Interested in buy a condo in River North. First time buyer, resident physician. Also interested in Foreclosures.

Asked by Παναγιώτης Ψύχος, Sat Apr 20, 2013

Any specials for first time resident physician buyers? Also, are foreclosures a good way of getting a better place? I have about $30,000 to put down. Where can I find listings for regular sales and foreclosures/short sales?

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31
Mike Opyd, Agent, Chicago, IL
Tue Jan 28, 2014
Now that every agent has emailed you about this my advice would be to pick a few you think would be a good fit and interview them so see which agent is best for you.
0 votes
Dr S Jones MD, Both Buyer And Seller, Orlando, FL
Tue Jan 28, 2014
Hi Doc, If you are an MD, DO, DPM, Resident or Established Physician - the following bank rep will provide you with 0% (zero) down 100% loan and No MI with Preferred Client rate and standard costs.

Asst. Vice President / Sr. Mortgage Officer / Tom R. Callahan / thomas.callahan@53.com
Fifth Third Savings, at 904-591-6722
Offering 100% Lending within Alabama, Florida, Georgia, Tennessee, South Carolina, North Carolina, West Virginia, Kentucky, Missouri, Wisconsin, Michigan, Indiana, Ohio, Illinois, Pennsylvania, New Hampshire. And New York with 5% down.

Mr. Callahan has been recognized nationally as a ranking leader within the mortgage industry and has assisted hundreds of Physicians within Northwestern Memorial Hospital and Univ of Chicago Medical Center in my new home town.

Best wishes to you! Sarah Jones, MD
0 votes
Neil Vandehey, Mortgage Broker Or Lender, Portland, OR
Sun Jan 26, 2014
Hi Ppsihos,

Bank of America has a physician loan that allows you to put only 5% down.
This means that you can financed up to 95% without adding a separate line item monthly PMI.

Only having to put 5% down will make your $30k saved for down payment go much further.
You can buy more house, without depleting your savings account.

This can especially useful if you are looking for a home that is something that you want to still live in when your future monthly income increases. Coming out of residency, you might even more easily be able to make your mortgage payment.

Feel free to email me at neil.vandehey@bankofamerica.com and I can sent you our program flyer.

Also if you are looking for bank owned properties, you are welcome to check out our realestate search page: http://realestatecenter.bankofamerica.com/

Good luck!
Neil R Vandehey: NMLS ID 403944
0 votes
Bernedette, Home Buyer, Vero Beach, FL
Sun Jan 12, 2014
Hi Ppsihos,

You may want to contact Rae Drake with Fifth third Bank. I have referred her for the past 10 years to my buyers and she has always performed professionally. She puts her clients interest first and is extremely knowledgable of the industry and the banks programs. They have a great Doctor Program- She is even married to a Physician.
You can reach her at 352-514-1829 or rae.drake@53.com

Good Luck,
Bernedette- Realtor in Vero Beach, Florida
0 votes
David Hanna, Agent, Chicago, IL
Sun Dec 1, 2013
Several mortgage brokers and large banks have special lending offers for physicians who are first time buyers. A good real estate broker can give you choices for where to apply.
The key to finding the right condominium in River North is getting in to the right building and knowing what you want in terms of amenities. A pool, for example, has little value if you are not a swimmer. Full time door staff, engineers, people in general mean higher assessments, and every dollar that goes to association fees is one you want value for.
A broker can give you. many choices, in a wide price range, and help ou sort out issues with buildings and their financial health.
Buying a condo is about your finances, and indirectly, the financial health of your neighbors. Your lender will evaluate both.
Access to all the listings is easily done. If you can spare 10-15 minutes for a short phone call, I can help you get started with the process. Take a look at my bio and see if you feel we might work well together.
0 votes
Michael Rose…, Agent, Chicago, IL
Sun Dec 1, 2013
Greetings:

As the #1 selling broker in River North- over 200 homes sold in the neighborhood, I would suggest interviewing a few brokers and hire the one you feel most confident to represent you. That broker should also have key contacts to share who can best service you for physician loans and other information to make your transaction smooth and successful. Feel free to contact me if I can be of further assistance.

All the best http://-www.michaelrosenblumpresents.com
0 votes
Robert Curtis, , Chicago, IL
Sat Nov 30, 2013
Hello Doctor,

My name is Robert Curtis with Fifth Third Bank; I specialize in our National Physician Loan program.

As the industry leader we offer Residents, Fellows, new and established doctors
(MD, DO or DPM) a wide range of fixed and Adjustable rate loans to meet all home financing needs.

Here are a few of the program highlights:

1) No Private Mortgage Insurance Required!

2) Loan Amounts up to $1.5 Million!

3) Available for both a new purchase and refinance of an existing property!

4) Targeted Benefits with Simple solutions all at low interest rates!

