Home Buying in Chicago>Question Details

Chad Benson, Home Buyer in Chicago, IL

Conventional 90/10 home loans?

Asked by Chad Benson, Chicago, IL Wed Jan 30, 2013

We are looking to purchase either a single-family or multi-unit property in the next few months in Chicago. Can anyone let me know of any good brokers who offer 90/10 loans? We have pursued FHA in the past but have been turned down by sellers in the past, who have opted to go with conventional offers. We have 10% to put down on a home loan but are not really finding many options for home loans (our purchase price is between $500k - $550k). We are willing to consider ARM vs 30 year loans. Help!

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Answers

12
Patty Harrison 630-854-3459’s answer
Hi Chad:

I am a local mortgage broker and would be happy to help you get pre-qualified. We work with over 30 lenders to help you get the best possible financing for either a single family or multi-family properties.

SMC carries an A+ Better Business Bureau Rating and we have worked in the community for over 15 years! Please call me at 630-478-2684, email or visit my website get started.

I look forward to working with you!

Best regards,

Patty Harrison
Smart Mortgage Centers
630-478-2684
patty@smarmtgs.net / http://www.smartmortgageinc.com
0 votes Thank Flag Link Tue Feb 5, 2013
Chad,

You could possibly get a conventional 90% loan to value mortgage at 10% down, but a better and cheaper option would be an 80% first and 10% second. The rates are lower on the 80% loan because it would be lower than $417k which makes it conventional rates. Additionally, there is no PMI insurance.

http://ljeffries.inlandhomemortgage.com/

Louis Jeffries
NMLS# 911510
708-299-3244
0 votes Thank Flag Link Sat Feb 2, 2013
I could work with a 10% down payment. It would be a 90% loan with mortgage insurance. It would also be easier to accomplish on a single family home.
Joanna 773-327-3580
0 votes Thank Flag Link Thu Jan 31, 2013
Chad,

I can recommend some great lenders to talk to. You are slightly above the conforming loan limit of $417k on a single family home, but the limits are higher on multi unit dwellings. It may work to do 80% first, 10% second, 10% down.

Best regards,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
0 votes Thank Flag Link Wed Jan 30, 2013
As long as your income and credit are sufficient, plenty of options exist for you. Should you need any assistance, feel free to contact me directly. We are locally based and ALL loans close in our name.
Web Reference: http://www.BJDLOANS.com
0 votes Thank Flag Link Wed Jan 30, 2013
Chad,

You should talk to Sharri Ptak, Coldwell Bankers Lincoln Square's in-house Mortgage person. She does a great job and has a great company behind her.

Sharri Ptak
630-707-9515
2156 W Montrose
Chicag, IL 60618
sharri.ptak@phhonline.com
0 votes Thank Flag Link Wed Jan 30, 2013
Chad,

Please visit my website at http://www.idealhomesinchicagoland.com. You can reach my preferred partners that have many options available to you. Plus you can find your ideal home. I actually have my Rep from BMO Harris here in my office today. Please contact me and let me have you talk to him, in fact he currently has a $2000 grant available. My services and website are free for you to use.
0 votes Thank Flag Link Wed Jan 30, 2013
There are a ton of people who do these. Try calling Tony Lupescu 708-351-6416 with Fifth Third.
0 votes Thank Flag Link Wed Jan 30, 2013
Hi Chad,

I highly recommend working with Mary Kay Laurent with Guaranteed Rate at 773-516-6859. She is on top of her game and she will work with you to make sure you have the best product.

Chad I attended the Chicago Association or Realtors Economic Outlook this year. Unless you are going to be in Chicago are for 3-5 years I am not sure if an ARM will be right for you. The Fed is planning on keeping the record low interest rates down until we reach a nation unemployment rate of 6.8% or so. So you will have to weigh out the pros and cons or what I going to call risk and benefit of taking an ARM; remember when your arm comes due the rates could possible change dramatically.
0 votes Thank Flag Link Wed Jan 30, 2013
Bernard Duganzik 847 491 1855 in house lender for baird warner he can do it
0 votes Thank Flag Link Wed Jan 30, 2013
90% one loan (Conventional Jumbo) is available for you if interested (trate is a bit higher than the conforming 417,000 max loan amount)
You may also consider a 417,000 first loan and a second up to 90% which will
save you on the first lower 'non-jumbo' poortion of the payment.

Albert
0 votes Thank Flag Link Wed Jan 30, 2013
I am happy to help and I have multiple options for you
Please call me at your convenience
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes Thank Flag Link Wed Jan 30, 2013
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