I'd suggest speaking with some mortgage brokers in addition to just speaking with banks and/or credit unions. I've included contact information below for some of the lenders that I work with most often. Any of them should be able to let you know pretty quickly whether or not this type of loan might be possible, and Mike makes a great point that you might want to get a sense of the value of the property from a local Realtor prior to ordering (and paying for) an appraisal. Good luck to you.
Daniel â€œDanâ€ Larkin, Senior Loan Officer
Sam Sharp, Vice President of Mortgage Lending Retail Division
1555 Naperville-Wheaton Rd.
Naperville, IL 60563
630-388-1300 x 253 (ph)
2936 W. Belmont Ave.
Chicago, IL 60618
Broker Associate, Keller Williams Chicago Consulting Group
716 E. 47th St. Chicago, IL 60653
(773) 418-0640 (cell) (312) 577-0985 (fax)