I’m more than happy to answer any questions you may have, feel free to reach me 24/7
at 773-732-9444 or robert.curtis@53.com


Robert Curtis

Fifth Third Bank
National Physicians Loan Specialist
Senior Loan Officer
773-732-9444
0 votes
Mike Opyd, Agent, Chicago, IL
Tue Apr 23, 2013
Yes its called a physicians loan. My clients are currently doing this. Its really a great program, no down payment and no private mortgage insurance! Call Tony Lupescu at Fifth/Third 708-351-6416 he'll be able to answer any of your questions regarding this. As far as listings your agent will be able to set you up on the Multiple Listing Service. Its the only real way to know whats currently available.
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Tue Apr 23, 2013
I've been helping First Time Buyers for 23 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.


Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.


For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."

And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Paul Cionczyk, Agent, GLENVIEW, IL
Tue Apr 23, 2013
Foreclosures do pose more risk for a buyer in terms of potential condition. Many foreclosures sold as Real Estate Owned(REO) do not provide much disclosure as to the condition of a unit because the bank did not live there. During today's low inventory period, even regular buyers are throwing their hat in to purchase a foreclosure if they need to buy something, so discounts on them tend not to be as good as they were a couple years ago.

Paul Cionczyk| Coldwell Banker Residential Brokerage |Broker
312-433-9931 | PaulCionczyk.Broker@gmail.com |PaulCionczyk.com
0 votes
Paul Cionczyk, Agent, GLENVIEW, IL
Tue Apr 23, 2013
Foreclosures do pose more risk for a buyer in terms of potential condition. Many foreclosures sold as Real Estate Owned(REO) do not provide much disclosure as to the condition of a unit because the bank did not live there. During today's low inventory period, even regular buyers are throwing their hat in to purchase a foreclosure if they need to buy something, so discounts on them tend not to be as good as they were a couple years ago.

Paul Cionczyk| Coldwell Banker Residential Brokerage |Broker
312-433-9931 | PaulCionczyk.Broker@gmail.com |PaulCionczyk.com
0 votes
Tony Guisto, Other Pro, mokenA, IL
Tue Apr 23, 2013
Would you be interested in Edgewater?
0 votes
Sam Sharp, Mortgage Broker Or Lender, Chicago, IL
Mon Apr 22, 2013
There are specific physician loans offered through various lenders
Both Bank of America and Fifth Third have offered very aggressive programs in the past but I am not positive they are still available.
I would also recommend speaking with a loan officer regarding standard conventional financing. You may be able to qualify for a loan that would be more beneficial and allow for more options - especially if you are looking at condos
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes
Dirk Gould, Agent, Chicago, IL
Sun Apr 21, 2013
The mortgage broker that works with me has special loans specifically designed for residents. Let me know if you want his contact information.
0 votes
Josh Marks, Mortgage Broker Or Lender, Chicago, IL
Sun Apr 21, 2013
Going shopping for a Home. It may seem backwards to shop for a mortgage before you shop for the house, but there are several reasons for doing this. Shopping for a mortgage will also help if you can get “pre-approved” for the amount you’d like to borrow. This means the lender has looked over your credit and financial statement and agreed to lend you the money. Sellers like pre-approved buyers because there’s less risk the deal won’t go through. First, you’ll find out how much you can borrow, which has a lot to do with how much house you can buy.

Whether you’re, buying, building or Re-Financing your dream home, you have a lot riding on your decision. Market conditions and mortgage programs change frequently, and I welcome the opportunity to serve your needs with quick and accurate real estate financing advice. I have the expertise and knowledge to help you determine the absolute best loan program to meet your objectives. If you are already working with a lender, don’t be shy to give me call so I can price the same mortgage for you with less cost. What do you have to loose but your money?

Ensuring that you make the right choice for you and your family is my ultimate goal. And I am committed to providing my customers with mortgage services that exceed their expectations.. As always, you may contact me anytime by phone, fax or email for personalized service and expert advice.

I look forward to working with you!

Josh Marks
Jmarks@wintrustmortgage.com
JoshMarksMortgage.com
Cell:847.867.5998
Direct:773.303.0033
0 votes
Bill J Delig…, Agent, Naperville, IL
Sun Apr 21, 2013
Greetings Doc,

Plenty of opportunities exist. You should first speak with a Lender and then with a Realtor to see what you can afford and if desirable properties are in your search area.

Feel free to contact anytime to discuss further.
Web Reference:  http://www.BJDLOANS.com
0 votes
Mark Malave, Agent, Chicago, IL
Sun Apr 21, 2013
I have worked with physicians in the area before. You should discuss financing so you know what you can afford.

Try Ryan Mecum at Wintrust Mortgage. Rmecum@wintrustmortgage.com. He is the best in the business.

