Financing in Chicago>Question Details

Lincolnparker, Both Buyer and Seller in Chicago, IL

Is it possible to finance an owner occupied 2 Flat with only 10% if the loan amount is in excess of the FHA limits?

Asked by Lincolnparker, Chicago, IL Tue Sep 24, 2013

I'm looking to purchase and occupy a two flat in the Near North neighborhoods of Chicago but am very limited in these areas by the 529K FHA cap. I have excellent credit and the income to qualify for a larger loan, however I can only put down 10%. Are there any mortgage products that would enable me to purchase a 700k owner occupied 2flat with only 10% down (630k loan) ? Thanks in advance for your assistance

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Answers

11
I would like to correct my answer - There is a great option for this type of financing
(please see Mary K Laurents answer below)

Sam Sharp
Senior Vice President of Mortgage Lending
ssharp@guaranteedrate.com

http://www.guaranteedrate.com/SamSharp

vCard / Facebook / Twitter / LinkedIn / A+ BBB Rating

o: 773.290.0455 / m: 312.217.4030 / f: 773.516.6056
3940 North Ravenswood , Chicago, IL 60613
NMLS ID: 224518
1 vote Thank Flag Link Fri Sep 27, 2013
Hello,
You could possibly split the loans and get a 2nd mortgage or HELOC .
I've done numerous deals like this.

Please send me your contact info to jp.marzano@1amllc.com
or give me a call at 312-608-1555. I'll do my best to help.

Thank you,

JP Marzano
NMLS #574681
1st Advantage Mortgage
0 votes Thank Flag Link Wed Oct 9, 2013
This will be a difficult loan - I would recommend checking with the credit unions or a portfolio lender
The issue is that a Jumbo loan will not allow for a combined loan to value over 80% -
You could use an FHA first and then look to follow this with a 2nd mortgage for the difference.
I do have extensive experience with this type of financing so if you would like assistance please feel free to contact me
Sam Sharp
Senior Vice President of Mortgage Lending
ssharp@guaranteedrate.com

http://www.guaranteedrate.com/SamSharp

vCard / Facebook / Twitter / LinkedIn / A+ BBB Rating

o: 773.290.0455 / m: 312.217.4030 / f: 773.516.6056
3940 North Ravenswood , Chicago, IL 60613
NMLS ID: 224518
0 votes Thank Flag Link Wed Sep 25, 2013
also after you calll Wesley email me at jmichaels@remax.net and I will send you my list of owner occupied 2 flats

Our Team | United Equity Mortgage Corp.
http://www.unitedequity.us/our-team.html‎
15+ items - Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 ...
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 773-304-3412.
Paul Gondek Senior Loan Originator. NMLS ID 226276 773-304-3414.
0 votes Thank Flag Link Wed Sep 25, 2013
call Wesley

Our Team | United Equity Mortgage Corp.
http://www.unitedequity.us/our-team.html‎
15+ items - Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 ...
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 773-304-3412.
Paul Gondek Senior Loan Originator. NMLS ID 226276 773-304-3414.
0 votes Thank Flag Link Wed Sep 25, 2013
Hi Lincolnparker,

Unless there is a specific reason that your have to go FHA - you should be fine with a Jumbo mortgage. There are 10% second loans we can do at the same time to keep the MI off. Give me a call to review your application so I can give you the best options to fit your situation.

With warm regards,

Mary Kay Laurent
Associate Vice President of Mortgage Lending
marykay.laurent@guaranteedrate.com

http://www.guaranteedrate.com/MaryKayLaurent

o: 773.516.6859 - m: 312.403.4150 - f: 773.328.1740
0 votes Thank Flag Link Wed Sep 25, 2013
FYI - I reviewed this with our UW, I can do this loan call me to review.

Thank you!!!
773.516.6859
Flag Thu Sep 26, 2013
Yes you can , contact 3 lenders and try to hire the best
0 votes Thank Flag Link Wed Sep 25, 2013
Yes you can go ahead and get that done. Just speak with a lender.
0 votes Thank Flag Link Wed Sep 25, 2013
There are a few credit unions that will allow you to purchase up to $700k. NO MI and fair rates.
http://www.kensingtonareahomes.com
0 votes Thank Flag Link Wed Sep 25, 2013
As long as Income and Credit prove that you can afford this purchase then yes, you can get financing.

Feel free to contact me directly to discuss

Bill J Deligiannis
First Centennial Mortgage
630-788-5288
b.deligiannis@gofcm.com
Web Reference: http://www.BJDLOANS.com
0 votes Thank Flag Link Tue Sep 24, 2013
Yes. I have the package for you. Contact me to get started.
0 votes Thank Flag Link Tue Sep 24, 2013
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