Home Buying in Chicago>Question Details

Me, Both Buyer and Seller in Chicago, IL

I want to move to South Loop....

Asked by Me, Chicago, IL Mon Jul 8, 2013

I want a duplex up or down in a nice building. I know I need to save a lot for what I want but is it good to stop contributing to Roth IRA and just put everything into saving? I own a home now and I am 39. My goal is to move in about 5 years or so. The market may be better for me when selling my home but then I may not be able to afford to move to the south loop. Also, I had a short sale in 2011. I have no other debt but my mortgage. My current income is 103K. Is it possible with everything I have going on? Any suggestions? Thank you so much.

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After you speak with your lender email me at jmichaels@remax.net for the South Loop Property
0 votes Thank Flag Link Mon Jul 15, 2013
Speak with a Lender first. You will need to qualify for a purchase based on your 2011 Short Sale. Then put together a financial plan to help you realize your goal of purchasing a home in 5 years.
Web Reference: http://www.BJDLOANS.com
0 votes Thank Flag Link Tue Jul 9, 2013
Hello Me!
Start with the end in mind! Talk to a mortgage broker, Susan Brown at PHH 312-339-8249, and get a handle on your credit score. Your score may be up and better than you imagine even after the short sale and you may be able to take advantage of still low interest rates. Many people are able to buy again within a short timeframe. Next, talk to a realtor, me ;D, about what your home is going for in the market right now. At that point you will have the adequate information to make a decision about whether it is prudent to make the move now. One other factor to mitigate toward making a move now is that intterest rates are inching up gradually after having been kept down due to the housing crisis.
Let me know how I can help!
0 votes Thank Flag Link Tue Jul 9, 2013
Dear Me,

To qualify for loan after a short sale you have some general rules. Fannie Mae will finance you two yours from the completion date of the short sale and Freddie Mac will back you loan four years from the completing date of your short sale. It sounds like you may qualify for a Fannie Mae loan. Contact Mary Kay Laurent with Guaranteed Rate at 773-516-6859. She is amazing and she will be able to tell you exactly when you can by and how to get you qualified. Best of all this is no cost to you and it is worth it so you know what you need to do.
0 votes Thank Flag Link Tue Jul 9, 2013
You will need to see if first you can do a buy with the recent short sale. I would speak with a lender. Then you need to figure out what you want to do money wise. See what you can afford, look at what the market will allow you to obtain, and access the situation.
0 votes Thank Flag Link Tue Jul 9, 2013
Yes, the short sale hurt your credit a little, but not as bad as some of the other options. Your current home can be rented and you can sell it when the market improves. Now is a great time to buy in the South Loop. Developers have excess product and homeowners are looking to clear out some investment property from overbuying multiple units in Museum Park developments. It is a great place to move downtown, yet get a larger unit that is very dog friendly.

Regarding the IRA many retirements programs allow access to money for home purchase. Talk to your benefits person in HR about how your individual account is structured. Also, talk to a few mortgage people. They will know the changing and fluid mortgage rules and options.
0 votes Thank Flag Link Tue Jul 9, 2013
You need to speak with a few lenders to see what you can afford. My web site has some lender references. They do not charge to speak with you. There are not many duplex down units in the S Loop, but have an agent set up a search just to start seeing what you can get for your $$ even if it might be 1-3 yrs before you are ready.
0 votes Thank Flag Link Tue Jul 9, 2013

You need a little more than a Realtor in this case as you have some investments for your retirement. I suggest speaking with a financial planner as well as a Realtor, have them work together to create a plan for you so you don't make any mistakes over the next 5 years and are able to by the place you want and sell your current home.

Sohail A. Salahuddin | Founder and Team Leader

Innovative Property Consultants Group | Sales and Leasing


Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 

O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

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0 votes Thank Flag Link Tue Jul 9, 2013
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