Home Buying in Carol Stream>Question Details

Pccoach, Home Buyer in Carol Stream, IL

I have a credit score of 650 and 20% down foe a $90000 condo.I have no debt other then a car payment.And about $30000 in savings can i get a loan

Asked by Pccoach, Carol Stream, IL Tue Aug 16, 2011

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Hello Homebuyer,
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.

Cecelia Marlow
Chicago Bancorp
Mortgage Banker
0 votes Thank Flag Link Mon Aug 22, 2011
Conventional or FHA loans are both a possibility depending on the condo complex. There are also other factors to consider as well when it times to your credit. Partnering with an experienced agent & lender are essential. Please feel free to call me personally for a no obligation consultation at 630-213-5461. Annette Akey, Prudential Starck, Carol Stream, IL.
Web Reference: http://www.I-H-R.com
0 votes Thank Flag Link Tue Aug 16, 2011

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.

Bradley Eggers
Senior Loan Originator
Midwest Equity Mortgage
847-744-0168 (cell)
NMLS #: 222407
0 votes Thank Flag Link Tue Aug 16, 2011
The information that has been provided does suggest that you would be able to obtain financing. I can suggest several very reliable and knowledgeable lenders that can help. Please feel free to contact me. I would be happy to refer my capable lenders to you. Thnks.
Also, I would be happy to help you find your home in Carol Stream. I live here, too!
0 votes Thank Flag Link Tue Aug 16, 2011
You need to call a lender to find out. I have an amazing lender if you need someone but your best bet would be to stick to someone local. There are many things that need to be determined by a professional.
0 votes Thank Flag Link Tue Aug 16, 2011
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