Victor M. Lopez - Realtor / Broker Associate
1 Parkway Plaza, Suite 100, Oakbrook Terrace, IL 60181
C: 630-660-1292 O: 630-954-4600 F: 781-609-0654
Steps in the Home Buying Process
1) Attend homebuyer education class (ex. Coldwell Banker, Dupage Homeownership Center, PNC Bank, etc.)
2) Determine how much you can afford to spend (See New House Calculator at bottom of page, monthly budget pdf below)
3) Get loan pre-approved by your bank or mortgage lender (Pre approval letter, see Vendor Services above)
4) Decide what kind of house you need (See Homebuying wish list pdf below)
5) Shop for a home (See Homebuying checklist pdf below) Make sure home is not located in a flood zone or you will be required to buy flood insurance. Click here for Flood Insurance companies and here for FEMA info
6) Make an Offer (After offer accepted, hire a Real Estate Attorney, Home Inspector and Real Estate Appraiser)
7) Inspect the home (see Vendor Services located above for different vendors)
8) Finalize the loan (appraisal, etc.) (coordinate with your bank or mortgage lender)
9) Get Insurance and additional inspections, (See Vendor Services above)
10) Final walk through within 48 hrs before day of closing.
11) Close the loan, transfer deed, set move date, get your keys at a title company or attorney's office.
(See Vendor Services above)
12) Welcome Home! Move in and transfer all your utilities and make change of addresses and explore your neighborhood (See Moving Check List above) Check out http://www.walkscore.com/
First Time Homebuyers
Type Amount of Funds Source of Funds Terms
First Mortgage Sales price, less than 5% down Participating 30-year fixed-rate mortgage at a
Mortgage Lender market interest rate. You will make
monthly payments to the first
mortgage lender
Second Mortgage $14,999 DuPage County's No monthly payments; no interest
HOME federal block charges or shared appreciation;
Grant forgiven over 5 years
Downpayment 5% of the purchase price Minimum $1000 or Up to $10,000 may be a gift from a
1% of the sales relative
price, whichever is
more, from borrower
savings
Closing Cost Grant $3000 DuPage County No repayment required. Grant is
not available for purchase in
Naperville.
DuPage Homeownership Center 1600 E. Roosevelt Rd., Wheaton, IL 60187 P: 630-260-2500
Welcome Home IL includes:
•$7,500 cash assistance to cover down payment
•30 year fix rate mortgage with a below market interest rate
•Variety of loan options to choose from, including FHA, Conventional, VA and USDA
Eligibility:
•Buyers must be first time home buyers or have not owned a home with the last 3 years
Requirements:
•Contribute one percent or $1,000 of the purchase price, whichever is greater
•Purchase a one or two unit property within IL
•Live in property as primary residence
•Must make less than $88,320 to qualify for this program, If you make more than this amount, call me and let's talk about other programs
DuPage Habitat for Humanity
Downpayment Plus Program
IDHA Home Buying Program
Illinois Home Loan Programs for Veterans
IDHA Lending Program
IHDA Downpayment Assistance Program
National Homebuyers Fund®, Inc. (NHF)
Down payment assistance programs
Cook County Down Payment Assistance Program
CHA Down Payment Assistance Program
Oak Park Housing Program (click here)
My Homebuyer Services
Home Selection and Preparation for Home Purchase:
• I will meet with you to conduct a "needs / wants assessment" to ensure I understand your needs
• Provide you with a copy of my Home Buyer's Guide
• Answer all your question about the home buying process
• Provide you with my chart explaining different mortgage loan options. I wrote this chart myself in an effort to help my clients understand the “nuts & bolts” of different loan options. Note: There are many other loan programs available. Please consult a lender before selecting a mortgage loan.
• Provide you with my list of reputable lenders -- those with whom I’ve personally worked
• Assist you in obtaining a mortgage pre-approval at the best possible terms, and provide you with a list of questions to ask lenders (loan officer) so that you can compare different lender packages
• Assist you in obtaining “Estimated Costs of Settlement” from your lender. An “Estimated Cost of Settlement” itemizes your closing expenses and shows you (on paper) what your monthly mortgage payment will be for various loan programs. I require all lenders that I have a business relationship with to provide my clients with this detailed written document.
