Monthly Archives: March 2017

Summer fun for kids!

Looking for something fun to keep the kids active and engaged this summer? Local camps offer programs for kids with all kinds of interests whether they’re into sports, music, coding, animals or something else entirely. With over 65 years in Elmhurst, we know what’s going on in and around Elmhurst. Check out our list of summer activities today!

Academics, Arts and Tech

The Avery Coonley School
Downers Grove

Midwest Torrance Center for Creativity / The Center for Gifted
Camps offered in Elmhurst and other area communities

Center for Talent Development
Northwestern School of Education and Social Policy, Evanston

College of DuPage
Glen Ellyn

Elmhurst Art Museum
Elmhurst

Id Tech
Locations in and around Illinois

Project 2o17 (high school)
Elmhurst College, Elmhurst

Strauch Art School
Elmhurst

Dance, Music and Theater

DuPage Dance Academy
Elmhurst

Elmhurst College Summer Music Camps
Elmhurst

Music Together of Oak Brook and Elmhurst 
Elmhurst, Oak Brook

School of Rock
Elmhurst

Spotlight Youth Theater Summer Camp
40 different locations in Chicagoland area and WI

Scouts

Girl Scouts Summer Camp
Locations in and around Illinois

Boy Scouts of America
Locations in and around Illinois

Sports

Nike Summer Camps
Elmhurst College, Elmhurst

Elmhurst Lacrosse
Elmhurst

Elmhurst Rugby
Elmhurst

Addison Park District
Addison

Team Elmhurst Soccer Club
Elmhurst

Zoo and Nature

Brookfield Zoo Camp
Brookfield

Salt Creek Butterfly Farm
Countryside

Morton Arboretum Camp 
Lisle

Legos, More Sports, Outdoors, Preschool and More Summer Fun

Bethel Learning Center
Preschool in Elmhurst

Bricks 4 Kidz
Locations in and around Illinois

Courts Plus Camps Program
Elmhurst

Elmhurst Park District
Elmhurst

Elmhurst YMCA
Elmhurst

Spring Hill Camps
Locations in and around Illinois

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Four Common Misconceptions about Real Estate Transactions: Part Four—Mortgage Down Payment Myths

Newlyweds Max and Samantha are hoping to buy their first home this year, but they find the idea of saving 20% for a down payment daunting. They want to invest their money in a home rather than having it slide away with rent payments. They have great credit and good jobs, but they don’t have 20% of a home purchase in their savings. Max thinks they should dip into their 401k so they can put down 20% now, but Samantha thinks they should just wait until they’ve saved the 20%. Who’s right? Maybe neither!! Believe it or not, there are many down payment programs that would allow Max and Samantha to purchase a home with a down payment they can afford now without sacrificing their 401k savings.

Samantha and Max are not alone in their concerns and misconceptions about mortgage down payment requirements.

  • According to a recent Zillow report, one out of five homebuyers consider saving for a down payment a challenge.
  • The Zillow report also states that a down payment of 20% is typically about two-thirds of the average annual income.  
  • Fannie Mae reports that 76% of Americans are either unaware (40%) or misinformed (36%) about current minimum down payment requirements.

Why shouldn’t they borrow from their 401k?

While cashing in a 401k helps the homebuyer now, they may regret using it when it’s time to retire and they do not have enough saved for retirement. Also, they should consider the impact of time on the value of money. The cost of the purchase is increased by rises in mortgage fees and interest rates.

Twenty percent down payments are no longer common

Conventional loans with lower down payments and no mortgage insurance fees are available for homebuyers with good credit, and FHA mortgage down payment assistance is also available as well as many other down payment assistance programs such as IHDA through the state of Illinois.

  • A Digital Risk survey of millennials who recently purchased a home shows that 64.2% put down less than 20%, and 43.8% put down less than 10%.

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  • According to the National Association of REALTORS®’ Profile of Home Buyers and Sellers, the median down payment for first-time buyers over the past three years was between 6% percent and 14% for repeat buyers.

FHA mortgage down payment assistance is also available for those with less than stellar credit. While this will allow the homebuyer to purchase their home sooner and with a lower down payment, the homebuyer should plan to stay in the house for about five years to maximize the investment value of the home. This will help recoup the additional mortgage premium and insurance fees incurred with FHA mortgage down payment assistance.

Down payment assistance programs are not just for first-time home buyers

Most potential homebuyers assume that they will not qualify for down payment assistance if they have previously owned a home. However, the majority of programs define first-time homebuyers as a homebuyer who has not owned a home in three years. In addition, there are some programs that do not have any qualifications dependent on previous or current home ownership status.

Max and Samantha are closer to their first home than they think. By taking the time to interview a few lenders and find one who can help them determine the best mortgage down payment assistance program, they can be on their way to a new home in months rather than years.

To learn more about whether or not you may qualify for a down payment assistance program, contact your loan officer or local bank. An LW Reedy real estate agent can talk with you about working with one of our approved lenders.

The View from 101 York – March 2017

Spring is in the air! Our March edition of The View from 101 York has many fun ideas for things to do for adults and kids alike.

For Kids and Teens

Rockin’ Jewelry for Kidsteen-job-fair
March 11
Lizzardo Museum

Free Family Open Swim
March 12
York High School

Teen Job & Volunteer Fair
March 22

York High School

 

Performances

Elmhurst Children’s Theatre: Spring Musical – CATS!screen-shot-2017-03-01-at-1-03-18-pm
March 17, 18, 19

Bryan Middle School

The World Famous Glenn Miller Orchestra
March 19

McAninch Arts Center-College of DuPage

The Burnt Part Boys
March 9-11

Elmhurst College / Mill Theatre

Foodie Fun

Restaurant Week
March 2-12

Elmhurst City Centrescreen-shot-2017-03-01-at-12-56-18-pm

Five-Course Wine Dinner
March 9

Meson Sabika-Naperville, IL

Adult Cooking Class
March 24

Maggiano’s Little Italy-Oak Brook, IL

Local Lecture

Tweets, Speeches and Storytelling:
Messages from the 2016 Election

March 9

Elmhurst College / Hammerschmidt Memorial Chapel

LW Reedy has been serving the Elmhurst community and surrounding areas since 1951. As the largest locally-owned real estate agency in Elmhurst, we have a passion for local news and events.

If you have questions about Elmhurst and the surrounding suburbs and real estate in these areas, we’re your go-to people. Contact us today!

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