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Victor M. Lopez - Realtor / Broker Associate
5114 Main Street, Downers Grove, IL 60515
C: 630-660-1292 O: 630-964-9696  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 

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 

•Buyers must be first time home buyers or have not owned a home with the last 3 years 

•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

PNC Mortgage 
Invites you to the 
Path to Homeownership Workshop

Do you have any clients who are looking to purchase a new home and would like to take advantage of Down Payment Assistance Programs or Affordable Lending Programs? If so, they will most likely need Homeownership Counseling to take advantage of these programs. By attending PNC Mortgage’s Path to Homeownership Workshop on September 20, 2014, your clients can fulfill the Homeownership Counseling requirement. They can participate in an exciting discussion that will provide insight into the home buying experience, financing options, and the pre-approval process. They will learn about unique lending products and special programs to make homeownership more affordable.  

Invite your clients! All participants will receive their Homeownership Counseling Certificate upon conclusion of the workshop. 

Here is an overview of some current affordable housing programs that require Homeownership Counseling: 

South Suburban Housing Center Down Payment Assistance Grant Program

· All prospective owner occupant buyers are eligible for assistance - not required to be a first time home buyer 
· The program offers between $7,500-$15,000 in down payment assistance provided as a grant that will be forgiven after 5 years of ownership 
· Applicants must contribute 1% of the purchase price or $1,000 of their own funds, whichever is greater 
· Eligible towards the purchase of a single family properties only 
· Please visit www.southsuburbanhousingcenter.org for a complete list of eligible communities & household income guidelines 

Illinois Housing Development Authority (IHDA) Down Payment Assistance Programs

· Must be first time home buyers occupying the property as their primary residence 
· The different programs offer between $6,000-$10,000 in down payment assistance 
· Applicants must contribute 1% of the purchase price or $1,000 of their own funds, whichever is greater 
· Eligible towards the purchase of one or two unit properties in Illinois 
· 1-2 person household income limit of $88,320  
· Purchase price limit of $357,750 for 1-unit property & $457,973 for a 2-unit property 
· Please visit http://www.ihda.org/index.htm for more details 

PNC Community

· PNC Portfolio Program - 3% down payment and does not require Mortgage Insurance 
· Applicants must occupy property as their primary residence & cannot have ownership in any other properties at the time of closing 
· Eligible towards the purchase of one or two unit properties 
· A minimum 3% down payment is required, of which the lesser of 1% of the loan amount or $500 must come from the borrower’s own funds 
· The borrower’s qualifying income must not exceed the income limit listed for the MSA/County where the subject property is located, unless it is located in a low to moderate LMI Census Tract http://www.ffiec.gov/geocode/default.aspx. The current income limit for Cook County is $61,040. 

PNC Grant

· PNC Grant Program offers $1,500 grant to be used towards closing costs and/or prepaid items at the time of closing 
· Applicants must occupy property as their primary residence & cannot have ownership in any other properties at the time of closing 
· Eligible towards the purchase of one or two unit properties 

· The borrower’s qualifying income must be at or below 80% of the area medium income. Income limits do not apply if the subject property is located in a low to moderate LMI Census Tract http://www.ffiec.gov/geocode/default.aspx. The current income limit for Cook County is $57,920. 

Join us to learn more about these programs & much more! Realtors and Home Buyers Welcome! 

PNC Bank  
2300 North Western Avenue 
Chicago, IL 60647 

Saturday, September 20, 2014 
Registration: 8:30 a.m.-9:00 a.m. 
Event: 9:00 a.m.-2:00 p.m. 
Lunch will be provided! 

To RSVP please go to  
http://www.ihda.org/lenders-realtors/information-for-realtors/Down Payment Grant Programs
DuPage Homestead Program (must have 660+ credit score min.)

DuPage Habitat for Humanity

Downpayment Plus Program

Welcome Home Illinois

Welcome Home Illinois Heroes (For Veterans, $10,000 assistance)

Find a Lender

IHDA Downpayment Assistance Program

National Homebuyers Fund®, Inc. (NHF)
Down payment assistance programs

California Home Finance Authority (CHF)*

American Dream Down Payment Assistance

Down Payment Grant Money

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
New House Calculator

Re: First Time Homebuyer Seminar Saturday March 26, 2016 10am at Chicago Pizza 2nd floor, Bakinandeggs Breakfast about 1-2hrs

HP Realty and Neighborhood Loans will be conducting a First Time Homebuyer Seminar

Please tell your friends and families and coworkers or anyone renting who now wants to buy a condo, single family home or multi-unit building. about the upcoming seminar. Email Blast them, Facebook and share with your friends. We need to rsvp to know exactly how many people will be going by March 24, for the March 26 seminar at Chicago Pizza

First Time Homebuyer Seminar Presenters:

1 - Realtor - Victor M. Lopez – HP Realty, Inc.                      See Video for First Time Homebuyers click here

2 - Mortgage Lender – Saul Pinela – Neighborhood Loans

3 - Real Estate Attorney - Theresa Panzica – Law Offices of Theresa L. Panzica, LLC

4 - Home Insurance - Ivan Rivera – State Farm Insurance

5 – Home Inspector - Felix Maysonet – Welcome Home Real Estate Inspections, LLC

6 - Property Tax Expert - Gary Shvartsman - Turboappeal

Chicago Pizza – 3114 N. Lincoln Ave, Chicago, IL 2nd Floor – Will provide space and coffee
Alternate menu:

Breakfast Catering provided by Neighborhood loans:
Bakinandeggs - 3120 N. Lincoln Avenue, Chicago, IL

Parking: At back parking lot behind Chicago Pizza, google the address and satellite view it or park in metered street parking. Any Questions, Give me a call Victor 630-660-1292 Thx.

To register (RSVP), Click on the 'Contact Us' button below and copy paste in Message Box "First Time Homebuyer Attendee, my phone number is: ", include your cell phone number in the message box and I'll email or call you to confirm your attendance. Must RSVP by March 24.
Contact Us
First Time Homebuyers Seminar 3/26/2016 10am-11:30am @ Chicago Pizza
3114 N. Lincoln Ave. - Presented by HP Realty, Inc. & Neighborhood Loans
First Time Home Buyers Presentation by
Victor M. Lopez  - Broker Associate
Coldwell Banker Realty Team
Realtor: Coldwell Banker Realty - Victor M. Lopez - Broker Associate 
630-660-1292 - www.victorlopez.cbintouch.com

Mortgage Lender: Key Mortgage - Bradley Gordon - Mortgage Broker
630-205-8737 - www.keymortgageservices.com

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 - 

Home Inspector - Welcome Home Real Estate Inspections, LLC - Felix Maysonet, Jr. - 773-718-3919

Contact Victor Lopez


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