Agent2Agent in 60604>Question Details

Terry Perdue, Real Estate Pro in Chicago, IL

Lender recommendation needed.

Asked by Terry Perdue, Chicago, IL Sun Jan 16, 2011

Buyer who is purchasing a condo (short sale) 5% down payment. Bank turned down due to 28% assessment delinquency. The buyer cannot go FHA due to another situation that has nothing to do with the buyer qualifications.

Help the community by answering this question:

Answers

10
The 28% delinquency is going to be almost impossible to get around, especially with only 5% down.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
Mlaricy@americorpre.com
708-250-2696
1 vote Thank Flag Link Sun Jan 16, 2011
We can throw loan officer's name's all over here but the condo market is very difficult to get financing right now. That 28% delinquency will come up again. No matter who you call.
1 vote Thank Flag Link Sun Jan 16, 2011
Wintrust does great work. I can also help with condo approvals.

Steve Stenger
President
Condo Approval Professionals LLC
(847)293-2962
EMAIL:Steve@condo-approval.com
1 vote Thank Flag Link Sun Jan 16, 2011
Dear Terry,

I know that I'm a little late to this thread, but I'd suggest calling on any of the folks below. They should be able to let your client know very quickly whether or not it will be possible to do a loan in the building. Good luck to you.


Daniel “Dan” Larkin, Senior Loan Officer
Prospect Mortgage
847-273-1124 (ph)
877-893-4843 (f)
312-952-8068 (C)
dan.larkin@prospectmtg.com

Sam Sharp, Vice President of Mortgage Lending Retail Division
Guaranteed Rate
312-217-4030 (C)
773-290-0455 (ph)
773-516-6056 (f)
Sam.sharp@guaranteedrate.com

Jae McPherson
Chicago Bancorp
1555 Naperville-Wheaton Rd.
Naperville, IL 60563
630-388-1300 x 253 (ph)
312-212-5473 (f)
312-617-1723 (C)
jae@chicagobancorp.com

Richard Cohen
PERL Mortgage
2936 W. Belmont Ave.
Chicago, IL 60618
773-454-8284 (cell)
773-413-3237 (fax)
rcohen@perlmortgage.com


Sincerely,

Christopher Thomas
Broker Associate, Keller Williams Chicago Consulting Group
716 E. 47th St. Chicago, IL 60653
(773) 418-0640 (cell) (312) 577-0985 (fax)
cthomas@kw.com
0 votes Thank Flag Link Thu Jan 20, 2011
Unfortunately Matt & Brandon are correct. the 28% assessment delinquency is an issue for all conforming and government loan programs so Fannie Mae, Freddie Mac and FHA are all going to deny based on association issues.

Wintrust does offer some portfolio loan options for non-warrantable condos so if you called Ryan or Jim as other agents suggested they can point you in that direction.

However, I would caution the buyer that trying so hard to buy in a project where obtaining financing is a problem may lead to challenges for owners to sell which can apply downward pressure on property values and trigger other issues such as special assessments, so perhaps rather than trying to get around this loan guideline the buyer should look for a condo unit in a more stable association.

Either way good luck.
Web Reference: http://www.aimeerenkes.com
0 votes Thank Flag Link Mon Jan 17, 2011
HAVE YOU CALLED ASAP MORTGAGE IN SPRINGFIELD, IL ? IF YOU NEED PHONE EMAIL ME DIRECT. THEY GO ALL OVER ILLINIOS AND ARE WONDERFUL- IF IT CAN BE DONE THEY CAN DO IT. LISA
0 votes Thank Flag Link Mon Jan 17, 2011
Terry -

I have a wonderful lender who specializes in condos. His name is Jim Walsh at Wintrust Mortgage. He always responds and as a mortgage broker can find different banks to get loans done. He is a hard worker and really cares. You can contact him at jwalsh@wintrustmortgage.com or office 773-303-0035.
0 votes Thank Flag Link Sun Jan 16, 2011
I use Ryan Mecum from Wintrust almost exclusively - he's very thorough, quick to respond, and quick to get things done. He's also helped with a number of deals that other lenders couldn't handle. His number is 312-933-9778 or rmecum@wintrustmortgage.com.
0 votes Thank Flag Link Sun Jan 16, 2011
Nathan Reynolds really goes the extra mile... 630-330-3424
0 votes Thank Flag Link Sun Jan 16, 2011
Lane Sears, Senior Loan Officer Wells Fargo in my office.

Barbara Griffin-Silz
Prudential Rubloff Properties
980 N. Michigan Ave
Chicago, IL 60611
312-268-2778
Web Reference: http://ScoreAProperty.com
0 votes Thank Flag Link Sun Jan 16, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Illinois > Cook County > Chicago > 60604 > Agent2Agent in 60604 > Question
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer