Hello- I am in the chicago area. I have $100K to buy a home, but these houses are loaded with city violations and I can't move in and fix it as I go.

Asked by mlacerda, Chehalis, WA Sun Mar 31, 2013

Is there another way to approach this? My realtor wants me to get a loan but I don't want to tell her I don have tax paper as prof of fund even though, I can afford a loan of $100K more.

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Dan Tabit, Agent, Issaquah, WA
Sun Mar 31, 2013
Your question appeared in WA, where you apparently currently live, but you are asking about Chicago. You may get better answers if you ask again in a Chicago thread.
Now, if you have $100k in cash and want to buy, your options are to spend just that much and take the best option available to you where you want to live, expand your search to areas where homes are less expensive that may not have the violations you are worried about or finance.
Conventional financing may not be an option for you if you can't source the funds. Other options may exist though, which could expand your range, provided you are willing to take on debt and are confident your income can support it. Ask your Realtor for a recommendation to a lender who does Portfolio loans and or hard money loans. The qualifications for these loans are different and you may find some allowance for your circumstances. The rates and fees may be higher than you see advertised for conforming financing, because you represent a greater risk then someone who can fully document their income.
I also want to go on record as saying these are options for you, not necessarily recommendations. For me to recommend these, I would have to know a lot more about your situation. Paying higher rates and fees and essentially putting your down payment at risk should be considered very carefully before proceeding.
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