Jeff

Correct, like I said, its not FHA approved yet, its in the process. The condos dont close for almost another year, so before that time, they will be FHA approved, there will be no need for spot approvals. Thanks for your help though. - Wed Aug 20 2008, 06:57

Laura and Mike, my name is Jeff Dulla and I am actually the preferred lender for Terrazio. Sorry about my profile picture and everything, I just started this account. If you want to know more about Terrazio, please contact me 708.531.8322 or email me at jdulla@uhloans.com. My company, United Home Loans, does a lot of condos in Chicago and this is one of the many properties that we are the preferred lender on. Like Sierra Bloom said, these condos are reasonably priced and you are definitely able to negotiate with the sales staff (call Akos Straub 312.730.8719). Also, two things to keep in mind is that there is a $2500 credit for buying at Terrazio and using me as the lender and also, by closing, Terrazio should be FHA approved which means that you only need to have 3% to put down as a down payment. - Tue Aug 19 2008, 14:17

One good company is United Home Loans at http://www.uhloans.com, you can apply or get pre-approved through the website, on the phone or in person - Wed Aug 13 2008, 14:23

Mortgage banks (not large banks like Wells Fargo) are a great option. Let me know if you want a couple different options. I am young and live in Wicker Park and know some good lenders. - Wed Aug 13 2008, 14:13

The advantage is that if you are a good canidate (someone with a steady job who can make the monthly payments) than you can get into a home with average credit and little to no money down. This allows people who are not liquid (especially young professionals) to buy into a great market right now. If you are planning to stay in the place for a few years, this is a great option.

One main disadvantage is that your prospectful home may not be worth what you pay for it down the road. If you want to sell your property soon after and realize that it appraises out for less than you paid for it then you are in trouble. Other disadvantages depend on your investment/debt/tax strategies. If you are conservative and believe that having equity in a home is a very safe investment, than you wont like this option initially. If you believe that you should put some money in your home, some money in retirement, some in other investments, then this option will allow you to hold on to more cash and invest it as you see fit. - Wed Aug 13 2008, 14:08

It is definitely a good idea to save money for a down payment but you should definitely keep in mind the fact that interest rates have been volatile and there is no guarantee where rates will be around NOV/DEC. If your mortgage professional hasnt already suggested looking into FHA loans then it is time to starting asking some questions about your lender.

Take for example people who waited to buy a home two months ago becuase they thought home prices would be lower today. On average, home prices have decreased a bit but what buyers do not take into account is that interest rates are much higher than they were 2+ months ago. There are many cases where people have lost on average $40,000 in interest payments on their new homes because they waited instead of buying now. THERE IS A BALANCE between the best prices and best interest rates that you should capitalize on. - Wed Aug 13 2008, 14:01

Check out the rent to own program with the Marquee building in the South Loop... - Wed Aug 13 2008, 13:53