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Financing in Naperville : Real Estate Advice

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  • Local Info15
  • Home Buying104
  • Home Selling23
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Activity 16
Sat Aug 9, 2014
Jeff Nobleza answered:
Wed Jul 23, 2014
answered:
Give me a call to discuss your needs.




"Wealth is what you accumulate, not what you spend."

With Respect;
William Piotrowski
Mortgage Originator
Originator License # 031.0016549
N.M.L.S #219299

Cherry Creek Mortgage Company
6440 Main Street, Suite 320
Woodridge, IL 60517

Cell.(630).881.8655
E.fax (630).929.7535
... more
0 votes 7 answers Share Flag
Wed Jul 23, 2014
answered:
Give me a call to discuss your needs.




"Wealth is what you accumulate, not what you spend."

With Respect;
William Piotrowski
Mortgage Originator
Originator License # 031.0016549
N.M.L.S #219299

Cherry Creek Mortgage Company
6440 Main Street, Suite 320
Woodridge, IL 60517

Cell.(630).881.8655
E.fax (630).929.7535
... more
0 votes 6 answers Share Flag
Sat May 3, 2014
Jeff Nobleza answered:
If you need legal counsel I advise you contact Erik Miles at 312 854 8092 or Miles@LawFirmMiles.com. His rates are reasonable.
0 votes 3 answers Share Flag
Wed Sep 18, 2013
answered:
I just noticed this original post was in Naperville, where I live *lol*. USDA financing isn't available anywhere in Naperville or the surrounding towns. Further out by say, Yorkville or further south, maybe one or two towns south of Bolingbrook you might find a population density low enough to qualify for USDA financing (I'd have to pull up the chart and it'll change soon so that'd be wasted energy). When the new chart comes out later this year, everyone will know about it and anyone interested in this can always email me and I'll let you know when the changes are released (the areas that are eligible). ... more
0 votes 13 answers Share Flag
Fri Aug 23, 2013
Christine Thompson answered:
Yes, just find any one with a retirement fund that will do a non-traditional investment fund. Or do you have a retirement fund set up? It can be used for investing in property...
0 votes 2 answers Share Flag
Wed Dec 12, 2012
Terry Farnsworth answered:
Shane is spot on as far as the approval guidelines.

Additionally, I have extensive experience with Fannie Mae properties on the contract side, and the process of submitting offers/negotiating them. I'd be happy to walk you through what to expect, how to submit an offer, or with any other related questions you might have. If you have any additional questions, please feel free to let me know.

Thanks!
Terry Farnsworth
Licensed Broker
Prospect Equities Premier
terryfarnsworth@prospectequities.com
www.SelectiveBuyer.com
... more
0 votes 2 answers Share Flag
Wed Dec 12, 2012
Daniellehomes answered:
Does anyone know if student loans are required to be entered in the Debt to Income for a Fannie Mae Homepath loan?
0 votes 4 answers Share Flag
Wed Jan 25, 2012
Annette Levinson answered:
A sellers' credit at closing can only pay for nonrecurring costs. Prepaids are for setting up the escrow for your real estate tax and homeowners' insurance. You must pay for them. ... more
0 votes 1 answer Share Flag
Wed Jan 25, 2012
Ridhi Raheja answered:
Hello, As long as you have a salaried job and your income is enough to qualify you should be ok. You will have to write a letter of eplanation to explain the job gap , but it is not going to stop you from getting financing. If you are getting a 1099 and not a w-2 , yes it will be a problem, as you will be cosidered self employed and your income will be averaged over the last 12 months.
Hope this helps, but the best answer is to talk to the lender of your choice. Feel free to contact me if you are just in information gathering mode.
Ridhi Raheja
... more
0 votes 3 answers Share Flag
Wed Jan 25, 2012
answered:
Hi Gobears,
Typically the tax proration that you receive as a credit at closing is not allowable on the Good Faith Estimate. This could be why the cash from closing is a bit more on the worksheet. However, the lender should be able to explain it to you more thoroughly since they put the numbers together. ... more
0 votes 10 answers Share Flag
Thu Oct 27, 2011
answered:
I do not do loans in IL but the reason to put down 20% is usually to avoid mortgage insurance. However on jumbo mortgages it may be more than 20% depending on your area. I would recomend a mortgage broker, realtors know where the best ones can be found. ... more
0 votes 6 answers Share Flag
Sat Oct 23, 2010
Steve Smither answered:
Kbiii,
Everyone below has some good ideas.

