Home Buying in Chicago>Question Details

Stef, Renter in Chicago, IL

me & spouse total income $116,000 rent $1300/month. Want to buy 1st home credit scores 630-650 but not sure of real score. very little down payment.

Asked by Stef, Chicago, IL Sun Mar 9, 2014

Would love to purchase our 1st home instead of paying someone else over $1300/month in which we can afford. very little credit card debt. I filed chapter 7 two yrs ago. just don't have much for down payment. is it possible to get a home instead of constantly renting. Thanks

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Dear Stef,

My best go to person for all my clients has been Mary Kay Laurent with Guaranteed Rate. I see she has already given you an answer. I truly recommend her services!
1 vote Thank Flag Link Mon Mar 10, 2014
Hello Stef, yes, I have done a number of Chapter 7 bankruptcies with FHA, doing one right now. I would need to understand more about your credit situation.

The three areas that a lender looks at qualifying a borrower are:

1. Credit score – minimum of 620 FICO for FHA is needed, the higher the score, the better rates you will get!
2. Loan to Value (LTV):With FHA, you will need 3.5% of the purchase price as a down payments.
3. Debt to Income (DTI): 45% of monthly debt to monthly gross income.

To get todays rates and fill out an application, please go to my secured website at http://www.guaranteedrate.com/MaryKayLaurent
You will be able to look at different loan options and APR and by selecting the green application button, you can setup you login information and fill in the application and run your credit (you can keep a copy – it is free) plus you get $150 off your closing costs!

Once you run credit, I will be able to review it and see what your options are to purchase a property based on your credit history and your income.

Stef, I would love to work with you, give me a call at 773.516.6859 to get started!

Mary Kay Laurent
Associate Vice President of Mortgage Lending
marykay.laurent@guaranteedrate.com

http://www.guaranteedrate.com/MaryKayLaurent

o: 773.516.6859 - m: 312.403.4150 - f: 773.328.1740
1 vote Thank Flag Link Mon Mar 10, 2014
Stef,

It looks like you've received a lot of great advice from local agents. The next step is sitting down with a great lender like Guaranteed Rate and getting the pre-approval. Once you know what your budget will allow, you'll find there are a lot of nice homes available to you.

You can start looking on line with atproperties.com which is really easy to navigate and will help you begin your search.

As a specialist with first time home buyers, I can tell you that with the right agent, the process will not be daunting.

If you have any other questions, feel free to contact me anytime!

Maryann
0 votes Thank Flag Link Sun Mar 16, 2014
I specialize in first time buyers and from what I have discovered I am one of the only brokers that does lease with options for buyer tenants. You should contact me and see if there is something I can do for you.

Regards,

Mark Malave
0 votes Thank Flag Link Sun Mar 16, 2014
I would talk with a lender, who can look at all of your options. There may be some help as you indicated you are a first time buyer, with a nice income. Try Phillip Williams at The Federal Savings Bank @312.738.6006. Call me when you get pre-approved and we can find your new home.
Angel Swan
773.668.8901
0 votes Thank Flag Link Mon Mar 10, 2014
There are all sorts of loan programs that you may qualify for including FHA with 3.5% down or a honepath loan. You can always request closing costs credits as well. Identify a good mortgage broker or lender and they are best to advise you
0 votes Thank Flag Link Mon Mar 10, 2014
Check the link below. Vince Kueffner can answer all of your questions. But sometime I don't like speaking to anyone or getting spammed by brokers or mortgage people. There are several calculators on the below site for Guaranteed Rate (Chicago's largest local brokerage). There is even an online approval process.

https://www.guaranteedrate.com/kueffnergroup

Here is a link to FHA buildings who have already been through the process and are approved for FHA financing. You can look up specific buildings or neighborhoods that you are interested in.

https://entp.hud.gov/idapp/html/condlook.cfm

FHA requires very little down-payment 3.5%. Local brokerage like Guaranteed Rate will more then likely know the building or area you want to be in. They can tell you if people have done deals with similar financial backgrounds. As opposed to a commercial bank where the lender is in New York and has no clue what building you are talking about or have never done a deal there.

Hope that helps and vote positive for me if it did.

Best - Ken Watanabe
@properties broker
http://www.24kpink.com
0 votes Thank Flag Link Mon Mar 10, 2014
Sounds like you might qualify for fha loan. I would speak with a lender however and they would be able to advise you best
0 votes Thank Flag Link Mon Mar 10, 2014
Yes...these days you can get a loan with as little as 3.5% down. I work closely with an amazing lender who will walk you through the process. He talks slow and makes certain that you understand everything that is involved with your loan commitment. Your credit score needs to be right around 640 to get a "solid" rate and you are there! I would love to help you out by connecting you with "my"lender. Additionally, I would be honored to help you on your search. I love working with first time buyers. My background is education, so we take it slow and I explain every step thoroughly to make sure you are 100% comfortable.

