Lou Silva

Lisa - We have a procedure in place to allow for your exact situation. We will usually take the offer letter and your transcripts. We allow the loan to close within 60days of your hire date considering that your first payment would be approx 45 days from your day of closing (i.e. close Feb 15, first mtg pymt would be due April 1). I don't know that this is the rule for all lenders but I do know that we have been able to help many school grads with their first purchase. As for the qualification process, we tend to stay on the conservative side for new grads so not to overwhelm anyone with their new mortgage payment. The right thing to do would be to also get an idea from you as to what type of pymt "feels comfortable". We want to make sure it's right for your budget. Hope this helps - - Thu Feb 7 2008, 14:08

Hi, Lisa - I think it's great that you're doing your homework, researching, and asking all the right questions. Elvis makes a good point about getting your pre-qual out of the way. In some cases, you'll find that sellers won't let you see their home without a pre-qual. It usually only takes less than 30min to analyze credit and income and draw up some scenarios for you to review. Taking your time is definitely a smart move. With the market being more of a buyers mkt, you can afford to make sure you're getting a good interest rate and more importantly, the right loan program. I can show you a few first time homebuyer options if that interests you or at least give you a brief description to help put you at ease about qualifying for a loan. The mkt has definitely tightened up but rest assured, there are still several options out there for someone like yourself - with no debt and some money saved. You're in a much better position than you think! :)
As for Lincoln Square - I have friends that just moved there. We visited them over the holidays and it was great to walk to everything... great area. they bought a bungalow on Carmen - very nice!
Lisa, I hope this helps... I've been doing this a long time and one thing that I get a great response about is how I'm able to explain things so my cutomers understand them. Hope to talk soon and best of luck with everything!
LS - Tue Feb 5 2008, 12:03

Greg - I tend to agree with buying the single family. i don't believe there is a safety issue either way but you would have to weigh paying a maintenance fee at the condo/Townhme vs. a lawn svc at the single family. From the financing stand point - I can tell you that the approval of a single-family is easier. With a condo there is not only the loan approval but the complex itself also has to get approved before you can close... If there is any pending litigation or if the owner occupied units vs. rentals ratio is out of whack, then you run the possibility of the complex being declined, although your crdt is great. Let me know if I can be of further help and best of luck to you.
LS - Tue Feb 5 2008, 15:49