Asked by DFiz1, 60614 • Wed Jan 9, 2013
We are looking to purchase a foreclosed multi-unit (2 flat) in an excellent neighborhood (great school district). The neighborhood has been mostly shielded from the housing crash - next door homes are $750k - $850k and have sold the same-day as listing. This particular property has a new home being built next door appraised at $1.4MM. The property is in good condition, and is in move-in ready condition. We plan to live in the first floor unit initially, then convert the home to a single-family. This will be our primary residence. We are not first-time buyers (just sold our condo). We have good credit (median for wife & myself around 720), few debts (1 credit card , 1 car loan, 1 student loan - all in good standing), and a combined income of $200k annually. We are having a really hard time finding a lender for a $600k loan with 5% down. Any advice on lenders to talk to or options would be much appreciated! Thanks in advance.
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