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Financing in 60641 : Real Estate Advice

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  • Local Info4
  • Home Buying4
  • Home Selling1
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Activity 348
Sat Jul 28, 2012
Bill J Deligiannis answered:
Tue Aug 27, 2013
answered:
Allan,

I have been in the mortgage industry for over 8 years and I work at Wintrust Mortgage which is a very reputable lender based out of Lake Forest. We have the ability to portfolio loans and do some niche deals. Feel free to contact me if you would like me to review your scenario.

Greg Moore
... more
0 votes 9 answers Share Flag
Tue Jun 26, 2012
Gregorio Denny answered:
You are not going to find financing for this unless you can find a seller to carry. You need 2 years for conventional with 20% down or 3 years for FHA since you went late. You don't have enough down payment for hard money so seller financing will be your only option. ... more
0 votes 6 answers Share Flag
Thu Feb 19, 2015
Darrell D. Drouillard answered:
1st, is this a home you want to live in or is this an investment property. If you are going to live in it, I would speak with a local lender about options.

If this is an investment property, I would consider using other peoples money via a hard money loan or bridge loan. I don't know lenders in the area you live, but the concept is all the same. If you want info on a bridge loan, here is a great link:

http://shermanbridge.com/blog/investment-loans/maximizing-financing.html

Good luck!
... more
0 votes 6 answers Share Flag
Thu Aug 9, 2012
Philip Sencer answered:
How low is low? That might be a deal breaker to begin with. Otherwise you can get an annual 'free' credit report for each of the 3 credit agencies and doing so will not lower you FICO score. You can go on line to do it. My web site has has lender references if you want to speak with a few of them. It does not cost anything and they can give you an 'idea' as to what you might, or might not, be abkle to get even without pulling the report. ... more
0 votes 11 answers Share Flag
Tue Dec 27, 2016
Steve Smither answered:
Most lenders willing to lend with an ITIN require the person to have been in states for a year and have a legal right to be in the states.

Good luck,

Steve Smither
Milestone Mortgage Solutions
847-942-5151
ssmither@ardain.com
www.chicagomortgagerateinfo.com
www.facebook.com/chicagomortgagerateinfo
... more
0 votes 23 answers Share Flag
Fri Jun 8, 2012
Thomas Bohlmann answered:
Congratulations on your graduation and employment.

Most loan qualifications require a 2 year employment history at current salary or slightly increasing.

The other option, is your Law Firm. they may have options for home ownerships of new members


Good Luck
... more
0 votes 11 answers Share Flag
Fri Jun 8, 2012
Philip Sencer answered:
0 votes 6 answers Share Flag
Fri May 25, 2012
Darrell D. Drouillard answered:
Absolutely! There are many loan options available for homes on this website. Each one is specific in regards to geography, condition, etc. Other options are VA loans if you qualify, conventional financing, and even USDA loans for eligible buyers / homes. It's best to get a real estate agent to narrow down specifics for the homes you select.

Good luck!

Darrell D. Drouillard
Home Team of America
16719 Huebner Rd., Bldg 4
San Antonio, Texas 78248
210-373-6160
210-881-6760 (Fax)
www.dddrealtor.com

'Serving all Your Real Estate Needs'
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0 votes 2 answers Share Flag
Sun Jun 3, 2012
Steve Smither answered:
Jorge,

Typical fees are a bit higher than a regular FHA loan.
There will be a supplemental origination wich can range from $350 and up.
There will be a final inspection and title update after the work is completed.(few hundred)
Not to mention if there is a need for permits for the work.
If the 203K is a full K the client will have to hire an FHA consultant.(less than 1k)
The lender fees dont have to be more than normal.
If you have questions do not hesitate to contact me...
Sincerely,

Steve Smither
Senior Loan Originator
Milestone Mortgage Solutions
847-942-5151 Cell
www.chicagomortgagerateinfo.com
... more
0 votes 5 answers Share Flag
Fri Jun 1, 2012
Matt Laricy answered:
I have a lender that can refer about 5 good ones to you if need be.
0 votes 3 answers Share Flag
Sat Jun 2, 2012
Philip Sencer answered:
You need to speak with a few lenders to review your financial situation. It can vary with the loan programs available. My webs site has some lender references. It does not cost anything to speak with them. ... more
0 votes 11 answers Share Flag
Sun Apr 22, 2012
answered:
I would be happy to speak with you and answer any questions as well as possibly issue a Pre approval. You can call me Sunday if you Would like.
Sam Sharp
Senior VP Of Mortgage Lending
Guaranteed Rate
312 217 4030
... more
0 votes 6 answers Share Flag
Thu Apr 19, 2012
Jesse McGrath answered:
It would take you two years to pay off the closing costs and pre-paid items. If you are going to hold onto the property for more than two years it sounds like a good deal to me. I would shop around your refi loan though. If you wants references to some, please email me at 312-545-2775 or jmcgrath@atproperties.com and I will forward them along.
Jesse McGrath
Broker, Architect
www.mcgratharchitects.com
www.mcgrathresidential.com
... more
0 votes 9 answers Share Flag
Thu Apr 12, 2012
jeff donnellan answered:
Your situation is the new norm and I help my clients do this all the time. If you have less than 20% equity or have no previous rental property history, most lenders will require you to qualify for both mortgage payments. One way around this would be to use a private portfolio lender. The rates might be a point higher, but you can refi into a conventional loan after 12 months of rental history with your current home. If you need recommendations for a good lender that can do both options just let me know.
Jeffdonnellan@gmail.com
... more
0 votes 6 answers Share Flag
Thu Apr 12, 2012
Philip Sencer answered:
My web site has some lender references. Give them a try. Try as many as you can find. There is no cost to talk with them.
0 votes 8 answers Share Flag
Sun Apr 8, 2012
Adam Barrera answered:
Equity based funding. you will need to have some of your own cash, but the programs are available.
http://qualityfundingsource.financial.officelive.com/lendingab.html
0 votes 5 answers Share Flag
Sat Sep 10, 2016
Matt Laricy answered:
These are tough to come by. I may have a contact if you need one. Try Tony Lupescu 708-351-6416.
0 votes 5 answers Share Flag
Mon Jun 10, 2013
Adam Barrera answered:
Hi Allan Quality funding Inc. can help you with your funding needs, we are a direct private money lender in the Chicago area. Here is a link to my website take a look around and give me a call.
http://qualityfundingsource.financial.officelive.com/lendingab.html
... more
0 votes 6 answers Share Flag
Thu Mar 29, 2012
Jeff Nobleza answered:
Read your loan terms as you may not want to refinance. My arm expired and my rate went down from 5.75 pecent to 3 percent. Your refinancing options they differ depending on whether or not you have a fannie for freddy loan.... talk to a lender ... more
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