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Mortgage Calculators
Mel Foster Co. offers a variety of calculating tools that can help you determine:
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Financing
Pre-Approval - Your first step when buying a home!
The first and one of the most important steps in buying a home is finding out just how much you can really afford. Whatever your reasons for buying, getting pre-approved by a lender will prevent disappointment down the road. Pre-approval is based on your employment, income, assets, liabilities, and available down payment to close on your home. Some Sellers will not accept offers from Buyers who have not been pre-approved.
Five Great Reasons to Be Pre-Qualified By a Lender:
- Know your payments in advance
- Save time on not searching for homes you cannot afford
- Select the best loan package without feeling pressure
- Satisfy the seller's concerns
- Peace of mind
Financing
A Mel Foster Co. real estate expert can and will show you various financing options for buyers that you may not be aware of and will discuss the likely impact of each alternative on the sale of your property. Depending on the price of the home and/or the amount of your down payment, there may be several options that fit your personal situation:
- VA (for military veterans only)
- FHA (Federal Housing Administration)
- Conventional
- Other Creative Financing including Owner Finance, First Time Home Buyer Programs, Loan Assumptions, and Lease Purchase.
Information your real estate professional or lender will ask (the information provided is confidential with your lender):
- How much of your savings will go towards your down payment and closing costs, if any?
- Your annual gross income (before taxes)?
- Length of time with current employer and previous employer for the past two years?
- Monthly long term debt payments (such as car payment) and credit card balances?
- Child care expense and/or alimony?
- Any credit issues or bankruptcy?
Davenport NOW
Property owners in Davenport, Iowa will have their own stimulus package for purchasing or improving a home or expanding or relocating a business. The Davenport NOW program is designed to enhance neighborhoods and grow the city through a tax-rebate program.
Anyone who constructs a new, owner-occupied home or a new commercial structure, except rental properties, will be eligible for a 50 percent rebate of the city's portion of property taxes for 10 years. Participants can choose from tax rebates each year or an upfront, lump sum rebate at the project's completion. Rebate good until December 2011.
Contact your Mel Foster Co. REALTOR® for more information or start looking at a neighborhood today!
Complete the Davenport NOW application
Rock Island Homebuyer Programs
Are you ready to make the move to Rock Island? Or perhaps you are renting in Rock Island and are considering purchasing a home? To support homeownership in Rock Island, Rock Island Economic Growth Corporation (GROWTH) offers many incentives that simply aren't available anywhere else. GROWTH offers a variety of homebuyer assistance programs for individuals or families wishing to buy a home anywhere within the city limits of Rock Island. GROWTH can provide funds to help with up to $10,000 for a down payment and closing costs as well as up to $25,000 for necessary renovations for a maximum allotment of $40,000 per homebuyer. Qualified homebuyers must have incomes less than or equal to 80 percent of the area's median income.
Under the
housing and neighborhoods section, you can find a lot of information about homes and living in Rock Island including new resident guide, homebuyer programs, new construction incentives, types of neighborhoods, what is under construction, and types of housing.
Military Homeownership Assistance Program
Benefits
This program provides eligible service members and veterans with a $5,000 grant that may be used toward down payment and closing cost assistance on a qualifying home purchase. Eligible service members may access the Military Homeownership Program assistance to be used with a qualifying mortgage or cash purchase transaction.
Eligibility: Have served 90 days active duty since September 11, 2001. Active duty need not be consecutive; it may be cumulative. Inactive Duty Training, Annual Training and Active Duty for Training may not count toward active duty Is a federal status injured service person having served in active duty since September 11, 2001; or is a surviving spouse of said eligible service person, all who have served honorably AND receives prior approval before closing on a qualified home. Utilizes an IFA Participating or Facilitating Lender (if financing the purchase). Uses IFA's mortgage programs, unless a lower cost, fixed rate, fully amortizing option is available if eligible. If not eligible for 30 year fixed rate financing, uses a permanent mortgage loan for financing the purchase, or cash purchase transaction. The home must be located in the state of Iowa. The home must be the borrower's primary occupancy residence. The home must be one of the following: Single-family residences (including "stick-built" homes, modular homes, or manufactured homes, provided the home is attached to a permanent foundation and is taxed as real estate) Condominiums Townhomes Duplexes, if one of the units will be the primary residence of the service member. Completion of acquisition/renovation of qualifying home. Refinancing interim mortgage financing of not more than 24 months (at time of new mortgage closing) used for the purpose to construct the residence or renovation of an existing home that has not been occupied by the MHOA applicant, spouse or fiancé. Remember prior approval to completion and occupancy is required.
Application Process
Contact a Participating Lender today to determine eligibility and begin the application process. Typical forms usually needed to establish military service include a copy of a valid DD Form 214 (Member 4 Form or later), four months of leave and earnings statements or other documentation that may be required, and government issued photo ID. Cash financing is also available, read the instructions
here.
More Information
Funding for this program is provided by state appropriation and is subject to funding availability. Assistance is awarded in the order in which completed applications are received. Assistance awarded pursuant to the program is personal to their recipients and may not be assigned. An eligible service member shall receive assistance only once, and only one award per home purchase.
Resources
or call 800.432.7230.
Moline Homebuyer Assistance Program
The City of Moline is accepting applications for the Homebuyer Assistance Program funded through the Illinois Housing Development Authority (IHDA). This program assists homebuyers with a 0% deferred forgivable loan of $8,696 for down payment and closing costs. The program also has up to $26,400 for rehabilitation assistance in addition to the down payment assistance.
To qualify, homebuyers have to 1) be at or below 80% area median income, 2) attend two homebuyer classes covering credit, budget counseling, pre purchase and post purchase counseling, 3) have at least $1000 toward the down payment, plus expenses such as inspections before closing, 4) be approved for a conventional or FHA 30 year fixed rate mortgage by a lender approved to work with IHDA programs.
Anyone interested in applying for this program or finding out more information should contact Liliana Rodriguez at (309) 524-2040 or via e-mail:
http://www.riamwr.com/JCOOK/Money/Money%2020061226%20IA%20Home%20Homeownership.pdf.
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