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Home Buying in Port Barrington : Real Estate Advice

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  • Home Buying4
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Activity 2
Rob Weber, Real Estate Pro in Plainfield, IL
Mon Jan 21, 2013
Rob Weber answered:
John,

I totally see where you're coming from though from FHA's perspective, 3-4 units are much higher risk loans which is why they want to see the reserves on top of being able to prove the property is self-sufficient. Foreclosure rates on 3-4 unit properties are significantly higher than single family residences. With the rate of unemployment in the country (not so much now as a couple years ago), the chances a paying renter could become a non-paying renter goes up a lot and if you get two in the same rental building (assuming 3-4 units), I can easily see the owner put into a financial crisis.

On the bright side, they still allow us to fund and close these! :)
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C, Other/Just Looking in Port Barrington, IL
Tue Feb 17, 2009
C answered:
According to the "original" Riverwalk Homes flier, here is what they advertised:

the Coventry square footage is as follows:
2 story, 3 bedroom, 2.5 bath w/full basement 2095
add English basement 3258
add 4th bedroom 2323
4th bedroom w/English 3486

The Manchester
2 story, 3 bedroom, 2.5 bath w/first floor den 1,922
add 4th bedroom 2121

Hope this helps! Going on 11 years soon and don't plan on going anywhere! Just love it here.
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