Financing in Chicago>Question Details

Mario Salcedo, Real Estate Pro in Los Angeles, CA

I own a house in the south side of Chicago, tenant wants to buy it

Asked by Mario Salcedo, Los Angeles, CA Mon Jan 28, 2013

but their mid FICO is 611 and they have only enough cash for a 3.5% down, any loans for them?

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Answers

11
BEST ANSWER
They can possibly qualify for a FHA but they will need to speak with a lender first. Get them qualified. If you need a lender reference, try Tony Lupescu 708-351-6416.
0 votes Thank Flag Link Mon Jan 28, 2013
We can get an FHA loan done all the way down to a 580 credit score. Have them give me a call and I would be happy to help.


Sean Cochran
Quality Mortgage Lending
http://www.qmlending.com
630-330-2229 cell
630-470-6830 office
0 votes Thank Flag Link Wed Jan 30, 2013
Mario,

It sounds like the credit score might be a problem. You can offer owner financing and maybe they can refi when they have better credit.

Best regards,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
0 votes Thank Flag Link Tue Jan 29, 2013
Have you considered selling the property with owner financing. Its a good option if the buyers have a reasonable down payment. There are many options available which any Realtor or real estate attorney can explain in detail. A deal can be tailored to fit the needs of you and the buyer.


Rusty A. Payton, Broker
iMove Chicago
1225 W Morse
Chicago, Illinois 60626

773-856-6200 [Office]
773-856-6201 [Fax]
773-682-5210 [Mobile]

e. payton@iMoveChicago.com


http://www.iMoveChicago.com

blog: iMoveBlog.com
0 votes Thank Flag Link Tue Jan 29, 2013
They need to boost their credit score. To add incentive, you could offer to reimburse them for the cost up to a specific amount after they have completed the process. Find out what their issues are and give me a call for a referral.
0 votes Thank Flag Link Tue Jan 29, 2013
Have them talk to a lender and see if they qualify for a loan. If they don't and you trust them, you sell it to them and you provide the financing. Write up an agreement where they pay you $x amount over the course of y years.
0 votes Thank Flag Link Mon Jan 28, 2013
Please call my preferred lender at BMO Harris (Mark Fritsch). You can get his contact information from my website at http://www.idealhomesinchicagoland.com, they have many programs that your tenant may be eligible.
0 votes Thank Flag Link Mon Jan 28, 2013
Mario - offer them a Lease Option with the understanding that they need to work with a mortgage consultant - offer them one that you work with that will assist them in raising their credit score. Let me know if you need a referal.

Tony
0 votes Thank Flag Link Mon Jan 28, 2013
Hello Mario
Unfortunately most lenders will require a 640 for FHA financing - there are still some lenders that will offer FHA financing down to a 580 but none that I can recommend
I would be happy to speak with the client to help them build their credit if they are interested.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
0 votes Thank Flag Link Mon Jan 28, 2013
I would be happy to talk to your tenants to pre-qualify them for you!

Mary Kay Laurent
Associate Vice President of Mortgage Lending
P: 773.516.6859
C: 312.403.4150
F: 773.516.6014
marykay.laurent@guaranteedrate.com
http://www.guaranteedrate.com/MaryKayLaurent
NMLS: 870598
3940 North Ravenswood • Chicago, IL • 60613

NMLS ID 2611 | NMLS Consumer Access
Licensing Information: https://www.guaranteedrate.com/licensing

State License Numbers: CA - CA-DOC870598 - 4130699, IL - 031.0032236 - MB.0005932, WA - MLO-870598 - CL-2611
0 votes Thank Flag Link Mon Jan 28, 2013
Not that I know of. FHA for most lenders require at least a 640 FICO.
0 votes Thank Flag Link Mon Jan 28, 2013
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