The Romo Report

The Mortgage Blog Of Alex Romo – 312-738-8430

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Filed under: Mortgage Advice, , , , , ,


What are the benefits of FHA condo approval?

1 FHA condo approval dramatically increases the pool of potential buyers

Statistics show that approximately 60% of new homebuyers intend to use an FHA Loan. If your community does not have FHA condo approval, you potentially limit the buying pool to only 40% of homebuyers. NOTE: These are “regular” buyers – an FHA loan is not associated with low-income HUD programs, such as Section 8. In some counties, an FHA insured loan can reach amounts of $800,000.00 or more. Since the recession, most American buyers are using FHA insured loans, and this will be the trend for years to come.

2 Increased Home Value

FHA approved Condos have a larger pool of prospective buyers, therefore increasing competition and demand for the product. This can result in higher purchase prices and an increase in market value. This will increase the value of units throughout the community.

3 FHA Loans are Assumable

This means that in the future an FHA Loan can be assumed (including the interest rate) by a new buyer. With interest rates at an all-time low, this can be a very valuable asset to an HOA community.

4 Marketability

Some real estate agents won’t show units that aren’t FHA Approved. Being approved sets your community apart from others in your same area.

5 Awareness

Going through the FHA condo approval process gives your Homeowners the sense that you as a Board cares about the community and wants it to thrive. By avoiding the approval process it will hamper your owners when they go to sell their units.

6 Less Renters in the Community

Generally speaking, Buyers who use FHA loans are more likely to reside in the unit, and not rent it out. Conversely, communities without FHA approval will attract buyers that can make large down payments. These buyers are usually investors who will rent the property for a profit.

7 Fiduciary Duty

Board Members and Property Managers are expected to maintain property values in their communities. Several HOA attorneys advise that it is the fiduciary duty of the condo Board to apply for FHA condo approval to maintain or increase property values for residents.


What are the cons of FHA Condo Approval?

There are no “cons” to being FHA Certified. Remember, chances are, your community was certified when it was developed. Most communities in the US are currently seeking FHA eligibility, but may not meet the strict FHA guidelines, and will not qualify. Misconceptions regarding FHA Condo Approval:

Misconceptions of Obtaining an FHA Approval

1 Being FHA Certified will bring in “low-income” buyers – FALSE

This is completely false! FHA Condo approval is completely unrelated to affordable housing programs. The FHA can insure loans upwards of $800,000.00 in some areas. Since the recession, most American buyers are using FHA insured loans, and this will be the trend for years to come.

2 FHA Loans caused the mortgage crisis – FALSE

FHA loans are not Sub Prime Loans. Although they do offer lower down payments than traditional mortgages, there are credit score requirements, debt to income analysis, and income verification. Also, in 2009 FHA loans made up about 2% of the loan market, in 2010 they were up to 40% and climbing.

3 The guidelines are too strict and it’s cost prohibitive – FALSE

Well-managed and financially stable communities have no trouble becoming FHA approved. The cost has dropped dramatically since 2010. When the guidelines initially changed, Attorneys were charging upwards of $5,000 to review the documents. My team and I at The Federal Savings Bank work with the Condo Association to obtain all documentation and submit directly to HUD for FHA Approval for a very low fee of $0. That’s correct! I charge $0.00

If you or anyone you know lives in a condo development, call me today!

-Alexander Romo

Senior Vice President -Mortgage Lending


The Federal Savings Bank

NMLS 217060


Filed under: Mortgage Advice, , , , , , , , , ,


Illinois will be discounting the Down Payment assistance for Veterans this Friday February 13th!

If you’re a veteran planning on purchasing or know someone who is, call me today!

As a veteran owned bank and premier VA Lender, we specialize in helping veterans purchase their dream home!

It’s not too late. I can reserve the funds before the deadline!

ihda vetsAlex Contact Info

Filed under: Mortgage Advice, , , , , , , , , , , ,


Homes sell better during winter than you think

Many homeowners are under the assumption trying to sell their homes during the winter is a bad idea. However, the numbers show otherwise. The housing market doesn’t dip in winter months as much as people think, and plenty of buyers are still out looking for the right deal. There’s no need for homeowners to wait until spring to put their houses up for sale or pull their properties from the market starting in November.

“There are plenty of people who need to buy a home in the winter, whether it’s because of a job relocation or major family change, like a new baby” said Redfin real estate agent Paul Stone. “These buyers want to get into a home quickly, and are sometimes willing to pay top dollar.”

Follow the numbers
According to data released by Redfin last December, homes put on the market during winter months between March 2011 and March 2013 were more likely to sell by 9 percentage points compared to homes listed during warm months. Not only were they more likely to sell overall, but the homes listed December through March sold faster and for more money compared to homes listed during other months. On average, 56 percent of homes entering the market during non​-winter months sold within six months, while 65 percent of homes listed during winter sold within six months.

Go against the grain
Homeowners willing to ignore the naysayers and follow the numbers should spruce up their homes for winter to draw in potential buyers.

