As of April 1st of this year, those purchasing or refinancing a condo with less than 25% down will be assessed an extra fee if using a Fannie May loan. The charge will be 0.75% of the loan amount on a 30-year fixed rate mortgage.
That means a buyer of a $350,000 condo, putting 20% down, will pay an additional $2,100 if their loan is purchased from your lender by Fannie May!
You can read more about it in this recent Chicago Tribune article, and let us know if you have any questions!
I was just got back from North Carolina visiting friends who just renovated their 1880’s farmhouse using primarily reused and non-toxic materials. Check it out!
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They re-used the original kitchen cabinets, updated them by painting the faces, retrofitting some of them as drawers, and adding new knobs. The counters were made partly with butcher block and partly with discarded tiles.
They made their own paint milk paint!
The rebuilt the wall where the fireplace is and added salvaged french doors in their dining room.
Instead of drywall in the vaulted ceiling of their bedroom they used reclaimed wood! Brilliant and beautiful. After they were done installing they painted some of the boards to finish the look.
