Property Q&A in Chicago>Question Details

Caroline Fel…, Real Estate Pro in Chicago, IL

Selling a unit to a buyer with good credit and high income. But the rental% in bldg is 70%. Bldg has a reserve of $36k. Are there Loan Options?

Asked by Caroline Felix, Chicago, IL Tue Mar 15, 2011

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Answers

5
Buyer can get a conventional loan with 20% down. If he has the good income and credit but lacks 20% he can only go FHA and your HOA possibly wouldn't make the cut
1 vote Thank Flag Link Tue Mar 15, 2011
There are conventional loan options but the buyer will need 20% down. If you have any further questions feel free to contact me at your earliest convenience.
0 votes Thank Flag Link Tue Mar 15, 2011
Thank you for your feedbacks... I will certainly incorporate your info!
0 votes Thank Flag Link Tue Mar 15, 2011
Yes call Lenka Duffy with Wells Fargo @ (773) 290-2105.
0 votes Thank Flag Link Tue Mar 15, 2011
Yeah, call Ryan Mecum at Wintrust Mortgage. 312-933-9778.
0 votes Thank Flag Link Tue Mar 15, 2011
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