Home Buying in Chicago>Question Details

Chad Benson, Home Buyer in Chicago, IL

Recommendations for loans? Lenders? We have 10% down.

Asked by Chad Benson, Chicago, IL Tue Feb 19, 2013

Can someone please clarify our options, with what the facts are? Hearing diff answers from diff lenders. We have 10% down, and we want to purchase a SFH that is listed at $650k. Or, we can put down up to $75k if we need to, and we are looking at SFH and 2-flats (under $700k). We know we can certainly afford the estimated monthly payment at that loan amount. Question is: What loan products are out there to accomplish this? Apparently we can't get a Jumbo, split-loans are not advised, conventionals cap out.

Background: my wife and I are mid 30's professionals working in the city, steady jobs, advanced (Masters ) degrees in our field, no kids. Our HHI is around $200k. Her credit score is mid-700, and mine is 700. We are looking to purchase a SFH or Two-Flat in Chicago (North Center/Lakeview/Roscoe/Lincoln Square). We owned a condo for 7 years in the city & recently sold. It's a tough market right now as a buyer in the areas we are looking as everything is being snapped up immediately

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Call Mary Kay at 773.403.4150. I send my clients to her and she is simply put. Amazing!
4 votes Thank Flag Link Wed Feb 20, 2013
Chad, My team at Guaranteed Rate specializes in Jumbo mortgages and our turn-a-round for purchase closings is typically a week after the appraisal. Please call me to reivew your options and get you qualified for the right mortgage! 773.403.4150
1 vote Thank Flag Link Tue Feb 19, 2013
I can certainly help you with 90% Jumbo residential mortgage. This is something that I accomplish for my clients regularly. We are a Community Bank.
Joanna Weiss 773-327-3580
0 votes Thank Flag Link Wed Feb 20, 2013
Thank you everyone for your responses. Glad to see we are not barking up the wrong tree - although many of the answers we've heard before. We will be in touch. Best regards.
0 votes Thank Flag Link Wed Feb 20, 2013

I'll give you some advise on staying ahead of this fast moving market. Work with the brokerage that has the most market share in the area you are interested in. We will know what is coming on the market days before other brokers and a week or more before they show up on Trulia. Many homes are sold before they even hit the MLS.

Call or email me to schedule a meeting.

Best regards,

Ivan Sagel
0 votes Thank Flag Link Wed Feb 20, 2013
I agree with Manuel Brown - Mary Kay is excellent.
0 votes Thank Flag Link Wed Feb 20, 2013

Lots of good answers here and once you choose an agent to work with she or he will most likely have loan officers they have worked with for many years. This is one of the best recommendations you can get since that Realtor may have closed lots of loans over a long period of time with the same Loan Officer. Of course your best bet to beat the crowds bidding on the best properties is to have an agent watching the MLS several times a day looking for that "right" place for your needs.

I do have a question to ask you. Why is it you think that "Apparently we can't get a Jumbo..."? What piece of information are we missing here?

The Realtor Who Listens to Your Needs.

0 votes Thank Flag Link Tue Feb 19, 2013
Hi Deb - I am not sure what piece of information you're missing. We were told last week that with 10% down, the most we can qualify for is a "split 80/10/10" loan, and for a single-family-home the amount would cap out at $520k or so, based on the $417k conforming limits. Apparently for a jumbo, we need to put 20% down. Since my base income is $30k higher than my wife's, I am the primary on the loan but my credit score is lower than her as mentioned above. If my wife made more than I did, apparently we would qualify for a jumbo loan. Not sure if that info helps.
Flag Wed Feb 20, 2013

It sounds like you're well-qualified, and would have no problem getting approved for either a Jumbo loan or potentially a piggyback loan where the first loan would be a conforming $417 and the second a HELOC of 168,000,

In order to work out which would would be best for you, I'd need to verify three things: Your income, your assets and your credit.

Please feel free to give me a call at your convenience. My cell phone is 773-416-7107 and I can be reached from 9 am to 8 pm.

If you'd prefer, you could also fill out a complete application at my website, by clicking on "Start the Process"

I hope to hear from you soon.


Matt Bukovy
Senior Mortgage Consultant
Wintrust Mortgage
Web Reference: http://www.mattbukovy.com
0 votes Thank Flag Link Tue Feb 19, 2013
Are you working with someone on the purchase? From the information you provided, you should already have been pre-approved by a lender and ready to go.
That is 15 minutes on the phone with any of the lender reps we work with.
While you are looking for a sought after commodity in those areas, it is not impossible to be first in line and get what you are looking for. This is where we work every day, and there is no reason a good agent can't get you your next home at that price point.
If you want to end your frustration and get things moving, give me a call or email me
Dave Hanna 773-732-9123 davehanna@realtyexecutives.com
0 votes Thank Flag Link Tue Feb 19, 2013
I would call Tony Lupesc at 708-351-6416.
0 votes Thank Flag Link Tue Feb 19, 2013
Greetings Chad,

Based on the info you provided it appears that you would qualify for a JUMBO loan with 10% Down. Feel free to call me to discuss in detail your scenario.
Web Reference: http://www.BJDLOANS.com
0 votes Thank Flag Link Tue Feb 19, 2013
Sounds like you should be covered by the other answers but let me know if you need help. Good luck.
0 votes Thank Flag Link Tue Feb 19, 2013

I am sure you have some options please give Vic Lakhani a call at Blue Star Financial he has helped a lot of my clients and always seems to have a solution. His number is 847 529 5800.

0 votes Thank Flag Link Tue Feb 19, 2013
Talk to a mortgage broker who is able to sell different type of loans, versus a bank representative who can only sell you what their bank offers (Chase, Bank of America, etc.).

Let me know if you would like a recommendation!

Sarah @ Jameson Sotheby's International Realty


0 votes Thank Flag Link Tue Feb 19, 2013

We have a few different programs that should fit your scenario.

Feel free to call when you get a chance.


0 votes Thank Flag Link Tue Feb 19, 2013
Hi Chad,
We have a few programs for those putting 10% down. Please contact me if you'd like and we can discuss further. I'd be happy to help.

JP Marzano
Chicago Financial Services
312-204-6556 - direct
312-608-1555 - cell
0 votes Thank Flag Link Tue Feb 19, 2013
You should have some options. My web site has some lender references. Give them a call. Yea the market is pretty tight for many areas and property types, but not sure it is as tight for what you are looking for. More options will pop up as Spring approaches.
0 votes Thank Flag Link Tue Feb 19, 2013
Hello Chad - I can help you. We have loan programs that fit your scenario - without an issue.
Please contact me at your earliest convenience,
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes Thank Flag Link Tue Feb 19, 2013
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