Rentals in Chicago>Question Details

Scarlet, Renter in Chicago, IL

I'm interested in buying a home/ condo. I'm self employed and make about 12,000 annually. Is it possible???

Asked by Scarlet, Chicago, IL Thu Apr 18, 2013

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Definitely a question to sit down with a mortgage broker and see what options they may have for you. We've got a great team at the office that can answer these types of questions for you. Let me know if you would like me to have one of them give you a call.

Paul Cionczyk| Coldwell Banker Residential Brokerage |Broker
312-433-9931 | PaulCionczyk.Broker@gmail.com |PaulCionczyk.com
Web Reference: http://www.paulcionczyk.com
0 votes Thank Flag Link Fri Apr 19, 2013
Nice answer! How is your market?
Flag Wed May 1, 2013
It depends on how much you want to borrow, your credit, how much you have to put down & your job...
0 votes Thank Flag Link Fri Apr 19, 2013
Speak to a Loan Officer to go over both your income and liabilities.
0 votes Thank Flag Link Fri Apr 19, 2013
Scarlet,

With self employed income of $12,000; you would have to pay cash to buy a place.

Best regards,

Ivan Sagel
@properties
312.515.7823
Ivan@atproperties.com

I always appreciate your referrals…
0 votes Thank Flag Link Fri Apr 19, 2013
Working backwards:
You are looking at about $85,000 for the Condo
20% down,
and about $100/month for the HOA fees.
For a $450/mo PITI + HOA

You can GOOGLE; "mortgage calculator"
and plug in some figures; play with it.
0 votes Thank Flag Link Thu Apr 18, 2013
It is possible - but it will depend on your other monthly obligations as well as several other factors such as Property type, credit rating, down payment, and other key components of the approval process. I recommend speaking with a lender - its free and there is no obligation.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes Thank Flag Link Thu Apr 18, 2013
Probably not. You will need to discuss with a loan officer. Try Ryan Mecum at Wintrust mortgage. Rmecum@wintrustmortgage.com
0 votes Thank Flag Link Thu Apr 18, 2013
Do you have a spouse or relative who can also be on the loan?
0 votes Thank Flag Link Thu Apr 18, 2013
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