Home Buying in Chicago>Question Details

Devin, Home Buyer in Chicago, IL

hard money lenders in Illinois

Asked by Devin, Chicago, IL Wed Feb 12, 2014

is there any hard money lenders in Illinois for owner occupied? I don't qualify for a conventional loan due to a foreclosure a year ago,but I make 70K, credit score 680 and can put 15k down..looking to buy a condo for 185K

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6
Hard money lending could be very risky for you. Why not keep on working, rent, save more money, improve credit and then purchase in a couple of years?
0 votes Thank Flag Link Thu Feb 13, 2014
Ernie,

I have a friend in California under a similar situation. Your best be it to keep saving your money, clean up your credit, and let the foreclosure season to just past two years.

You can Google hard money lenders but remember the rates you will pay will be very high!
0 votes Thank Flag Link Thu Feb 13, 2014
Ernie, read carefully the guidance provided by the lender who leaves personal no name (red flag). The risk of financing an owner occupied house is so great that the financing party will be forced into bankruptcy should you choose to file a frivolous complaint. This result of the Dobbs-Frank Consumer Protection Act has eliminated most seller financing. lease/options and rent to own opportunities involving occupant buyers. Why? Because they were overwhelmingly predatory. Amscott is still lending at 350%. Wells Fargo is now offering a similar product (deposit advance) with the same returns. ----------------It is time for you to call a REALTOR to discuss how you may be able to proceed with this purchase. YOU WILL NEED TO BEEF UP THE DEPOSIT or reduce the price point.
0 votes Thank Flag Link Thu Feb 13, 2014
Ernie,

It is difficult to find a hard money lender that will finance your purchase owner occupied. Cook County has Anti-Predatory Lending laws in place to protect homeowners. If you were purchasing a non-owner occupant/investor property, your options would be greater.
0 votes Thank Flag Link Thu Feb 13, 2014
There are not many hard money lenders out there right now.
0 votes Thank Flag Link Thu Feb 13, 2014
Hello Ernie, There might be other lending options that can help with your purchase. Please feel free to contact us for more information. Good luck!
0 votes Thank Flag Link Thu Feb 13, 2014
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