Home Buying in Chicago>Question Details

Homehunter, Home Buyer in 35244

I am buying a condo with 68% rental rate and find it hard to get a loan. Anyone has done this before with success? Any loan officer to recommend?

Asked by Homehunter, 35244 Mon Jul 1, 2013

Help the community by answering this question:


When rentals in a condo complex are over 49% - Fannie and Freddie consider this an unwarrantable condo.

We have 20 other investors at Guaranteed Rate and a number of them do unwarrantable condos that I can place you loan with.

My direct line is 773.516.6859 or call me on my cell phone 312.403.4150.

With warm regards,

Mary Kay Laurent
Associate Vice President of Mortgage Lending


o: 773.516.6859 - m: 312.403.4150 - f: 773.516.6014
3940 North Ravenswood , Chicago, IL 60613
NMLS ID: 870598
The highest compliment I can receive are your referrals!
1 vote Thank Flag Link Tue Jul 2, 2013
Depending on how much you put down this may be doable.
1 vote Thank Flag Link Tue Jul 2, 2013
Good afternoon Homehunter,

Yes I have. We would potentially be able to accommodate a primary residence or second home purchase with as little as 5% down on a conventional mortgage. Wintrust Mortgage has the unique ability to sell loans directly to Fannie Mae allowing us avoid lender overlays and obtain waivers to overcome higher rental percentages in condo buildings. It is, however, important to understand the risks of purchasing in this situation before making a decision.

Please contact me directly if I can help further.


Direct: (773) 456-9662 | aluett@wintrustmortgage.com
1 vote Thank Flag Link Mon Jul 1, 2013
I would like to clarify as there have been several posts stating that this is difficult or that there is a larger downpayment required.
Rental concentration is not an issue as long as the client is purchasing the property as their primary residence.
Andrew gave a good explanation below - there are several lenders that can sell directly to Fannie Mae which eliminates the concern for the amount of rental units.
0 votes Thank Flag Link Tue Jul 2, 2013
When you get a rental rate that high, your type of mortgage will be limited. You will find there are mortgages available but may need 20% down. Check with local and trusted lenders
0 votes Thank Flag Link Tue Jul 2, 2013
send an email to Alex at Chicago Financial

Rek, Alexander F."
0 votes Thank Flag Link Tue Jul 2, 2013
Check with the two lenders below, Sam Sharpe or Andrew Luett, both great guys, or reach out to Matt Bukovy at Wintrust 773-416-7107 or mbukovy@wintrustmortgage.com.

Good luck!
0 votes Thank Flag Link Mon Jul 1, 2013
Are you looking to live there or rent it out? If it is an exceptional deal then continue trying to purchase it. If not, unless you are planning on renting it also, I would really consider what the pluses are to this particular property.

If you are having a difficult time financing it so would any other potential buyer in the future, which could adversely affect you sale. If you want to keep it as a rental for a very long time it might be ok.

I would need more specifics to give you my best opinion.

Fell free to contact me, if you are not with and agent currently.

Jeffrey Olichwier
Managing Broker
Patrick Jeffrey Realty
Chicago, IL
0 votes Thank Flag Link Mon Jul 1, 2013
I hope this is a really good deal for you and you plan to live there for a while. I'd also recommend getting on the board and tightening the rental restrictions or the situation may continue to worsen. Think carefully about whether this is the best place to invest your money if you're having difficulties even purchasing it.
0 votes Thank Flag Link Mon Jul 1, 2013
You will have to get a portfolio loan. Thats the only option really. I wouldnt buy in there if it was me though.
Web Reference: http://Americorpre.com
0 votes Thank Flag Link Mon Jul 1, 2013
Hi Homehunter,

I would recommend Matt Tierney with Guaranteed Rate, or Jason Accola with Wintrust.

Sohail A. Salahuddin | Founder
Innovative Property Consultants Group | Sales and Leasing

Jameson Sotheby¹s International Realty
425 W. North Ave. | Chicago, IL 60610

O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030
"Extraordinary Service For Extraordinary Lives"
0 votes Thank Flag Link Mon Jul 1, 2013
May be possible with more down 10-20%. Todd Olson at Republic Bank. Portfolio lenders or small community banks are the best bet with this kind of situation.
0 votes Thank Flag Link Mon Jul 1, 2013
Hello Homehunter
If this is for your owner occupied residence then you should have no problem obtaining financing regardkess of the rental rate.
I would be happy to help - please feel free to check my references online
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes Thank Flag Link Mon Jul 1, 2013
You will probably need to put more down but Wintrust should be able to help you if that's the only issue. Ryan Mecum at rmecum@wintrustmortgage.com should be able to assist you.
0 votes Thank Flag Link Mon Jul 1, 2013
Hi Homehunter,

Please feel free to give me a call.

Josh Marks
0 votes Thank Flag Link Mon Jul 1, 2013
Ben Cohen - Guaranteed Rate


Andrew Luett - Wintrust Mortgage

Both are amazing at their jobs and both are brokers so they can shop around until they find a bank who will buy your loan from them OR they will sometimes hold on to it.

Jeff Stewart
REALTOR®, @properties
3101 N. Greenview Avenue, Chicago, IL 60657
309-269-3499 CELL | 773-305-0480 FAX
0 votes Thank Flag Link Mon Jul 1, 2013
Bernard Duganzik 847 508 0190. You will likely need at least 10 percent down.
0 votes Thank Flag Link Mon Jul 1, 2013
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