Home Buying in Chicago>Question Details

Sanderschris…, Home Buyer in Chicago, IL

Hello,I'm a renter paying $1400 a month.were interested in buying a home or maybe a condo.now my husband has ok credit,and mine is poor.

Asked by Sanderschristine91, Chicago, IL Sun Dec 1, 2013

Is it possible for us to even get approved for a home loan?

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Answers

21
Sanders,

I send all my clients to Mary Kay from Guaranteed Rate. She will work with you to make sure you will qualify even if it takes a year. She will help you come up with a game plan. After you get your credit and financing in line, interview a couple of brokers.

Best of luck
2 votes Thank Flag Link Mon Dec 2, 2013
... and make sure one of the realtor's you interview is Manuel!
Flag Mon Dec 2, 2013
Hello Christine, I would be happy to review your situation with you - you maybe able to qualify just on your husbands income and credit, it not, I have been working with a great credit company that can take you through the process to repair your credit.

Please give me a call to review,

Thank you,

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
3940 North Ravenswood , Chicago, IL 60613
NMLS ID: 870598
1 vote Thank Flag Link Mon Dec 2, 2013
First steps for First Time Buyers:

• Meet with a Local Mortgage Banker in person to get prequalified for mortgage financing. Thorough Prequalification includes a credit report AND review of tax returns, paystubs and bank statements.

• Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order.

• Work with an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
1 vote Thank Flag Link Mon Dec 2, 2013
Christine,

I work for Wintrust Mortgage, and we partner with the State of Illinois' Housing Development Authority to put more First Time Homebuyers in their new home than any other lender.

Credit scores down to 620, Down Payment Assistance up to $6000 statewide and up to $10,000 in certain areas or if you're a veteran.

Feel free to call me at 773-416-7107 or you can visit my website and fill out a FREE online application.

Thanks,

Matt Bukovy
Senior Mortgage Consultant
Wintrust Mortgage
Web Reference: http://www.mattbukovy.com
1 vote Thank Flag Link Mon Dec 2, 2013
Work with Matt, he will identify whatever credit issues and give you a game plan on on how to move forward, and action plan of sorts.

Good luck!
Flag Mon Dec 2, 2013
would have to have a lender look into it, let me know if you need some referrals.
1 vote Thank Flag Link Mon Dec 2, 2013
Great advise already provided.
Let me expand.
DO NOT LET YOUR SHADOW CROSS THE THRESHOLD of Chase, Bank of America or Wells Fargo. As recent history as revealed, these are PREDATORY organizations and should be avoided. You have been warned.
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If you want to work directly with a lender, choose a lender who invests in your community via small business loans and home loans. Choose an "A" or "B" graded lender. You will note all of the predators are graded "F". Enter your city or zip and choose the lender of your choice.
Go to: http://www.BankingGrades.com
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Any of the mortgage brokers who have been identified or raised their hands are good choices also. They have a full storehouse of solutions from which to draw. Banks will only sell you their financial products.
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Stay away from the biggies. They WILL sell your business to someone else..BECAUSE they really don't want your home mortgage business.. THEY DO WANT the fees and penalties they collect for servicing. FEES and PENALTIES account for the OVERWHELMING majority of their profit. USURY is PREDATORY.
1 vote Thank Flag Link Mon Dec 2, 2013
I would be more than happy to assist you. A lender approval depends on your income, liabilities, assets and your credit report. The credit score itself isn't as important as the information on the report. I work with over 40 lenders, which allows me to provide my clients with more opportunities. We go down to 500 fico scores and offer free credit repair. If I am not able to assist you at this time, I will let you know what needs to be done to get you a loan in the future. Feel free to contact me with questions or to get started!

