low and the prices of homes 30% to 40% lower than just a few years ago, its time to buy your new home.

Almost every state has a home finance agency that offers down payment assistance. Its up to you to explore what the criteria are for becoming eligible and to meet the requirements.

If you live outside of Illinois go to the State Mortgage Finance Agencies to find out what's available in your state. If you live in Illinois, go to the Illinois Housing Authority for assistance 

In addition, here are some more sites that offer a variety of housing assistance in Illinois, New Smart Move, METEC Partners , North Shore Trust, and the Greater Chicago Housing and Community Development Organization.

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What You Need to Know About Appraisals

An appraisal is a report that helps to determine the market value of a property. Appraisals compare similar homes in the area to substantiate the value of the property. The term "comps" is often used in reference to this report. As required by the lender, the appraiser's report can be prepared by either a simple drive by the property to a full blown inspection with photographs of the real estate with color pictures.

Since 2009, the appraisal game has changed. Whereas before then the appraiser was often a local individual, now it may often be a non-local individual. This individual may be unfamiliar with what's going on in the neighborhood and the neighborhood's norms. Also, lenders are requiring more market information, including more facts about the structure, more photographs to document the findings, and more demands for "comps" to help establish the baseline for the home's value.

So, be present when the appraiser is doing his work. Ask about the appraiser's familiarity with the neighborhood and recent local sales to make sure that the house gets apples-to-apples comparison. Strive to be in agreement on what exactly constitutes, "the neighborhood". Furthermore. it doesn't hurt to have the real estate agent there also.

I will be going into more of this in a future post.

What has your experience with the appraisal process?  Let me know.

   

Guidelines for Developing a Budget for a Non-Profit Organization

Budgeting needs to be placed second in a two-part approach with planning. When budgeting is teamed with planning, the figures cease to be just hazy projections snatched out of the sky, but logical predictable numbers that flow easily out of the overall plan. Budgeting without planning gives you little more than a record of income and expenses. Planning puts you in control of that record, and provides both the means and the impetus to use those numbers to insure the organization's success.

Planning starts with ideas. It is knowing where you would like your organization to be in the next year, the next two years, or the next five years and in mapping out the most direct route to get there. Perhaps you would like to double your membership. Or, perhaps you want an office and office equipment. At this point it is not as important what the substance of the objectives are, but rather that you know what they are. Once you know where you are and where you want to go, budgeting becomes the dollars and cents needed to be acquired and expended during a particular time in order for the end to be reached.

Once there is agreement as to what the objectives will be, the next step is to determine what particular programs are necessary in order for these objectives to be met. In other words, for each objective there will be several tasks which must be completed by specific areas of the organization. In addition, there will be income sources which must be identified and funds that must be allotted.

Objectives then make up the activity schedule from which the monetary side of the plan can be developed. The budget then begins to evolve.

It is extremely important to generate objectives from each area of the organization, and it should be the responsibility of each area to determine what part it plays in the overall mission. Moreover, it should not be overlooked in planning objectives that the governing board itself will have objectives regarding new projects and administrative changes.

Once the objectives are agreed upon, they should be turned over to the particular area of the organization to which they apply These areas, in turn, will determine what specific tasks must be accomplished to make the objectives realities. Some of the tasks will carry monetary costs, while the price of others cannot be measured except in volunteer hours. In other words, some tasks will represent expenditures, others income and others are fulfilled by volunteer time only.