It’s true the dark and cold could potentially put buyers off from house shopping, but the right amount of curb appeal will get them into their coats and to a seller’s door for a showing. Sellers can take advantage of the holiday cheer and winter aesthetics by adding outdoor lights and hanging wreaths on the front door – maybe even putting some flameless candles in the windows to make the inner warmth of the home seem enticing.

Not only is what buyers see important, but also what they smell when entering a home. Homeowners can use pine in wreaths to evoke pleasant winter memories or bake a few sugar cookies before a showing.

Additionally, sellers should make sure to always keep their walks clear of snow and ice so that buyers don’t see potential safety hazards before they get to the door.

First-time home buyers shopping in winter should contact Alex Romo at the Federal Savings Bank, a veteran owned bank, to learn more about low rate mortgages and the pre-approval process.

Alex Contact Info

Filed under: Housing Market, Uncategorized, , , , , , , , , ,


Who can coborrow in a VA loan?


Often when veterans seek out the benefits of a home loan from the U.S. Department of Veterans Affairs, they are not alone. They may want to bring on a co-borrower to help finance their home purchases and pay for the mortgage. In these cases, veterans should carefully look at the eligibility requirements for co-borrowers and whether they should partner with someone else to secure their houses.

Who qualifies as a co-borrower for a VA loan?
According to, there are two types of people who are typically considered co-borrowers for a VA loan:

  • Spouse of the veteran. Often couples look to buy a house together, which naturally leads to both spouses wanting to have their names on the loan applications. For VA loans, like for regular home loans, a spouse can qualify as a co-borrower for a loan.
  • A veteran who will cohabitate the home. Another option is to talk with another veteran who also fulfills the eligibility requirements for VA home loans. This other veteran can become a co-borrower if he or she intends to live in the same house as the main borrower.

Before veterans decide whether they will bring on another person to apply for the loan, they should consider their and their prospective co-borrowers’ current finances to determine whether they are compatible. Lenders may be hesitant to lend money if the co-borrower does not have the means to pay for a loan in case the prime borrower is unable to or if he or she does not meet the definition of the usual co-borrower. The VA noted that a co-borrower will be required to continue paying off a loan if a veteran dies before the loan is completely paid off.

Here are ways to improve chances of approval with a co-borrower on a VA loan:

Check creditworthiness 
Although potential home buyers may have known their co-borrowers for years, it’s important that they check their co-borrowers’ credit scores to see where they stand financially. Veterans can ask the co-borrowers what their scores are and whether they have any negative marks that could weigh on lenders’ minds during the approval process.

Determine income
When applying for a loan, the lender will have to verify income for the borrowers. Veterans should ask the co-borrower what his or her income is and for him or her to provide documents proving this before having everything ready to hand over to lenders.

As veterans go deeper into the loan application process, they can contact Alex Romo @ Federal Savings Bank, a veteran owned bank, to learn more about what they need for approval.

Call me today! I will close your VA Loan in 30 days!



Filed under: Housing Market, Mortgage Advice, , , , , , , , , , , , , ,


With my exclusive program, I can help improve your credit so you can purchase that dream home!

Since I have launched this program 2 yrs ago, we witnessed extraordinary results instantly!

See for Yourself!

New Leaf success stories1watch my quick video on this awesome program!


Call me today

Alex Romo – Senior Vice President – Mortgage Lending


Hablamos Español

Filed under: Housing Market, Mortgage Advice, , , , , , , , , , , , ,


Before starting your home purchase – getting fully pre-approved for a home mortgage is key!

Not being sure about your credit can be nerve-wracking.  Having less than perfect credit can have serious mortgage limitations.

Not to worry – I have the perfect program for you!

Click here for quick intro to my exclusive program –                                            MY CREDIT REPAIR PROGRAM

CALL ME TODAY  – 312-738-8430

Alex Romo – Senior Vice President – Mortgage Lending

Licensed to lend is ALL 50 States!


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Filed under: Mortgage Advice, , , , , , , , , ,


Just having good credit doesn’t mean you’ll be able to obtain a mortgage.  Whether you are purchasing a home or simply trying to refinance your current home – there are several important parts in order to getting approved!

It’s easy to walk in to your neighborhood bank and expect the process of obtaining a mortgage approval as easy as opening a checking/savings account.

Unfortunately, many of us have learned this is not always so.  Mortgages are tough to obtain. Plain and simple.

In today’s market, it’s gotten so tough that our nations Top Banker cannot even obtain a mortgage! He was denied when applying to refinance his home! read more

This is just another reminder to make sure and work with a True Mortgage Professional who is dedicated and knowledgeable of today’s mortgage program qualifications.

Filed under: Housing Market, Mortgage Advice, , , , , , , , ,


Buying a home should be fun and exciting! The last thing you want to go through is a bidding war with other potential buyers or simply getting your offer rejected by the seller!

Call me today for details! I will turn you into a Cash Buyer in a week! Get A FULL LOAN COMMITMENT!

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Filed under: Housing Market, Mortgage Advice, , , , , , , ,

What To Remember When Applying For A Mortgage

Dos and don

In my last post, I discussed which banks have the tendency of denying you home loan.  A big part of this problem are the caliber of employees handling your loan and the other are just the banks rules on approving each loan (specific bank overlays).