Thank you,

Ashley Pimentel
Market Place Mortgage
Lombard, IL 60148
Phone: (630) 217-7013
apimentel@marketplacemc.com
0 votes Thank Flag Link Tue Dec 3, 2013
Reach out to a mortgage lender and let them answer this question. Only they will be able to let you know if you can get a home loan.
0 votes Thank Flag Link Tue Dec 3, 2013
Please give me a call to pre-approve you for a mortgage loan.
PHE Mortgage Bankers
630-657-0538
0 votes Thank Flag Link Mon Dec 2, 2013
Call Ben Cohen at Guaranteed Rate-he's one of the top city loan originators and can help you -(773) 654-2055.
0 votes Thank Flag Link Mon Dec 2, 2013
As my colleagues have stated, you need to call a mortgage broker and discuss your situation with them. They can lay out your options for you.
0 votes Thank Flag Link Mon Dec 2, 2013
You will need to call a Mortgage Broker. I have a name of a great credit repair specialists if needed.

http://www.mikekravitzrealtor.com
0 votes Thank Flag Link Mon Dec 2, 2013
You will need to call a Mortgage Broker. I have a name of a great credit repair specialists if needed.

http://www.mikekravitzrealtor.com
0 votes Thank Flag Link Mon Dec 2, 2013
I recommend that you call Bernard Duganzik of Key Mortgage at 847 508 0190. He has helped many folks in your situation. It is likely only his name will be on the mortgage but you can add your name on title. As long his credit is above 620 and he has the income to support him getting a loan then you two will be fine.

After you find a home I recommend that you use Erik Miles as a lawyer. His fee is reasonable and can be rolled into the closing costs. You can likely ask a seller to pay for your closing costs.

Keep in mind that your likely out of pocket expenses are an appraisal (approx $400) and a home inspection (approx $400 for a single family home should you choose to get one).

I hope this helps.

Jeff Nobleza
Baird & Warner
773 677 5340
0 votes Thank Flag Link Mon Dec 2, 2013
The only way to find out is to call up a lender and find out.
0 votes Thank Flag Link Mon Dec 2, 2013
Your first step would be to speak with a mortgage lender to review your credit situation. There is no cost to pull your credit report. If you like you can go to my website at http://www.guaranteedrate.com/kelvinwaits and receive your credit score from all 3 bureaus as well as a pre-approval.

I have experience working with borrowers with less than perfect credit. I have helped many improve their credit and obtain a home loan.

For what you pay in rent you should be working with a lender to prepare you for homeownership.

Kelvin Waits
VP of Mortgage Lending at Guaranteed Rate
630 925-7854
0 votes Thank Flag Link Mon Dec 2, 2013
It may be possible - you will want to speak with a lender to determine your current eligibility. If you are not in the best position now then a qualified lender should be able to help you improve your credit so that you can strengthen your qualifications. I would be happy to help if you are interested. There is no cost or obligation.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
0 votes Thank Flag Link Mon Dec 2, 2013
Michael Plating, Inlanta Mortgage, (630) 842-3328 can answer the question, at no cost to you.
15 minutes on the phone will let you know what you can do now, and if you cannot qualify at the moment, what you need to do to be a buyer in early 2014.
He is a great guy, loves to work with less than perfect credit buyers, and he is easy to talk to.

Find out what you can do before you spend time and money on the process and end up disappointed.

Best of luck, I am happy to help with the home search, just email me back.
0 votes Thank Flag Link Sun Dec 1, 2013
None of us can properly answer this question without much more detailed information. Your first step is to talk to a lender/mortgage broker, describe your exact financial condition, and see what your options are. I would be happy to recommend someone to you or answer any questions you have.
0 votes Thank Flag Link Sun Dec 1, 2013
Hi Christine,

It's possible, but the best way to find out what or if you qualify for is to speak with a lender. Please call, or email me and I can give a few good recommendations.

Ed Grabarek
Real People Realty
Cell: 312.339.9468
edgrabarek@gmail.com
0 votes Thank Flag Link Sun Dec 1, 2013
Yes of course ...you should call Chase bank direct for first time buyers programs
0 votes Thank Flag Link Sun Dec 1, 2013
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