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Financing in Illinois : Real Estate Advice

  • All417
  • Local Info12
  • Home Buying252
  • Home Selling51
  • Market Conditions7

Activity 575
Tue Nov 10, 2015
Steve Smither answered:
Elizabeth,

Most lenders do USDA loans.
They are a very popular loan for rural areas.
If you have questions do not hesitate to contact me anytime.

Steve Smither
Senior Loan Originator
One Mortgage INC.
847-942-5151
ssmither@ardain.com
... more
0 votes 2 answers Share Flag
Wed Jun 11, 2014
Riccardo Wardlow answered:
Talk To Joe Wheeler from Illinois Credit Services
www.illinoiscreditservices.com

They are good and reputable.

Make sure to tell him Sean from Quality Mortgage Lending sent you. Good luck!

Sean Cochran
www.qmlending.com
630-330-2229 cell
630-470-6830 office
... more
0 votes 3 answers Share Flag
Thu Sep 19, 2013
answered:
Enough time has passed for the short sale and bankruptcy not to be a major issue (lenders may have overlays with respect to the short sale but it sounds ilke your down payment ability will reasonably address any additional down payment you'd be required to put down).

As for the medical issues, the main concern is that her credit will be impacted and the necessary score may not be there. If the medical issues are behind her or reasonably addressed and she can show a history of regular timely payments again, it shouldn't be an issue. Underwriters will all look at this differently so you could run into an underwriter who may accept six months of timely payments after the most recent credit issue (depending how severe the credit hits were) or you may run into one that wants a year. It also depends what happened immediately post-bankruptcy as well. This answer is unfortunately largely subjective so you'll get a different take from different underwriters at different companies. The only way to get a better idea is to have a mortgage professional review your credit profile and make sure they're someone who's very good with underwriting guidelines (otherwise you may end up chasing your tail) to give you some feedback.

Bottom line, a year from when the credit issues were resolved is a pretty safe bet if you're not in a rush but my disclaimer is that none of us reading this know what her credit looks like so we can only make high level responses.
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Sat Feb 16, 2013
Adam Guarino answered:
You should check with Section 8 and Rockford Housing development. They are looking for landlords to lease units to their clients. That would be a good place to start.
0 votes 1 answer Share Flag
Tue Mar 26, 2013
BJ Tregoning answered:
Thu Feb 28, 2013
BJ Tregoning answered:
Talk to a lender but to my knowledge you won't be able to refinance for at least 2 years.
0 votes 8 answers Share Flag
Wed Feb 13, 2013
Ivan Sagel answered:
We are currently at historically low interest rates, 2.5-3% on a fifteen year fixed loan. I would not pay off my mortgage early, I would invest in more properties. With 25% down, you can easily cash flow with a 15 year mortgage in many Chicago neighborhoods. Then, in fifteen years, your tenants have paid for your properties and you own them free and clear!

Best regards,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
... more
0 votes 4 answers Share Flag
Wed Feb 20, 2013
Michael Cheng answered:
Trulia, as you know, there are few blanket answers possible in real estate.

For this question, it depends on which bank you're using. It could be the US 10 year Treasury note or LIBOR or EURIBOR. ... more
0 votes 3 answers Share Flag
Wed Feb 20, 2013
Manuel Brown answered:
Trulia Chicago,

I am not sure if you are asking what are good questions a homeowner should ask the lender or what are questions a homeowner should ask themselves?

A home owner should ask themselves the following:

1. Do I have equity in my home?
2. Do I have good enough credit?
3. What are my financial goals? **
4. How long do I plan to stay in this home? **
5. What are the terms of my current loan?
6. Do I have a second mortgage or line of credit?

** Very important questions.

Questions a homeowner should ask a lender:

1. Are there any upfront cost?
2. What type of loan would be best for me at this time a 15 year, 30 year, etc.?
3. Can I role a second mortgage or line of credit into the refinance?
4. What paperwork do I need to provide you? (W-2, taxes, etc.)
5. Will my credit rate affect my interest rate?
6. How long will it take to be approved?
7. If approved, how long will it take to close?
8. What do I need to bring to closing?

Anyone looking to refinance should shop around before committing to anyone lender. I am sure there are several questions not covered by anyone reading this has a starting point.
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0 votes 4 answers Share Flag
Tue Jan 28, 2014
J.D. Saxon answered:
Hi,

I can help you. I will need to do a credit analysis, then roll our sleeves up. If you are willing to be patient, and work this step by step without giving up, you will get the refinance you need.

Please call me tomorrow,

Cordially,

J.D. Saxon
Mortgage Banker, BMO Harris Bank, NA.
312-841-7283
e-mail: Jonathan.Saxon@harrisbank.com
... more
0 votes 5 answers Share Flag
Tue Feb 12, 2013
Jennifer Snyder answered:
I would be happy to put you in touch with some wonderful lenders. Please contact me if you would like their information.
0 votes 2 answers Share Flag
Thu Sep 7, 2017
Tim Moore answered:
I guess anything is possible, but I would have to bet against that happening. Only VA and USDA loans require no money down. You have to be a veteran to get a VA loan and USDA are in certain areas in certain price ranges and subsidized. You won't know for sure unless you ask some loan officers. ... more
0 votes 14 answers Share Flag
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
Sun Feb 3, 2013
Bill J Deligiannis answered:
The Listing Agent is Jerry Mustafa - (773) 544-7790

Are you working with a Realtor to represent your interests?
If not, you should.
0 votes 4 answers Share Flag
Sun Nov 3, 2013
Matt Laricy answered:
You will have a lot of calls. If your looking to buy, get a good buyers agent. Its free to use their services.
0 votes 4 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
Tue Feb 5, 2013
Riccardo Wardlow answered:
You can always talk to another insurance company to serif they would require the same repairs.


Sean Cochran
Quality Mortgage Lending
www.qmlending.com
630-330-2229 cell
630-470-6830 office ... more
0 votes 2 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
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