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61820 : Real Estate Advice

  • All14
  • Local Info2
  • Home Buying7
  • Home Selling1
  • Market Conditions0

Activity 14
Tue Jan 20, 2015
Sandy Thompson Girolami answered:
Some lenders, mine included, will consider a 580 credit score but only with 10% down. Don't know to many that will touch it otherwise. You will pay a much higher interest rate though until your credit score gets to at least 620. Life many have suggested, it might be in your best interest to get your finances in order before you attempt to purchase a home. It will be a lot easier. Underwriting may possibly approve the loan with a 580 Credit score and 10% down but it won't be easy ... more
0 votes 12 answers Share Flag
Tue Jan 20, 2015
Sandy Thompson Girolami answered:
I would be happy to take a look at your situation. What price range are you looking to purchase in? You do need to show some money in the bank in order to purchase a home.

I would suggest trying to round up 3% of whatever price your looking to purchase in because the underwriter will want to see that in your acct. If you can get some seller credit from the seller which is very common combined with a tax credit which in most of Illinois is pretty hefty. You might only end up needing a few thousand at the closing table. If you don't have at least a few thousand socked away, you probably are not in a position to comfortably purchase a home by yourself.

FHA also allows gifts to be used for down-payments. Its very common for people to get a "gift" from a family member to help with the down payment. Gifts cannot be received in cash, they need to be in the form of a check and verifiable. If you received cash as a gift it needs to sit in the bank for at least 2 months before it will be "seasoned" and allowed.
... more
0 votes 5 answers Share Flag
Wed Dec 24, 2014
Josh Barnett answered:
Save up for the down payment.
0 votes 4 answers Share Flag
Sun Aug 10, 2014
Bob Brandt answered:
You may want to consider also that the appraisal may not be an accurate or current guesstimate of what you would actually end up selling it for. Just because you do construction work does not mean you should or have to. ... more
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Mon Jan 27, 2014
Annette Lawrence answered:
Wells Fargo just financed a $17,000 condo purchase in a community that was a land lease.
That credit history can be the problem. I NEVER like sending anyone to Wells, BofA or chase. ----- You are right, they will SEE your credit history. You may need to consider other sources such as PEER FUNDING, private money or a real estate investor. ... more
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Thu Oct 31, 2013
Ashley Pimentel answered:
Thank you for your service. I am a loan officer who works with over 40 lenders. For VA loans we go down to 500 fico scores. To find out if you're able to get pre-appproved, I will have to look at your credit and income. Please contact me if interested.

Thank you,

Ashley Pimentel
Senior Loan Originator
Market Place Mortgage
246 E Janata Blvd. Suite 220
Lombard, IL 60148
Cell: (630) 217-7013
... more
0 votes 3 answers Share Flag
Thu Dec 6, 2012
Sonja Tani answered:
Hi Sweetbean,

You're talking about buying a Mobile Home. May I assume that it is already on a foundation and includes the land. If that is the case and you have sufficient down payment and income or other assets, my suggestion would be to contact a Private Lender. This sort of loan is called a "Hard Money Loan", which sounds much more frightening than it really is, but it would seem to be your only solution.

These companies lend for shorter periods of time than a Conventional Loan. Some will lend up to 3 years. That would give you the time to get your financial house in order and get your Credit Score to the point where you would qualify for a Conventional Loan. You just need to be sure that the Lender does not include a pre-payment penalty clause in the contract.

I have worked personally with a company that speciallizes with clients with your same problems. They will lend for as long as 3 years and they do not include a pre-payment penalty Here is their contact information

The Westmoore Group, LLC
Ph: (646) 801-6190
Fx: (646) 619-4291

Itls worth a call to see if they can help.
Good Luck
... more
0 votes 3 answers Share Flag
Wed Apr 18, 2012
Cindy Yim answered:
I will be happy to assist you if you want to have your own Realtor.
Please feel free to contact me anytime~!

Thank you~!

Cindy Wang Do Yim, Broker/Owner
Tel: 217-359-2310
Cell: 217-390-4351 (For All MLS active listings, click to Search for Homes)
Cindy's Residential & Commercial Realty
... more
0 votes 7 answers Share Flag
Fri Nov 13, 2009
Cherrie Catama-Smith answered:
It is very possible to rent to own, but when time comes to own, you still need to obtain a loan. FHA does allow you to have a minimum score of 620. How bad do you think your credit is? You might want a second set of eyes to take a look at your situation just to make sure. I also work with an agency that may be able to help you clear up your credit. Feel free to contact me if you want another opinion. I am also a licensed loan originator for the State of Illinois.

Good luck

Cherrie Catama
773.490.3437 Phone
800.395.0154 Fax
... more
0 votes 3 answers Share Flag
Thu Sep 17, 2009
Chino Hills Homes answered:
Steve - I would work the problem backwards, the best time to buy is when you are ready to buy. Start off by looking at your financial stability, job security, saving ect. If your financially ready to make a long term commitment to buying a home, now is a very good time to buy a house, as the market has pulled back very far. If you are asking is the bottom no one know the answer to that question. A few things you have going for you, high inventory plenty of houses to choose from, very low interest rates and only the best agents are still in the business, best of luck to you. ... more
0 votes 5 answers Share Flag
Wed Jul 16, 2008
Sean Cochran answered:
Steve, it depends on your individual situation. You can actually do an FHA loan with no money down if the seller agrees to give you the 3% and closing costs. Let me know if you have any questions.

Sean Cochran
Quality Mortgage Lending
... more
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Fri Oct 19, 2007
Bam answered:
I have lived in both Champaign and Urbana, and I prefer Urbana's schools. Champaign didn't take much time to help when my son encountered some problems, but Urbana was much better in that regard. However, I have to agree with the other comments: Mahomet, St. Jo, Monticello, are all probably better options for schools.

Crime rates b't Champaign and Urbana are probably really similar - the towns are so intertwined.

There are no city taxes here - only county taxes.
... more
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