Financing in Chicago>Question Details

Kevin Maxin, Home Buyer in Chicago, IL

Can I get a mortgage loan for around $100K?

Asked by Kevin Maxin, Chicago, IL Tue Feb 4, 2014

I just got out of college about a year and a half ago. My 2012 gross income was $20K (only worked for a few months) and my 2013 gross income is just under $60K. Can I get a mortgage loan for around $100K with $5K down?

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So far so good - but the info listed is only a piece of the puzzle. Contact a lender to get pre approved. It's free and there is no obligation.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
1 vote Thank Flag Link Wed Feb 5, 2014
College can potentially be used as work history, would say that you have a strong possibility of obtaining financing and would love to assist you.

Chris Diamond
NMLS 771882
Diamond Residential Mortgage Corporation
0 votes Thank Flag Link Wed Feb 12, 2014
Commission income must have been earned for 2 calendar years to be used. Once you hit the 2 year mark, my Underwriters will use your 2 year average. If the average works, you are good. This guideline is applicable to conventional & FHA loans. Call me for more info. Larry Bernstein, Carrington Mortgage, NMLS #280597, 847-815-8229.
0 votes Thank Flag Link Sun Feb 9, 2014
email me at
0 votes Thank Flag Link Fri Feb 7, 2014
Greetings Kevin,

The combination of your INCOME, CREDIT and DOWN PAYMENT will determine your ability to obtain financing. Feel free to contact me and we can discuss further.
Web Reference:
0 votes Thank Flag Link Thu Feb 6, 2014
You may be okay. What I would do is talk to a mortgage lender in your area that can help you out and get you pre-approved. Good luck Kevin!
0 votes Thank Flag Link Thu Feb 6, 2014
Hi Kevin, You may be ok, but with fluctuating income like that you need to make sure that you work with an experienced lender who knows how to present and structure your loan properly for approval. The source and nature of your income will be very important along with other factors that all need to be considered upfront. See my "tagline" below......
0 votes Thank Flag Link Thu Feb 6, 2014
I'm available to help you at your convenience if you wish.

I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer, consider clicking on a “Thumbs Up” or “Best Answer”


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
NMLS# 695929
Flag Thu Feb 6, 2014
Hi Kevin,

Have you started looking for homes or condos yet? I specialize in first-time homebuyers and work in the city, on the north shore, and northwestern suburbs. Let me know if I can help you in any way! I'm always happy to counsel and answer questions. Congratulations on taking this next step in your life!
0 votes Thank Flag Link Thu Feb 6, 2014
Hi Kevin:

I sounds like you should be okay based on your income. We would need to look at credit to see if you qualify. Please give me a call or send me an email and we can get you prequalified today.

We work with over 30 lenders to help you get the best possible financing. We specialize in FHA, VA, 203k renovation loans and Reverse Mortgages for refinance and purchase too! Were other banks require a 640 and above score to help with financing, our lenders will go as low as a 580 score on an FHA mortgage. SMC carries an A+ Better Business Bureau Rating and we have worked in the community for over 15 years!

I look forward to hearing from you.

Best regards,

Patty Harrison
Smart Mortgage
0 votes Thank Flag Link Wed Feb 5, 2014
Hi Kevin,

I have worked with the lenders at Guaranteed Rate. They have always been amazing with my clients. Sam Sharp is one of the best and will give you excellent customer service.
0 votes Thank Flag Link Wed Feb 5, 2014

If you're 100% commission, you're going to need a two-year income history on the same job. Once you pass that threshold, you should have no problem getting a loan, as long as your credit is okay.

Let me know if I can help.

Matt Bukovy
Senior Mortgage Consultant
Blueleaf Lending LLC
A Division of Midwest Community Bank
0 votes Thank Flag Link Wed Feb 5, 2014
Contact Sam Sharpe, he's an excellent loan officer and has taken the time to respond to your inquiry here on

Good luck.
0 votes Thank Flag Link Wed Feb 5, 2014
I believe you can get a mortgage based on the information you have given us. Call Bernard Duganzik with Key Mortgage at 847 508 0190 and he can help you out.

In addition, we are doing a home buyer seminar on "investing in distressed real estate" on February 15th. You can ask for details from him when you call him.
0 votes Thank Flag Link Tue Feb 4, 2014
From your info, as long as credit is ok you should be fine. A mortgage professional can help you get started.
0 votes Thank Flag Link Tue Feb 4, 2014
Only way to tell for sure is to talk to a lender.
Web Reference:
0 votes Thank Flag Link Tue Feb 4, 2014
Hello Mr. Maxin,

The Big 4 US Banks (Bank of America, Chase, Citi, and Wells Fargo) can, have and do issue mortgage loans for around $100,000. To find out if you qualify for a mortgage you will have to fill out a loan application, with a mortgage broker. Here's a link to a list of Accredited Mortgage Brokers in Chicago:…

Make sure this mortgage broker is able to issue government loans. Advantages of government-backed loans include: Little or no money down required, Lower closing costs and No prepayment penalties.

The mortgage broker will run a credit report on you to calculate your credit score. Your credit score will help determine if you are qualified for a mortgage and the interest rate on your mortgage.

Good luck!
0 votes Thank Flag Link Tue Feb 4, 2014

Your employment/income would not be an issue as far as qualifying for a mortgage is concerned. You just would have to meet the credit requirements. I would be happy to discus in more detail, email me at
0 votes Thank Flag Link Tue Feb 4, 2014
I am 100% commission - that is still OK? My credit score is 690.
Flag Tue Feb 4, 2014
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