When looking to get financing for a condo, not only do you have to have your ducks in a row, the condo association must also be suitable for financing. Typically, your situation sounds good as long as you have been employed for the last two years and your income supports the mortgage payment and other debts. Where condo financing becomes tricky is when you are trying to figure out if the association is in good standing. You may want to contact a Realtor and Lender to have the association fill out a condo questionairre to ensure that the Homeowner's Association is in good standing.
You should be able to obtain a conventional loan given the information you have shared. But it will depend a lot on how much you have in monthly income, what the property taxes and monthly HOA fees are for the condo association, and what is on your credit report.
That said, loan approval will also depend on how bad of shape the entire condominium project is in. The development cannot have more than 15% delinquency in HOA dues.
Call me to get started with your pre-approval (I'm located in Palatine). That should be your first step.
Senior Loan Originator
Midwest Equity Mortgage
NMLS #: 222407
Also, I would be happy to help you find your home in Carol Stream. I live here, too!