Mark Malave
Perfect 5 star ratings Zillow, Yahoo, Trulia and Yelp.
773-435-1605
Web Reference:  http://Www.markmalave.com
0 votes
JIM Michaels, Agent, Chicago, IL
Sun Apr 21, 2013
just sold one to a physician they got a great deal major discount off of list email me at jmichaels@remax.net and I will send you my list
0 votes
Randall Lanc…, Agent, Chicago, IL
Sun Apr 21, 2013
I would like to recommend that you utilize my free website at http://www.idealhomesinchicagoland.com. You will be able to search for properties throughout Chicago and the surrounding areas. My website features up to date information, so you will not be finding homes and properties that are no longer available like on some of the realty websites that you may be using. My website also offers an array of neighborhood and market information that can help you make your determination on homes and locations. My featured partners are industry leaders that can assist you in making any realty transaction easy and transparent. I welcome you to utilize this amazing tool. As always I will be available to answer any questions that you may have.
0 votes
Josh Weinberg…, Agent, Chicago, IL
Sun Apr 21, 2013
I know the area very well and have helped a lot of clients both buy and sell in River North. If you would like to discuss or have any questions, please feel free to email me.

Thank you and best of luck with your search!

Regards,

Josh Weinberg
josh@weinbergchoirealty.com
0 votes
Pola Molina, Agent, Hinsdale, IL
Sun Apr 21, 2013
Debra,
-You will need a pre-approval first to know what it is you qualify for.
-Knowing that information will allow me to provide you with the properladder inventory.
-You can start with your own bank or Coldwell Banker has its own mortgage services.
Pola Jaramillo
773.593.3441
Web Reference:  http://Www.homesbypola.com
0 votes
Matt Laricy, Agent, Chicago, IL
Sun Apr 21, 2013
Have an agent send you the properties. I would interview two or three agents, and go with the one you mesh best with. Its free to use their services. This way you have someone to walk you through the process. I would be happy to help.
0 votes
Philip Sencer, Agent, Chicago, IL
Sun Apr 21, 2013
As you can see you are very popular. REO's are always a better deal, but very hard to find in River north. The market has really changed, particularly in that area so killer deals no longer exist. You can go to realtor.com to see all listings. All ReO's and short sales are in the MLS which are sent to realtor.com. If you might like some ehlo in your purchase, my web site gives some information about what I do for clients, including the Rebate!!
0 votes
Leo Lopez, Agent, Chicago, IL
Sat Apr 20, 2013
0 votes
David Hanna, Agent, Chicago, IL
Sat Apr 20, 2013
The $30k is a good start. Much more in front of you than the down payment, though. I'd like to have you talk to one of the lenders I recommend to get a better idea about current debt to earnings ratios and what your future earning s will look like. If we get the right answers to those questions, yes, there may well be a "special" for a resident physician.
There will be more after that, but it is the best place for you to start.
Feel free to call, text or write me back.
773 732-9123 davehanna@realtyexecutives.com
0 votes
Jose Hernand…, Agent, Chicago, IL
Sat Apr 20, 2013
Interview a few agents to start with and hire the one you feel is the most qualified.
There is programs for physicians that allow up to 100% financing. Look for the property that fits your needs unless your ok with some of the challenges some short sales and foreclosures offer.
0 votes
Luke Wojcik, Agent, Chicago, IL
Sat Apr 20, 2013
Talk to an agent. They are your best bet to finding a place.
0 votes
Ian Halpin, Agent, Chicago, IL
Sat Apr 20, 2013
Hello Ppsihos,

I think your question will recieve many responses here. However a lot will duplicate others before them. Do yourself a favor and stop searcing on-line sites and get the help of a qualified and competent agent immediately. This is what we do and have access to the most upto date information available and sometimes off market properties.

Call a few of us or email separately and see who answers your questions the best, and who is very familair with the neighborhood. Most agents can give you listings but which ones know what it's like to buy/sell and untimately live there. Who knows specific buildings that will fit your criteria.

The market is super hot right now. The sooner you get out there the better. Please feel free to contact me anytime.

Be well.

Ian Halpin / Broker
Jameson Sotheby’s International Realty
425 W. North Ave. / Chicago, IL 60610
O: 312.335.3220 / F: 312.229.9190 / C: 773.531.4479
ihalpin@jamesonsir.com | http://www.jamesonsir.com
0 votes
Mark Malave, Agent, Chicago, IL
Sat Apr 20, 2013
You are better off having a real estate broker walk you through the process and send you listings rather than try and finding them on your own. The service is free and can be invaluable. You can contact me or another highly rated/reviewed agent.

Mark Malave
Perfect 5 Star ratings on Trulia, Zillow, Yahoo and Yelp.
773-435-1605
Web Reference:  http://Www.markmalave.com
0 votes
Dirk Gould, Agent, Chicago, IL
Sat Apr 20, 2013
I would be happy to help. I'm currently working with others buyers in that same area and know it quite well. Foreclosures may not be a good idea since it is your first purchase, but it depends on your personality and risk tolerance
0 votes
Dacian Vilus…, Agent, Chicago, IL
Sat Apr 20, 2013
Hello! I can help you find the right place,also have great resources for financing,please call me at 773-392-2638 Dacian Vilusceac,broker,Allstar Realty
0 votes
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