There are 3 major parts that go into any mortgage (Jumbo or Conventional) from the client perspective...
1-Credit (We have lenders who will go down to a 640 credit score on a jumbo but to get the very best options I always recommend you strive for an above 740 score.

2-Income (This is the major part of your question) This is a moving target due to tax bills/Home owners association fees as well as Home owners insurance (This is based on the part below)

3-Debts (How much money is going out to pay credit cards/car payments/installment debts/timeshares/Home mortgage/tax bill/HOA/Homeowners insurance/etc you can have a debt ratio as high as 45% total.

If you have no other debts other than the home try looking at what the potential tax bills will be as this is your biggest variance. Especially depending on the county you are moving to.
The most important thing you can do when seeing a purchase in your future is to sit with a knowledgeable professional Loan Originator. They will be able to tell you if you are on the right track to get the best deal available. If you aren't they will be able to help you understand what is needed before you embark on one of the biggest financial decisions you will be making. I hope this answered your questions. If you have any further please do not hesitate to contact me. Good luck on the house hunting...
Sincerely,

Steve Smither
Senior Loan Originator
Ardain Mortgage Corp.
847-963-1000 Office
847-942-5151 Cell
www.stevesmither.com
www.ardain.com
ssmither@ardain.com
... more
0 votes 7 answers Share Flag
Sun Oct 10, 2010
answered:
Kbiii, it seems you do not occupy the condo currently, correct? If yes, you will be refinancing the mortgage on the condo as a non-owner occupied property. There are loan to value restrictions and other condo specifics that may change your plan.

Do you need the rental income from the condo to qualify you for your purchase mortgage on the new home?

These are just a few questions an experienced mortgage professional will+should ask you to know how best to help you.

Feel free to contact me unless you have a relationship with the Right Lender.
... more
0 votes 1 answer Share Flag
Wed Jul 22, 2009
Kurt Clements answered:
Hnms06:

Nice. You should only need a 620 score for a 203k loan so I have no idea what is going on there. If you switch to a new mortgage company they would check your credit. If you stay with the same company they wouldn't need to recheck your credit assuming you close and fund within 120 days of when the credit was last pulled.

As far as the job deal, is he paid commission or is he on a 1099 (self employed, they don't take taxes out of his check)? If so, that is why they need him hourly. If he's salary, no big deal.

I hope this helps and call me or email me with anymore questions.

Sincerely,

Kurt Clements
Senior Vice President
GSF Mortgage
3933 75th St
Aurora, IL 60504

Office: 630.806.7016
Cell: 630.430.1091

kclements@gsf-mortgage.com
www.gsfgovernmentloans.com
... more
0 votes 6 answers Share Flag
Wed Jul 1, 2009
Jason Diperstein answered:
Tectonic,

Two things- first, no legitimate lender will give you a pre-approval without knowing what your credit scores look like. I'm not implying that you are assuming anything else, just want to make sure you know. Second, take a look at the link below from the FICO website, it should clear up some of your concerns. You will not see a decrease of more than a few points for shopping a mortgage. Scare tactics of major credit score drops from rate shopping are garbage.

http://www.myfico.com/CreditEducation/FactsFallacies.aspx

I also have a slight issue with what Mike said below. Lenders do not "feed lines" about guideline changes. The truth is that they do change, and I would not put my name or my bank's name on a pre-approval or any other paperwork that was completely useless because it was based on a hunch. Pre-approvals require documentation.

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com
... more
0 votes 6 answers Share Flag
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