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Financing in 60607 : Real Estate Advice

  • All35
  • Local Info3
  • Home Buying13
  • Home Selling3
  • Market Conditions2

Activity 348
Sat Feb 9, 2013
Matt Laricy answered:
Maybe. I would try calling Tony Lupescu at 708-351-6416.
0 votes 11 answers Share Flag
Sun Feb 3, 2013
answered:
Dave,

Feel free to call me when you get a chance. We have a variety of programs available for foreign borrowers.
I would love to take a look at your scenario more closely and get you some options.

Greg

773-358-7895
... more
0 votes 6 answers Share Flag
Wed Jan 30, 2013
David Hanna answered:
Lakeside Bank. Hyde Park Bank, Belmont Bank. All will lend if the project makes sense and you qualify for the end loan. You will have to use a licensed contractor, have plans and permits and do construction draws for payment.
You will probably need some capital over and above the equity you have.
Best of luck.

Dave
... more
0 votes 5 answers Share Flag
Wed Jan 30, 2013
Jacquelyn Hollyfield answered:
Not that I know of. FHA for most lenders require at least a 640 FICO.
0 votes 11 answers Share Flag
Tue Jan 22, 2013
Maria Ascencio answered:
There is another bank offering home loans with ITIN numbers. They have an excellent program with min. Down payment and you can choose your property. Certain restrictions apply, but if you have any questions please contact me.

Maria Ascencio
RE/MAX Platinum
(630) 945-0139
... more
0 votes 2 answers Share Flag
Thu Jul 18, 2013
Matt Laricy answered:
You cant buy a property on a credit card.
0 votes 12 answers Share Flag
Tue Jan 22, 2013
Matt Laricy answered:
Wed Apr 13, 2016
Ivan Sagel answered:
Contact Sam Sharp with Guaranteed Rate. If it can be done, he can do it.

All the best,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
0 votes 14 answers Share Flag
Wed Jan 9, 2013
David Hanna answered:
There is currently no manufactured home that will qualify for use in the City of Chicago. These regulations vary by municipality, but the regulations are tighter all over the Chicago market place.
As for the lease to own, that would be a contract between you and the builder/owner, the end loan will be the challenge, if you can find a local municipality that will allow the structure.
... more
0 votes 2 answers Share Flag
Fri Jun 28, 2013
Ivan Sagel answered:
Brian,

I believe a 203k can only be used during the purchase of a home, not for a refi. What you are looking for is a construction loan. How much equity do you have? Maybe you can just get an HELOC for the work.

Best of Luck,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
... more
0 votes 16 answers Share Flag
Wed Jan 9, 2013
Manuel Brown answered:
Rachel,

Speak with Tracy Compagna with Guaranteed Rate at 773-383-1405. It is free and she is GREAT!
0 votes 14 answers Share Flag
Thu Jan 17, 2013
Philip Sencer answered:
You probably should find a few agents in the Burbs you are interested in to see what landlords 'tend' to look at when evaluating potential tenants. Here in the city where I work they tend to look at the overall financial picture of the tenant....credit report/FICO score/Income/debts etc. If you have extra $$ in the bank that is a plus. You can show them a bank statement. Sometimes they will ask for 1st and last month rent. Sometimes they want a higher security deposit.
It might be different in those Burbs you are interested in.
... more
0 votes 8 answers Share Flag
Sat Dec 29, 2012
Philip Sencer answered:
Sun Dec 23, 2012
Bkelly answered:
Yes, you can. Each loan application would have to show terms of loans each both properties.
0 votes 14 answers Share Flag
Fri Jul 11, 2014
Bill J Deligiannis answered:
How long have you owned the properties?
Are you reporting the income on your tax returns?
Do you have mortgages on any other properties?

Feel free to contact me and I would be glad to assist in the process.


Bill J Deligiannis
First Centennial Mortgage
B.Deligiannis@GoFCM.com
630-788-5288
... more
0 votes 17 answers Share Flag
Mon Dec 17, 2012
Bill J Deligiannis answered:
Just because you spend $X does not mean that you will realize that in the appraised value.

After the home is completed your lender will send the Appraiser out to appraise the value. You will be able to borrow money up to a certain Loan to Value ratio based on this appraised value.

Have your Realtor (do you have one?) provide a Market Analysis of what Updated Homes (like the one you are building) are worth.

If for example values in your neighborhood for higher end homes are $500k but you need an appraised value of $700k in order to cover your financing, then you may have some problems.
... more
0 votes 10 answers Share Flag
Mon Dec 17, 2012
Sohail Salahuddin answered:
Are you looking for a rehab loan? If so then this would depend how much equity you have in the property. The only way to accomplish your goal is to pull money out of the home to finish the work.



Sohail A. Salahuddin | Group Founder

Innovative Property Consultants Group | Sales and Leasing

www.innovativepropertyconsultants.com



Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 


O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

"Locally Known, Globally Recognized"
... more
0 votes 11 answers Share Flag
Wed Nov 28, 2012
Philip Sencer answered:
Almost all residential lenders do that. My web site has some renferences if you need them.
0 votes 17 answers Share Flag
Mon Nov 19, 2012
Matt Laricy answered:
I would speak to a few lenders. Some will be able to do this. Call Tony Lupescu at 708-351-6416.
0 votes 2 answers Share Flag
Mon Nov 12, 2012
Matt Laricy answered:
You can try calling Tony Lupescu at 708-351-6416.
0 votes 2 answers Share Flag
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