My Name is Kelly Halligan. I work in Chicago and the suburbs. I am with Mark Allen Realty. Feel free to contact me at kahhalligan@gmail.com
0 votes Thank Flag Link Mon Mar 10, 2014
Hi Stef,
You should qualify for an FHA loan if 2 years have passed since the Chapter 7 discharge date. Possibly even 12 months after discharge date depending on the cause of the bankruptcy. I can approve you with a higher ratio of debt to income than 45% if necessary as well. Please see my listing as an approved lender for this program here:

http://backtoworkprogram.org/lenders-offering-fha-back-to-wo…

I am available to help you at your convenience if you wish.

I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”

Regards,

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:

http://www.loansfromrob.com/quote/
0 votes Thank Flag Link Mon Mar 10, 2014
Well i too believe that your credit score is not that bad even. But try to improve the same as much as possible. Basis on which you can always apply for a home loan from a renowned financial institute on a low rate of interest.
0 votes Thank Flag Link Mon Mar 10, 2014
Good morning Stef,

I am a Mortgage Banker at The Federal Savings Bank headquartered here in Chicago. I specialize in FHA loans particularly for first time home buyers. Feel free to call me to discuss the various loan options available to you. I am at 312/789/4717. Happy Monday.

Brett Robinson, Mortgage Banker

The Federal Savings Bank | 300 N. Elizabeth Street, Suite 3E | Chicago IL 60607 | USA
direct: (312) 789-4717
fax: (312) 509-4373
cell: (773) 339-4254
email: brobinson@thefederalsavingsbank.com
web: http://www.thefederalsavingsbank.com/brettrobinson
NMLS# 1087112
0 votes Thank Flag Link Mon Mar 10, 2014
Based on the information you have provided, you may qualify for FHAs Back to Work program. This program is catered for people whom have had a short sale, foreclosure and/or Bankruptcy within the last 12 months.

I recently helped a family in a similar situation and they are now proud homeowners. Best of all their mortgage payment is less than their rent.

Please feel free to contact me with any further questions. I would be happy to help. Good luck.

Mayra O. Rubio
Sr. Mortgage Banker
Neighborhood Loans
630-246-4778
0 votes Thank Flag Link Mon Mar 10, 2014
Stef,

From what you're saying, YES, there is a very real possibility you could be approved for an FHA loan. As long as your bankruptcy was discharged more than two years ago.

Please contact me at 773-416-7107 today, and we'll take a look at your credit to determine what your scores are, and we'll take it from there.

I hope to hear from you soon.

Matt Bukovy
Senior Mortgage Consultant
Blueleaf Lending
mbukovy@blueleaflending.com
773-416-7107
0 votes Thank Flag Link Mon Mar 10, 2014
Greetings Stef,

The combination of your Income, Credit History and Down Payment will determine your ability to qualify for a loan. Feel free to contact me in order to get pre qualified.
Web Reference: http://www.BJDLOANS.com
0 votes Thank Flag Link Mon Mar 10, 2014
My web site has some lender references. Give them a call and see. They do not charge just to talk with you.
0 votes Thank Flag Link Mon Mar 10, 2014
I think you may have to rent, but I would speak with a lender to see what your options are.
0 votes Thank Flag Link Sun Mar 9, 2014
Call Tom Gavin from Academy Mortgage Corporation at (708) 732-0405. He is the best and will give you best advise.
0 votes Thank Flag Link Sun Mar 9, 2014
Based on what you have written I believe Bernard Duganzic with Key Mortgage can get you a loan. You can call him at 847 508 0190
0 votes Thank Flag Link Sun Mar 9, 2014
You may be able to qualify - but based on the details it may not be the right time which could cost you more than its worth. Speak with a loan officer to find out what you can qualify for and if it's the right time. I would be happy to help - even if it's just to prepare you for a later date.
Feel free to call me at your convenience.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed rate
773-290-0455
0 votes Thank Flag Link Sun Mar 9, 2014
Sounds like your in good shape. The first step is to talk to a mortgage lender. They will give you advice and send you on the right path for your next move. If you'd like, give me a call or send me an email to help you get started. All the best! Anna
0 votes Thank Flag Link Sun Mar 9, 2014
I don't think you'll have a problem but talk to an experienced mortgage broker. If you need a few references feel free to contact me.

Jose Hernandez
312-788-7079
ChicagoAgent312@gmail.com
0 votes Thank Flag Link Sun Mar 9, 2014
You should talk with a good loan officer ..but I think you can buy it
0 votes Thank Flag Link Sun Mar 9, 2014
According to this article from FHA, you might be able to qualify for an FHA loan. https://www.fha.com/fha_article?id=305

You should talk to a lender who understands the FHA rules.

Let me know if you need a referral. Good luck!


Eric Marcus
Eric Marcus Real Estate Group
Your Real Friend in Chicago Real Estate
esmarcus@sbcglobal.net
http://buyorsellinchicago.com
0 votes Thank Flag Link Sun Mar 9, 2014
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