Financing in 60640 : Questions & Answers

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Andrew Luett, Real Estate Pro in Chicago, IL
Andrew Luett answered:
First time home buyers grants/down payment assistance for Chicago Police Officers?
Hello,

We offer first-time homebuyer grants to Chicago Police Officers, Teachers & Firefighters.

Thanks,
Andrew
0 votes Share Flag Sun Apr 3, 2011 Financing in Chicago
Suzanne Hami…, Real Estate Pro in Orland Park, IL
Suzanne Hamilton answered:
Are more Realtors branching out into development and contruction?
Smart Realtors these days do follow the money and not sit around waiting for things to happen. Developing, building, renovating and realty are in the same industry, so I am not surpris ... more
0 votes Share Flag Fri Apr 1, 2011 Financing in Chicago
Cathi Weaver, Real Estate Pro in Chicago, IL
Cathi Weaver answered:
What's the best way to finance investment property (town home)?
Hi Teri,

Here is a lender I can recommend to you if you are wanting to explore your options.

Chuck Miceli
APM Mortgage
(847)993-5990

I hope that helps!

Cathi Weaver
Kelle ... more
0 votes Share Flag Thu Mar 31, 2011 Financing in Chicago
Philip Sencer, Real Estate Pro in Chicago, IL
Philip Sencer answered:
Where can I find a lender that will let me put 10% down for a loan for a condo where the HOA is suiting the developer?
Perhaps you can find it on the Moon. Why would you want to get involved in a 'project' with those problems? There are a million choices out there. If you give me the address p ... more
0 votes Share Flag Mon Aug 8, 2011 Financing in Chicago
Jonathan D.…, Real Estate Pro in 07470
Jonathan D. Joachim answered:
What are FHA appraisers and what are their qualifications? I’d like to know what makes them special because….
Dominic,
This was obviously a huge mistake. This home should have gone as a full 203K, no doubt about it. The fact that the utilities were turned off makes it so. The apprasier was ... more
0 votes Share Flag Mon Mar 28, 2011 Financing in Chicago
Michael Cline, Real Estate Pro in Chicago, IL
Michael Cline answered:
What banks can lend a mortgage loan with an itin number in Chicago, IL???
I think TCF Bank used to do them, but I'm not sure if they still do. Good luck!

mike.
mcline@waterstonemortgage.com
0 votes Share Flag Wed Apr 23, 2014 Financing in Chicago
Peter Kedzior, Real Estate Pro in Arlington Heights, IL
Peter Kedzior answered:
My husband and I lost our home to foreclosure about 12 months ago because the bank wouldn't work with us. Now, can my dad co-sign loan? We make
I think it would be much easier and less painful if your dad bought this property as his second home (most likely, at least 20% down payment would be required) and then sold it to you w ... more
0 votes Share Flag Mon Mar 21, 2011 Financing in Chicago
Dominic Vale…, Real Estate Pro in Chicago, IL
Dominic Valenti answered:
How do I determine comparables for a gut-rehab of a SFH when submitting an appliation for a loan?
Dave,

How much are you over on the 203k?
0 votes Share Flag Tue Apr 26, 2011 Financing in Chicago
Phil Rotondo, Real Estate Pro in 32940
Phil Rotondo answered:
what all should i say in my letter for job gaps and slow pays?
Sowell;
Tell it like it is....plain and simple.
Soft-soaping it or using smoke and mirrors only makes thing worse.
0 votes Share Flag Wed Mar 16, 2011 Financing in 60636
Dp2, Other/Just Looking in Virginia
Dp2 answered:
Does anybody have a hard money lender who lends on after repair value (A.R.V)? Single Family Homes in Chicago suburbs.
That's a good question. I'll bounce that one off of a few mortgage brokers I know, and I'll get back with you on this.
0 votes Share Flag Fri Mar 11, 2011 Financing in Chicago
Michael Cline, Real Estate Pro in Chicago, IL
Michael Cline answered:
Loan needed...
Rule of thumb is 2 years from the discharge date. Even though there are always exceptions to the rule, good luck getting an underwriter to approve your application. They are too afrai ... more
0 votes Share Flag Thu Sep 6, 2012 Financing in 60640
Jason Naill, Real Estate Pro in Chicago, IL
Jason Naill answered:
I currently have a owner occupied FHA loan, what are the penalties if I rent the home as I am unable to sale it? I have owned the home for 5 years.
The simple answer is "yes," provided that you have lived in the home as your primary residence for at least one year. The FHA takes this requirement seriously enough to do spo ... more
0 votes Share Flag Wed Jan 8, 2014 Financing in 60640
Suzanne Hami…, Real Estate Pro in Orland Park, IL
Suzanne Hamilton answered:
Selling property for more than purchase price - problem getting a loan
Daniel -

