September 2009 Newsletter

Events in September


1 ~ Tuesdays on the Terrace ~ Museum of Contemporary Art, 220 E. Chicago Ave. ~ A weekly series of free alfresco jazz concerts. A pre-fixe dinner from Puck's Cafe is available for $19.
4–6 ~ 31st Annual Chicago Jazz Festival ~ Grant Park, 300 S. Columbus Drive ~ The city's longest-running lakefront music festival features local, national and international performers on several stages
4– 6 ~ Taste of Polonia ~ Copernicus Center, 5216 W. Lawrence Ave. ~ The 30th annual cultural celebration of Polish traditions includes live entertainment from Poland and the U.S., food, beer, arts and more
5–6 ~ 6th Annual Bash on Wabash ~ South Loop, 1300 S. Wabash
7 ~ Labor Day
11–13 ~ 89th Annual German-American Festival ~ Lincoln Square, 4700 N. Lincoln Ave. ~ Features brats, smoked sausages, potato salad, sauerkraut, German cakes, beer and wine for sale, plus live music, folk dancers and more
12–13 ~ Renegade Craft Fair 2009 ~ Damen Avenue and Division Street, 2000 W. Division St. ~ More than 200 local, national and international artists display handmade wares, including clothing, posters, comics, craft kits, jewelry, and more
12–13 ~ U2 ~ Soldier Field, 1410 S. Museum Campus Drive
12–13 ~ Celtic Fest Chicago ~ Grant Park, 300 S. Columbus Drive ~ The 13th annual salute to Celtic music, dance and traditions features live entertainment, beer, food, arts and crafts vendors and more
12–13 ~ Old Town Crush, Music and Comedy Fest ~ Wells Street between North and Evergreen Avenues ~ Formerly known as the Wine Crush in Old Town, the Wells Street festival expands to two days this year.
19 ~ Guinness Oyster Fest ~ Damen Avenue and Roscoe Street, 2000 W. Roscoe St. ~ An autumn kickoff pairs fresh-shucked oysters and pints of Guinness, in addition to other fare from local restaurants
23–30 ~ UniverSoul Circus ~ Washington Park, 5531 S. King Drive ~ Clowns, aerialists, acrobats, dancers, contortionists, animals and more perform under the big top during a traditional circus with an urban edge
25–26 ~ Oktoberfest ~ Lincoln and Southport Avenues, 3000 N. Lincoln Ave. ~ St. Alphonsus, one of the city's oldest churches, celebrates its German roots with a weekend of bratwurst, beer and live bands
30 ~ 6th Annual Metromix Best Bartender Bash ~ District Bar, 170 W. Ontario St. ~ Watch our Final Four Best Bartenders compete for a shot at the title and sip complimentary samples of each bartender's signature drinks
Saturdays ~ Millennium Park Workouts ~ Millennium Park, 201 E. Randolph St. ~ The popular alfresco series features early morning classes on the Great Lawn in tai chi, yoga, Pilates and aerobic dance/martial arts


What is an FHA loan?
From GetSmart.com

FHA (Federal Housing Administration) loans were established in 1934 when foreclosures were high and lenders were reluctant to approve mortgages for all but the least risky of borrowers.

Home loans insured by the FHA are once again gaining in popularity as more lenders tighten their borrowing guidelines. FHA loans can be a viable and sometimes less expensive alternative for borrowers making a small down payment.

Here are the basics on government-insured FHA loans:

On the upside. . .
• Low down payment. Most conventional loans require at least 5 percent down, and in a tight mortgage market many lenders prefer to see 10 percent or more. By contrast, FHA loans require a down payment of only 3 percent.
• More lenient approval guidelines. FHA loans follow a different approval model than most conventional loans. You do need decent credit, but it does not have to be perfect or even nearly perfect. Even a bankruptcy or foreclosure may not prevent you from getting an FHA loan. In addition, FHA loans allow for a greater percentage of your gross income to be used for debt (up to 41 percent, compared to 36 percent for conventional loans).
• Just about anyone is eligible. Unlike most other “affordable” loan programs, FHA loans do not carry a maximum allowable income cap. All you need to be eligible is a valid social security number and legal US residency.

On the downside. . .
• Lower loan amounts. Maximum allowable loan amounts vary by state and metropolitan area, but are typically lower than conventional loan limits. You can get the loan limit for your area by visiting the HUD website and entering your state and county.
• Not all lenders are good at FHA loans. If you think an FHA loan might be for you, choose your lender carefully. The guidelines and paperwork are different enough that unless a lender specializes in “government lending” (FHA and VA loans), you could face delays and unwelcome surprises.