Chattel Mortgage Form With 2 Points In Chicago
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FAQ
The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable-rate mortgages (ARMs).
However, it's common for lenders to require at least a 700 score. In some cases you may squeak in with a score in the high 600s or, on the other hand, you may be required to increase your score to the lower 700s — it's ultimately up to your lender.
The Bottom Line Chattel mortgages are a little-known but potentially good option if you're looking to finance a manufactured home or heavy equipment. These loans are smaller than conventional loans and tend to have higher rates, but they have shorter terms and quicker payoffs.
Credit score: There's no minimum score, but you'll typically need a score of at least 620.
You must file either (1) Form PTAX-203 and any required documents with the deed or trust document or (2) an exemption notation on the original deed or trust document at the County Recorder's office within the county where the property is located.
Generally Responsible: In most Illinois transactions, the sellers normally pays for transfer tax, as they are the ones transferring ownership of the home.
Real Estate Transfer Declaration PTAX-203-A (PDF) - Form and instructions for Illinois Real Estate Transfer Declaration PTAX-203-A for non-residential property over $1 million and/or as required by Illinois Department of Revenue.
An electing pass-through entity is subject to this tax for the privilege of earning or receiving income in Illinois in an amount equal to 4.95 percent (. 0495) of the taxpayer's net income for the taxable year.
In the Windy City, the Chicago transfer tax is the responsibility of both the buyer and seller. However, this financial burden can fall solely on the seller in some Illinois communities. It can vary depending on your local market.
The Mortgage document typically will state the borrowers name(s) and address, their marital status, the lenders name and address, the legal description of the property, the street address of the mortgaged property, the amount of the mortgage and when it must be repaid by.