Financing in 60649>Question Details

Peerlesslivi…, Home Buyer in Chicago, IL

Which lenders would you suggest I contact to get prequalified for a purchase mortgage for a 2-4 or 6 unit building?

Asked by Peerlessliving, Chicago, IL Sat Nov 24, 2012

0 votes Share Flag Financing in 60649

Help the community by answering this question:

Answers

17
Dear Purchases,

Because so many factors can affect your purchase I am going to put it simply, David Hanna gave you some great advice on break down with FHA loans. Because we do not know what your down payment situation is and whether you may have to taka a commercial loan if your purchase is over 3 units, I will direct you to who I feel will step you through the ABC’s of lending; Tracey Campagna of guaranteed Rate her phone number is 773-383-1405. What I like about Tracey is she will take the time to explain everything to you in way that is easy to understand. I have known Tracey to go to a property personally to see what the hold up is in order to best service a purchaser. Another plus with going with a company like guaranteed Rate is they fund their own loans so once underwriting is complete you are good to go and not waiting on a third party.

Best of Luck,


Manuel Brown, Broker
iMove Chicago
1 vote Thank Flag Link Sun Nov 25, 2012
A good choice for 2-3 unit buildings is an FHA loan. As an investor you can have up to four FHA backed loans in investment properties. These may be as little as 5% down, although the limits related to the price and income often put you in the range of 10% to make the loan work. 4+ units is awhile different ball game, and you will find lending is much tougher to find and the programs are more demanding in their conditions.
In some neighborhoods the 2 and 3 flats are still undervalued and were also prone to a higher foreclosure rate. You can find buildings that need nominal work and will positively cash flow if you work with a good agent and know the areas you invest in.
1 vote Thank Flag Link Sun Nov 25, 2012
Call me today. Come see a real pro in Real Estate lending. I offer all programs for your needs.

Apply free online and get a $500 closing credit.

Alex Romo
The Federal Savings Bank
Senior Vice President - Mortgage Lending
Direct: 312-738-8430
1 vote Thank Flag Link Sat Nov 24, 2012
YOu have received a great deal of advice. There are loans available for 2-4 unit properites. We also lend on 6 unit buildings that are in certain census tract areas. I would be albe to pre-qulaify you for the purchase. My contact info. 312-307-2787 Joanna Weiss
0 votes Thank Flag Link Wed Nov 28, 2012
You are getting some incorrect information here, but there are also more questions that need to be asked. First, are you planning to live in one of the units, or is this strictly for investment purposes? If it is for an investment, then an FHA loan would not be an option.

Do you have a ballpark purchase price you are thinking of? If so, what do you have for a down payment and closing costs, and how much would you have in reserves?

A 2-4 unit building is residential, whereas about 4 it is commercial from a financing stand-point. it is not true, as someone mentioned, that you cannot finance multi-family buildings any more. There are certain cash-out restrictions, and you can't do it as a no income verification loan (unless there is a regional lender who will allow it), but you can finance a 2-4 unit as either a conventional or FHA loan, depending on certain other circumstances as I mentioned above.

I am surprised that the only local loan officer gave you no information, just a "call me". Why not ask around for referrals from a friend or business associate for a referral? I would recommend a mortgage banker who can also broker, so that you have the most options.
0 votes Thank Flag Link Tue Nov 27, 2012
I like Grate - you need an agent !
0 votes Thank Flag Link Sun Nov 25, 2012
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274. Direct: 773-304-3412. Fax: 773-283-2788. Cell: 312-405-2404. wjura@unitedequity.us.
0 votes Thank Flag Link Sat Nov 24, 2012
Lakeshore mortgage. Ask for Edward Rivera. He is a real pro. Btw, last I heard, programs for 2-4 unit properties were not available.
0 votes Thank Flag Link Sat Nov 24, 2012
I may have that wrong. Might be Lakeside Mortgage not lakeshore.
Flag Sat Nov 24, 2012
0 votes Thank Flag Link Sat Nov 24, 2012
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274. Direct: 773-304-3412. Fax: 773-283-2788. Cell: 312-405-2404. wjura@unitedequity.us.
0 votes Thank Flag Link Sat Nov 24, 2012
Contact Janet Mrowka of First Advantage Mortgage her Office # is 312.654.7248 or email Janet.Mrowka@1amllc.com.
She is very detailed and will be upfront and truthful with you.
Tell her Corey gave you her number.
0 votes Thank Flag Link Sat Nov 24, 2012
As a Mortgage Banker my company has access to various lenders throughout the country. Should you need any assistance in getting pre qualified feel free to contact me:

Bill J Deligiannis
First Centennial Mortgage
B.Deligiannis@GoFCM.com

Be prepared to provide income, credit and asset information.

Keep in mind a building with 5 units or more requires a commercial loan.
0 votes Thank Flag Link Sat Nov 24, 2012
Try calling Tony Lupescu 708-351-6416.
0 votes Thank Flag Link Sat Nov 24, 2012
Doesn't matter- shop for rates is the key. I would go with a broker! In my opinion- big banks usually charge up front points, have higher rates and require higher credit scores! Do your research!
708 652-8888
0 votes Thank Flag Link Sat Nov 24, 2012
There is a big difference between a 2-4 and a 6 unit. It's residential versus commercial lending. Which one are you looking for?
0 votes Thank Flag Link Sat Nov 24, 2012
I always recommend Neena at A&N Mortgage. She's the best I know! 100% success rate with our brokerage in over 75 transactions...

Neena L. Vlamis
President
A and N Mortgage Services, Inc.
1945 N. Elston Ave.
Chicago, IL 60642
P: 773.305.LOAN (5626) ex. 104
D: 773.305.7037
F: 773.751.5041
E: neenav@anmtg.com
http://www.AandNmortgage.com
NMLS #37370
Company ID #19291
0 votes Thank Flag Link Sat Nov 24, 2012
Almost all residential lenders do that. My web site has some renferences if you need them.
0 votes Thank Flag Link Sat Nov 24, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Illinois > Cook County > Chicago > 60649 > Financing in 60649 > Question
Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer