Home Buying in Chicago>Question Details

Shaun, Home Buyer in Chicago, IL

I am looking at purchasing a new condo in Chicago and wanted to know how easy/hard it would be to secure a mortgage.

Asked by Shaun, Chicago, IL Tue Aug 6, 2013

I am currently a Canadian citizen who is moving to Chicago for a full-time job with a salary above $55K before taxes. I just recently graduated school and have got offered this job. I currently do not own any U.S credit cards, however I do have credit history in Canada, which I understand is different. I wanted to secure a mortgage for a $250-300K condo with about 10-15% down payment. How easy would this be for me? What sort of rates would I be looking at?

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Answers

11
Hello Shaun
You will benefit from establishing US Credit first. Otherwise you will be restricted to specific programs which will require larger down payments than what you have available - and they will also have higher interest rates. Establish your credit in the US over the next 6-12 months. This will also allow you some time to become familiar with the city and the possible areas that you may want to consider purchasing a property.
I would be happy to walk you through the process and answer any questions that you may have

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

http://www.guaranteedrate.com/SamSharp
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 Aug 7, 2013
Feel free to contact me to discuss further - Options do exist.

Bill J Deligiannis
First Centennial Mortgage
B.Deligiannis@GOFCM.com
630-788-5288
Web Reference: http://www.BJDLOANS.com
0 votes Thank Flag Link Wed Aug 7, 2013
Hello Shaun,

As others have indicated, it's best that you speak with a lender directly. Feel free to contact me directly. I am happy to help.

Matthew Roder
Guaranteed Rate
Vice President of Mortgage Lending
630-388-9533
matthew.roder@guaranteedrate.com
http://www.guaranteedrate.com/Matthewroder
0 votes Thank Flag Link Wed Aug 7, 2013
Dear Shaun,

While banks now are required to follow stricter guidelines these new guidelines protect you the consumer as well as the tax payers. Work with

Mary Kay Laurent
Associate Vice President of Mortgage Lending
marykay.laurent@guaranteedrate.com
http://www.guaranteedrate.com/MaryKayLaurent


She is excellent.
0 votes Thank Flag Link Wed Aug 7, 2013
Hi Shaun
As others have indicated, you will need a specialized loan to fit your circumstances. Normal conventional financing is going to require that you first establish legal residency here and start working.

There are foreign national programs available, but every program I know of requires a hefty down payment of 25%-30%. The other area of concern I have is that $55,000/year is really not that much income to be considering that expensive of a condo. Besides just the mortgage payment, there are condo dues, property taxes, and insurance that you need to account for. Plus you need to account for your other living expenses like transportation and food.

I'm not trying to discourage you from buying or saying it can't be done, but I deal in sound advice and I'm just saying you should think about all these things before making a big decision. Just because you can doesn't mean you should. Don't make yourself house-poor and if renting is a better fit then don't feel like you need to buy.

Best of luck in this as well as the new job!

Tony
0 votes Thank Flag Link Wed Aug 7, 2013
Contact Kelly Price 773-501-6653 or email at kprice@wintrustmortgage.com. Let her know I referred you.

Good luck!
0 votes Thank Flag Link Wed Aug 7, 2013
You should contact a lender. They can help you out.
0 votes Thank Flag Link Wed Aug 7, 2013
email me at jmichaels@remax.net and I will send you the lender contact
0 votes Thank Flag Link Wed Aug 7, 2013
My web site has some lender references. Give them a call and see.
0 votes Thank Flag Link Wed Aug 7, 2013
Call 3 or 4 lenders in Chicago and see if you can get a loan
0 votes Thank Flag Link Tue Aug 6, 2013
Hi Shaun
I do loans for Canadian nationals. Please give me a call at 312-608-1555 I'd be happy to help.
Thanks,
JP

JP Marzano
1st Advantage Mortgage
NMLS # 574681
jp.marzano@1amllc.com
0 votes Thank Flag Link Tue Aug 6, 2013
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