TDL, Home Buyer in Chicago, IL

Have excellent credit, low debt but had been laid off 1.5 yrs and only back to work for 1 year. Can I get a loan?

Asked by TDL, Chicago, IL Thu Aug 1, 2013

I am a 1st time homebuyer and want to purchase a very modestly price home. I h ave excellent credit with a low debt to income ration but was laid off for 1.5 yrs and have only been back working for a 1 year. Can I obtain a home loan?

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Answers

15
Joanna Weiss, , Chicago, IL
Tue Aug 6, 2013
We have many first time homebuyer down payment assistance programs. I would be happy to work with you to secure financing on your upcoming purchase. Joanna Weiss 773-327-3580 NMLS#230092
0 votes
Joe Schiller, Agent, Chicago, IL
Sat Aug 3, 2013
that sounds like a stretch to me
0 votes
Evelyn S. Fr…, Agent, Chicago, IL
Fri Aug 2, 2013
Hi TDL,

Work with Sam Sharpe, he's a lender and responded to your inquiry here.

When you're ready to purchase call me to find your dream home. You can start your search right here http://www.evelynfred@mredselectsites.com.

Good luck!
0 votes
Mike Opyd, Agent, Chicago, IL
Fri Aug 2, 2013
A lender is better suited to answer this questions. They can walk you through your finances and tell you if you can be approved for a purchase or not.
0 votes
Timothy Gall…, Agent, Orland Park, IL
Fri Aug 2, 2013
What an exciting time for you. I am sure you will find the loan for you. Guaranteed rate is one if the best in city. Congratulations on getting past your hard times. Good luck. Tim
0 votes
Manuel Brown, Agent, Chicago, IL
Fri Aug 2, 2013
TDL,

Work with Sam Sharp. He is EXCELLENT.
0 votes
Jeffrey Nobl…, Agent, Evanston, IL
Fri Aug 2, 2013
Call Bernard Dugandzik at 847 508 0190 with Key Mortgage. He's a mortgage officer that can help you
0 votes
Bill J Delig…, Agent, Naperville, IL
Fri Aug 2, 2013
Assuming income, credit and down payment are acceptable, you should qualify for a loan. Feel free to contact me to discuss.

Sincerely,

Bill J Deligiannis
First Centennial Mortgage
b.deligiannis@gofcm.com
Web Reference:  http://www.bjdloans.com
0 votes
Matt Laricy, Agent, Chicago, IL
Fri Aug 2, 2013
You should call a lender up and find out. Only they can tell you.
Web Reference:  http://Americorpre.com
0 votes
Sam Sharp, Mortgage Broker Or Lender, Chicago, IL
Fri Aug 2, 2013
This will not be a problem as long as you meet the other standard requirements - I would recommend contacting a loan officer to get pre approved. They can answer all of your questions and its free. I would be happy to help if you are interested
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
sam.sharp@guaranteedrate.com
0 votes
Matt Bukovy, Mortgage Broker Or Lender, Chicago, IL
Thu Aug 1, 2013
TDL,

You posted twice, so I'll answer twice:
TDL,

The guidelines are that if you were laid off for more than six months (and you were) you need to be back on the job for at least six months (and you have been) so it would seem that there's a fair shot at getting you a loan. If you have a prior work history of two uninterrupted years, I'd say that that "fair" shot becomes a "definitely" shot.

And, if you're a First Time homebuyer, and meet a couple of other rather simple qualificaitons, you may also qualify for special First Time Homebuyer Financing which includes:
- Low fixed rate regardless of Score
- Reduced cost mortgage insurance
- DOWN PAYMENT ASSISTANCE UP TO $6000

So I'm thinking it would be a good idea for you to either give me a call or go to my website to fill out a FREE no-obligation application.

Let me know,

Matt Bukovy
Senior Mortgage Consultant
Wintrust Mortgage
773-416-7107
mbukovy@wintrustmortgage.com
Web Reference:  http://www.mattbukovy.com
0 votes
Daniel Porter, Agent, GLENVIEW, IL
Thu Aug 1, 2013
Call Guaranteed Rate and get the right answer.
0 votes
Matthew Roder, Mortgage Broker Or Lender, Schaumburg, IL
Thu Aug 1, 2013
I'm a lender in the Chicagoland area. As long as you are working in the same field now that you were working in prior to the layoff, this shouldn't be a problem. This situation does require a more in depth discussion. I would be happy to help. Feel free to contact me.

Matthew Roder
Guaranteed Rate
630-388-9533
matthew.roder@guaranteedrate.com
0 votes
Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Thu Aug 1, 2013
You may have to provide an explanation for the period of unemployment, but you shouldnt have too tough of a time getting a mortgage.

This would assume that you are back to work full time and are paid hourly or salaried. If your income is part time or if you are paid by commissions then you will probably have to wait until you have two years of w-2's and tax returns to substantiate your income.
0 votes
Chris Fischer, Agent, Homer Glen, IL
Thu Aug 1, 2013
As long as you have been working consistently for the year, you should have no problem obtaining a loan. Your first step should be to contact a loan officer, let us know if you need a recommendation! Best of Luck!
0 votes
Yes, I highly recommend the following 2 Mortgage brokers : Len Restaino : 1st Advantage Mortgage (708)717-0817 or Janine Iuliano : WJ Bradley (815)609-4409... both are highly skilled and have a plethora of programs available. I've also closed over 30 deal with each. Best of Luck!
Flag Thu Aug 1, 2013
Thanks for quick response. Can you please provide a recommendation in here in the Chicagoland area?
Flag Thu Aug 1, 2013
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