Applying for a mortgage is the most important step in the home purchase process.   As part of my loan application process, there are important key points I make sure to discuss.  There are very important items to remember to do and of course not to do.

A few things you should do are:

  1. Ask you Mortgage Banker questions – if you’re not sure, ask. The banker is the expert and should be able to answer all financing questions
  2. Provide accurate information –  i,e. accurate term on a job/length in present address etc.
  3. Know the loan terms – Ask the difference between FHA vs. Conventional – Fixed vs. Adjustable Rate

A few things you should not do:

  1. Don’t lie on your loan application – be truthful on your intentions of occupying the home, source of down payment etc.
  2. Start a loan process when you wont be available – Do not start the loan process if your planning a long vacation, go on maternity leave etc.
  3. Make major financial changes – do not change jobs, open new bank accounts, open new credit debt or make large purchased such as a car etc

Contact me today to discuss any questions you may have in regards home financing.

Filed under: Mortgage Advice, , , , , , ,


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About Alex

Alex Romo is one the leaders in the mortgage lending industry. With over 10 years of experience, Alex has grown to be one of the top originating Loan Officers in the country. His extensive knowledge of today's programs and the ability to offer the best options for his clients has earned him a high level of respect with his Realtor partners.

Alex utilizes state-of-the-art client follow-up systems to provide superior service.

Alex specializes in referrals from past clients and works closely with Realtors in Chicago and the south and west suburbs where he has personal knowledge of the communities and neighborhoods.

The powerful combination of mortgage industry expertise, local market sensitivity, and top-notch customer service ensure a smooth transaction experience for clients and real estate professionals alike.

“My favorite part about my career is helping those who dream of homeownership achieve that goal,”

Expert in:
FHA Lending
First Time Home Buying
Credit Repair
Equity Repositioning
Jumbo Lending
Commercial Lending


Alexander Romo

Senior Vice President
The Federal Savings Bank
300 N. Elizabeth St 3E
Chicago, IL 60607
Office: 312-738-8430
Cell: 773-550-2539
Fax: 312-628-8311
NMLS# 217060


**Alex is one of the best loan officers I have worked with. He is very skilled and gets the job done. He is great with his clients and walks them through the process from start to finish. He is hard working and very responsive to all his deals he takes pride in his work. I would give Alex 5 stars give him a call you will not be disappointed
- Marlene B. Realtor

**When we found a home at the beginning of January 2014, due to some pressing situations, Alex was certain we could close at the end of the month. And we did!!!! He was actually ready to close a week earlier. His knowledge of the market and about upcoming rule changes to home financing were very helpful for us to decide to buy a home. I would certainly recommend him to anyone looking to finance a home
- Mallari and Robert

**Alex was very helpful during the entire process. He took the time out to explain every step of the loan process from start to finish. Every time that I had an issue Alex was always a phone call away, and he actually answered it. No voice mail, which gave my wife some piece of mind. He did a great job, and I would recommend him to anyone.
- Anthony P.

**Alex, it was truly a blessing having you to work with, thank u so much for everything and for explaining everything to me in my language.
- Charles R. Jr.

**I was looking for a home in the Chicago area and because of my current credit situation I looked to my father to apply for the loan instead of applying myself. My father was a preferred customer at Bank of America and according to our loan officer there, it was a sure deal that the loan would be approved. After a long period of time and very little communication the loan was declined with no immediate explanation. After that whole mess, I was in contact with Alex Romo, not only did he get an approval but he helped me get my credit in line and I was approved by myself. I highly recommend that anyone looking to get a home loan contact Alex. He knows the mortgage process inside and out.
- Eric H.

**Alex really does go above and beyond in helping you get the mortgage that is right for you and your family. He is knowledgeable and more importantly he takes the time to EXPLAIN the often times too wordy jargon that is mortgage language.
- Janie

**Alexander Romo takes the stress out of purchasing a home! Alexander took care of everything for my family while applying for a loan. Alexander was with us from start to finish! When purchasing a home, I highly recommend Alexander when looking for a great loan!
- Jason P.

**Alex has been a pleasure to work with on a number of legal transactions. His extensive knowledge, initiative, responsiveness, and hard work are only overshadowed by his honesty and integrity. I wouldn't hesitate to refer any of my clients to Alex for their borrowing needs!
- Attorney Jay R.

**Alex was very Helpful, and was the only person that was able to get me approved. many others tried but just couldn’t close the deal. Thanks Alex
- Juan A.

**My experience with Alex has been great. He is very quick and responsive and does a great job for his client.
- Margaret L.

**Alex really knows how to take care of his clients. From beginning to end, he was always available to answer questions. His knowledge of the housing market puts him at the top!
If you're in the market to purchase, Alex is your guy! I will recommend Alex to everybody I know
- Maria O.

**Alex is great with follow up and has tenacity to get you or your client the best rate and make the deal work for everyone.
- Phil B. Realtor

**Alex is very professional as a loan originator for The Federal Savings Bank. He follows up with his clients and attends all his closings. I would feel compfortable in recommending him to my follow colleagues.
- Sylvia R. Realtor

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