22yrs old, 18k in loans, work full time (40k), will i be eligible for a mortgage for a 2 bd property valued under 200k in a north side neighborhood?

Asked by Alex, Chicago, IL Tue Dec 3, 2013

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Debra (Debbi…, Agent, Livingston, NJ
Wed Dec 4, 2013
Sergio - I don't know what "situation" the poster is "looking to rectify".
He has student loans, as do many young people his age, that will have to be paid off. Hopefully, he is in the process of doing that.

Other than that information, and his income, we have no further knowledge regarding his finances.

A SIMPLE visit/discussion with a mortgage rep...followed by a conversation with a realtor.... can give him the answers he is seeking.

No need for a "legal consumer firm", in my opinion.
1 vote
that definitely is your opinion. ..as you mentioned we have no further details :)
Flag Wed Dec 4, 2013
Debra (Debbi…, Agent, Livingston, NJ
Tue Dec 3, 2013
You left some important bits of information out.......do you have a down payment ?...............what are your credit scores?..........
how long have you been working at your job?

even if you answer those 3 questions........................;you still really need to speak with a mortgage rep!!

Good luck!
1 vote
Colin Lubins…, Agent, Chicago, IL
Wed May 14, 2014

I also live in and conduct business in Rogers Park! This is a question for a mortgage lender and I highly recommend Brian Lindstrom at Guaranteed Rate in North Center for all of your questions and needs.
Brian Lindstrom

I hope you get the financing you need and as a Rogers Park guy myself when you are ready to purchase I would be more than happy to help you shop! Good Luck!

Colin Lubinski
Berkshire Hathaway Koenig Rubloff
0 votes
Todd Shissler, Agent, Chicago, IL
Tue May 6, 2014
Call Michelle Bobart with Guaranteed Rate. She will totally set you up! 312-379-3516.
0 votes
Christopher…, Mortgage Broker Or Lender, Lake Forest, IL
Mon Dec 9, 2013
It seems to be realistic to qualify for a mortgage, feel free to give me a call and we can go over the different options that could be available to you.

Chris Diamond
NMLS 771882
Diamond Residential Mortgage Corporation
0 votes
Josh Barnett, Agent, Chandler, OK
Fri Dec 6, 2013
Great question for your lender, call them and discuss.
0 votes
Mike Opyd, Agent, Chicago, IL
Fri Dec 6, 2013
Reach out to a mortgage lender and have them answer this questions.
0 votes
Ashley Pimen…, Mortgage Broker Or Lender, Lombard, IL
Wed Dec 4, 2013
I would be more than happy to assist you. A lender approval depends on your income, liabilities, assets and your credit report. Your student loans shouldn't be a problem if they have been payed on time. I work with over 40 lenders, which allows me to provide my clients with more opportunities. We go down to 500 fico scores and offer free credit repair. If I am not able to assist you at this time, I will let you know what needs to be done to get you a loan in the future. Feel free to contact me with questions or to get started!

Thank you,

Ashley Pimentel
Market Place Mortgage
Lombard, IL 60148
Phone: (630) 217-7013
0 votes
Jason Accola, Mortgage Broker Or Lender, Chicago, IL
Wed Dec 4, 2013
If you are a first time home buyer, you would be eligible for incentives including down payment assistance, closing cost assistance and income tax credits. Please send me an email and I will be happy to email you information on these programs. Very few lenders specialize in these types of grants, so take the opportunity to learn about them now - they often make a huge difference on a purchase.


Jason Accola | Senior Mortgage Consultant
NMLS#: 755894 | Wintrust Mortgage
40 W. Hubbard St, 2nd Floor, Chicago, IL 60654
(312) 462-7732 Office | (312) 316-3000 Mobile | (312) 277-3322 eFax

#1 Mortgage Originator of First-Time Buyer Loans in Illinois (IHDA)
View my recommendations from clients and service partners on LinkedIn, Zillow and Trulia.
0 votes
Manuel Brown, Agent, Chicago, IL
Wed Dec 4, 2013
Dear Aagafonov,

Work with a lender to determine you best line of action. I recommend Mary Kay Laurent from Guaranteed Rate to all my clients. Her number 773-516-6859.
0 votes
Bill J Delig…, Agent, Naperville, IL
Tue Dec 3, 2013
It all depends on the combination of your Income, Credit and amount of down payment. Speak to a lender in order to get pre qualified. Feel free to contact me should you need any assistance.
Web Reference:  http://www.BJDLOANS.com
0 votes
Josh Weinberg…, Agent, Chicago, IL
Tue Dec 3, 2013
It is important to call a lender that you can trust and is knowledgable, I am happy to refer you to one that will help you understand the ins and outs of the mortgage process. Feel free to email me at josh@weinbergchoirealty.com.

Best of luck!
0 votes
Matt Laricy, Agent, Chicago, IL
Tue Dec 3, 2013
Best way to find out is to call up a lender and find out.
0 votes
Brian T. Nev…, Mortgage Broker Or Lender, Chicago, IL
Tue Dec 3, 2013
Like the rest of my fellow bankers said it sounds good on the surface but there are a lot of variables to consider. Give me a call so I can let you know what someone outside of Guaranteed Rate can offer you. No cost , no obligation.


Brian Nevins
Mortgage Banker
NMLS# 446020
Peoples Home Equity
O 630.657.0054
C 708.670.5269
0 votes
Luke Wojcik, Agent, Chicago, IL
Tue Dec 3, 2013
Speak with a lender, they will be most helpful. The other 2 big criteria to remember is your credit score and length of your employment that will determine you qualifying.
0 votes
Sam Sharp, Mortgage Broker Or Lender, Chicago, IL
Tue Dec 3, 2013
At face value this looks good but you will want to speak with a lender in order to be certain.
I would be happy to help if you are interested - its free and there is no obligation.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes
Dirk Gould, Agent, Chicago, IL
Tue Dec 3, 2013
Hi neighbor. I live and work in Rogers Park too. This is a question for a lender. I would be happy to recommend a couple good ones for you.
0 votes
Jeff Nobleza, Agent, Chicago, IL
Tue Dec 3, 2013
Call Bernard Duganzik at 847 508 0190. He's a great mortgage broker who can help you with your situation
0 votes
Jorge Vega, Agent, Chicago, IL
Tue Dec 3, 2013

I suggest you sit down with a mortgage banker and run the numbers. There are many programs and grants available for first time home buyers and they will know where to direct you. If you need referrals please feel to contact me. Good luck!
0 votes
Matthew Roder, Mortgage Broker Or Lender, Schaumburg, IL
Tue Dec 3, 2013
Possibly. It depends on the total monthly payments of those loans, credit score, and a few other factors. Best practice is to talk to a lender directly. I would be happy to do an initial analysis, free of charge. Feel free to contact me.

Matthew Roder
VP of Mortgage Lending
Guaranteed Rate
0 votes
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