• Access the Proprietary Realtor Multiple Listing Service (MLS) and search for homes that best meet your criteria and are within your designated price range.
• Enter your home search criteria in the MLS to continually search for new listings as soon as they become available.
• Target homes in neighborhoods that interest you
• Target your preferences -- search for special features (e.g., family rooms, gourmet kitchens, hardwood floors, preferred home styles, etc.) or types of properties (i.e., re-sale homes, new homes, luxury homes, large lots, foreclosures, etc.)
• Provide you with access to homes you want to pre-view, and point out key features and deficiencies in each home.
• Seek information from Listing Agents concerning those properties that interest you
• Give you advice regarding which homes will make sound investments.
• Keep in contact with you frequently during the home buying process
Home Purchase and Contract Negotiation
• Assist you in preparing an offer that protects your interests and your Earnest Money Deposit
• Provide you with, and explain, a “Competitive Market Analysis” of homes that are currently available, are contracted to sell, or have sold so that you will understand the “fair market value” of the home you are purchasing.
• Recommend offer conditions that are most appropriate for you
• Safeguard your Earnest Money Deposit in my company’s or listing agent's Escrow account according to the laws of the State of Illinois
• Fully explain all terms and conditions of the Sales Contract and Addendums to you
• Fully explain your responsibilities under the Contract and Addendums
• Fully explain the seller's responsibilities under the Contract & Addendums
• Fully explain what is included in the purchase and what is not
• Represent you in negotiations to obtain the best possible price and terms
• Prepare and submit your Offer to Purchase property and prepare and submit all counter-offers in a timely manner and according to the laws of the State of Illinois.
• Obtain a Property Condition Disclosure or Disclaimer Statement from the seller concerning the condition of the property… and all other applicable disclosures (e.g., lead-based paint, mold, radon disclosures)
• I will guide you and the seller (if the home is sold “For-Sale-By-Owner”) incompliance with all required federal and state laws in the transfer of home ownership (e.g., anti-trust laws, civil rights laws, etc.)
Contract Ratification to Settlement:
• Assist you in hiring a home inspector who will thoroughly inspect the property, and provide you with a list of reputable inspectors; schedule inspectors
• Assist you in obtaining final mortgage approval on the home you select
• Monitor your loan as it is processed in underwriting
• Verify the appraisal value of the property
• Assist you in removing conditions and contingencies from your offer to purchase as per the contract.
• Assist you in selecting a Settlement Company to close the purchase
• Monitor the activities of the Settlement company to ensure the necessary documentation and reviews are being performed (e.g., title work, tax adjustments, receipt of loan documentation, assessments and adjustments, preparation of an accurate HUD-1 Settlement Statement)
• Convey all documents and final instructions to your Settlement Company
• Provide you with a checklist of things to do between this point and possession (e.g., arranging for certified funds to cover your closing costs; a moving checklist, utility information, etc.)
• Conduct a final walk through with you at possession to ensure all systems are in proper working order and that all items on the Home Inspection Addendum have been complied with.
• Attend your Settlement and provide you with the keys to your new home
Coldwell Banker Realty Team
Realtor: Coldwell Banker Realty - Victor M. Lopez - Broker Associate
630-660-1292 - https://victorlopez.sites.cbmoxi.com/
Mortgage Lender: Preferred Rate - Magdalena "Maggie" Vera
630-272-2986
Mortgage Lender: Key Mortgage - Bradley Gordon - Mortgage Broker
630-205-8737
Real Estate Attorney: Robert M. Gomberg
312-332-7555
Real Estate Attorney - Sisul & Germanier, LLC - John C. Germanier -
630-353-0130 - www.dupagelawfirm.com
Real Estate Attorney for Short Sales - Law Offices of Patrick J. Smith -
630-964-8450 - www.patricksmithlaw.com
Real Estate Title Company - Burnet Title Services - Cristina Vieau
Home Inspector - Welcome Home Real Estate Inspections, LLC - Felix Maysonet, Jr. -
773-718-3919