Quick flips for more money are still totally possible. It just depends on the bank. I have heard most banks want 90 days seasoning and if the property appraises out, they ... more
0 votes Share Flag Wed Feb 23, 2011 Financing in Chicago
Sam Sharp, Real Estate Pro in Chicago, IL
Sam Sharp answered:
Im currently selling a 6 unit condomium builiding and need a bank that will finance a "first unit" sale . Unit prices range from 345-575k.
I have several options for your -
Please call me at 312 217 4030
Sam Sharp
Senior Vice President
Guaranteed Rate
0 votes Share Flag Thu Feb 17, 2011 Financing in Chicago
Steve Smither, Real Estate Pro in Palatine, IL
Steve Smither answered:
Is there any way to avoid mortgage insurance on a 30 year FHA loan?
Mortgage insurance for an FHA loan is in place for a MINIMUM of 5 years. At that point it may be removed.
If you did a 15 yr FHA loan and put down 10% you would not have mortgage insur ... more
0 votes Share Flag Tue Feb 8, 2011 Financing in Chicago
James Harris…, Real Estate Pro in Chicago, IL
James Harris Jr. answered:
Extenuating circumstance on BK less than 2 years - FHA says it is okay, but is it actually possible to obtain a mortgage with this situation?
Anne,

Your statement regarding FHA's guideline is correct, as it relates to the period from a bankruptcy discharge to present. As for the exception rule, it is just that. I' ... more
0 votes Share Flag Sun Feb 6, 2011 Financing in Chicago
Shivers, Real Estate Pro in Chicago, IL
Shivers answered:
Has anyone closed a deal with NACA lately on a purchase transaction?
I had a deal that never closed with NACA. The reason the buyer went to NACA was to use his own money for the work that needed to be done to this building rather than to put up the 10%. ... more
0 votes Share Flag Fri Feb 4, 2011 Financing in Chicago
Dan Tabit, Real Estate Pro in Sammamish, WA
Dan Tabit answered:
Do rates ever vary based on the total loan amount?
Bob,
Rates vary due to a number of factors, loan amount are certainly a consideration. A rate sheet will have adjusters based on loan amount, equity position, credit score, if you es ... more
0 votes Share Flag Mon Aug 8, 2011 Financing in Chicago
Debra (Debbi…, Real Estate Pro in Livingston, NJ
Debra (Debbie) Rose answered:
Our condo board drafted a proposed budget with only 8.5% set aside for reserves. Should we owners be concerned that lenders will find this too low?
Actually, AJ, this is a good question.
$3000 in reserves seems low to me. Why did they decide to reduce from a cushy 20% to 8.5?

Might I suggest you call a few local lenders, and ... more
0 votes Share Flag Tue Feb 1, 2011 Financing in Chicago
Evelyn Fred, Real Estate Pro in Chicago, IL
Evelyn Fred answered:
Does anyone know of a lender that offers home improvement loans for owner occupants in low income areas?
Hi Daniel,

I know this is going to sound "weird" but Bank of America has a great program called the "America's Home Grant Program", where they GIVE you $2500 ... more
0 votes Share Flag Fri Jan 21, 2011 Financing in Chicago
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