Financing in 60605 : Questions & Answers

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Mark Malave, Real Estate Pro in 60626
Mark Malave answered:
Does anyone know about an additional 10,000 dollar grant that you can get for a new home ? Not the down payment assistance grant.
There are many limitations, such as income, location of the property, etc. Talk to your lender to see if you qualify.
0 votes Share Flag Mon Mar 19, 2012 Financing in Chicago
Philip Sencer, Real Estate Pro in Chicago, IL
Philip Sencer answered:
I need to find refinancing for a 6 unit building in the Chicago area is there a listing of financial officers that handle this type of loan
My web site has some lender references that should be able to help.
0 votes Share Flag Fri Mar 9, 2012 Financing in Chicago
jeffdonnellan, Real Estate Pro in Chicago, IL
jeffdonnellan answered:
Question regarding reserves and HomePath financing guidelines...
You may have to meet Fannie Mae guidelines which require 2 years of documented rental income. My advice would be to talk to a mortgage lender to see how they can get you qualified. Ho ... more
0 votes Share Flag Sat Mar 10, 2012 Financing in Chicago
Sam Sharp, Real Estate Pro in Chicago, IL
Sam Sharp answered:
I bought a 4-unit in 2011 with an FHA loan. I just got engaged and we'll probably buy a SFH in the next 2 yrs. Will I be able to get another FHA?
You can not secure another FHA loan unless you are currently experiencing Hardship - or relocation.
I can help you look at your options with securing a conventional loan if you are i ... more
0 votes Share Flag Mon May 20, 2013 Financing in Chicago
Suzanne MacD…, Real Estate Pro in 07856
Suzanne MacDowell answered:
getting a loan with bad credit, first time buyer.
Hi Peter,

The best thing you can do is talk to a local mortgage banker. I don't mean one of the big banks, but one that specializes in writing mortgages. They will review the ... more
0 votes Share Flag Wed Aug 27, 2014 Financing in Chicago
Nicholas S N…, Real Estate Pro in Rockford, IL
Nicholas S Nelson answered:
I have $40,000 cash Down paymen. I'm looking to purchase a Home for under $90,000 I have no w2 or proven income. My credit is Fair at 650. Any?
Any lender is going to need to see proof of income (Tax Returns, W2's, Paystubs...) to borrow you money.
0 votes Share Flag Tue Feb 14, 2012 Financing in Chicago
Marina James…, Real Estate Pro in Chicago, IL
Marina James MBA answered:
Question regarding 4506T form for lenders
Once the tax return is accepted, and if you filed your 4506T by phone or online, your lender should get transcripts within 1 week.
0 votes Share Flag Wed Mar 7, 2012 Financing in Chicago
Sally Grenier, Real Estate Pro in Erie, CO
Sally Grenier answered:
Using rental income when getting a mortgage approved?
I'm not a lender, but this sounds about right. Lenders have gotten very strict when it comes to counting rental income. Talk to a few local lenders or mortgage brokers to confirm. ... more
0 votes Share Flag Mon Sep 23, 2013 Financing in Chicago
Matt Laricy, Real Estate Pro in Near North Side, Chi...
Matt Laricy answered:
where can i get a fha loan?
Many different lenders! Let me know if you need a referral.
0 votes Share Flag Tue Jul 16, 2013 Financing in Chicago
Philip Sencer, Real Estate Pro in Chicago, IL
Philip Sencer answered:
I have bad credit but I would like to buy a house now is that possible or should I wait until I fix my credit?
You first need to speak with a few lenders to see if you can get a loan and if so, how much. If you have a down payment and feel comfortable with the payments you will have then perhaps ... more
0 votes Share Flag Fri Jan 27, 2012 Financing in Chicago
Lucid Realty, Real Estate Pro in Chicago, IL
Lucid Realty answered:
I'm a first-home buyer with my sights on one specific home which is eligible for a HomePath Renovation Loan... As I prefer human contact, is there an
Hi,

I can absolutely connect you with a lender who specializes in Home Path.

Shoot me an email @ slevy@lucidrealty.com.

Sari Levy
0 votes Share Flag Thu Jan 12, 2012 Financing in Chicago
Suzanne MacD…, Real Estate Pro in 07856
Suzanne MacDowell answered:
Impact to FICO by participating in HAMP (Home Affordable Modification Program)?
There is an excellent book called "Underwater Home" that you should read, it may help answer this question more thoroughly than I can. My guess is it will probably have a neg ... more
0 votes Share Flag Wed Jan 4, 2012 Financing in Chicago
Bill J Delig…, Real Estate Pro in Chicago, IL
Bill J Deligiannis answered:
Do you have any great sources for private money or hard money for investor buyers that are rehabbing homes?
Never dealt with them but have heard some positive commentary about Community Investment Corporation (CIC). http://www.cicchicago.com/

In addition, you can always try the family and ... more
0 votes Share Flag Sat Dec 17, 2011 Financing in Chicago
Andrew Luett, Real Estate Pro in Chicago, IL
Andrew Luett answered:
Looking for residential lender references. The ones I have (had) are getting out of the business. Wonder why?
Hi Philip,

Happy to help you and your client with the condo conversion purchase. We've closed loans in 2 weeks time recently if that helps.

Thanks,
Andrew
aluett@wintrustm ... more
0 votes Share Flag Tue Dec 13, 2011 Financing in Chicago
Rich Homer, Real Estate Pro in 34108
Rich Homer answered:
Question regarding FHA loans and rental income...
We recommend you talk with a local Mortgage Broker. Try here http://www.trulia.com/voices/directory/Chicago-mortgage_broker_or_lender--9158
0 votes Share Flag Wed Dec 14, 2011 Financing in Chicago
Matt Laricy, Real Estate Pro in Near North Side, Chi...
Matt Laricy answered:
Any suggestions on how to locate a current source/recommendation for a HM lender(s) in Chicago or HM broker?
Not sure what you are looking to do with it. I would just contact your lender and let them know what you plan on doing and see what options they have for you.
0 votes Share Flag Mon Nov 28, 2011 Financing in Chicago
Nick Pirro, Real Estate Pro in Chicago, IL
Nick Pirro answered:
Preapproval - can we still get a loan in my husband name, we have been saving for several months then we find out
I don't think it will be a problem. Depending on the bank. They may just ask for a letter of explanation to acompany the statement. Chances are, they won't even question it.
0 votes Share Flag Mon Nov 21, 2011 Financing in Chicago
Evelyn Fred, Real Estate Pro in Chicago, IL
Evelyn Fred answered:
Can I sell investment property I solely own to my spouse?
Hi Tony,

That shouldn't be a problem provided, of course, your wife qualifies for a loan, i.e., good credit, suffice income, the debt to income ratio is at level, etc...

Tha ... more
0 votes Share Flag Sun Nov 6, 2011 Financing in Chicago
Philip Sencer, Real Estate Pro in Chicago, IL
Philip Sencer answered:
Is there a mortgage for American expats?
My web site has lender references to contact, but how can you feel comfortable buying any property without being able to look at it first??
0 votes Share Flag Sat Apr 20, 2013 Financing in Chicago
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