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Home Buying in Chicago : Real Estate Advice

  • All5K
  • Local Info374
  • Home Buying1K
  • Home Selling268
  • Market Conditions100

Activity 2,591
Wed May 17, 2017
Mark answered:
Prime 1 Bancorp, does ITIN mortgages in Alaska, California, Colorado, Illinois and Florida. If you need an ITIN mortgage loan in these states you can contact them at the number listed below. Ask for Bob Mason, George Astephan or Donna Kalou. See site for requirements

630-519-5955 Illinois
303-219-1993 Colorado
213-788-9100 (California Los Angeles/Souther Cal)
415-688-6100 (California San Fran/Northern Cal)
813-200-4563 (Tampa Bay, FL area)
850-257-8424 (Tallahassee/Jacksonville, FL area)
754-219-4876 (Fort Lauderdale/Miami, FL area)
888-205-3737 (Toll Free)
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0 votes 3 answers Share Flag
Tue May 16, 2017
Jimmy Jung answered:
With Fannie Mae Homepath or HomeReady properties we typically send our clients to Home Loans For All. They seem to be the experts in that scenario. Just google Home Loans For All.

Hope that helps! ... more
0 votes 12 answers Share Flag
Sat May 13, 2017
Iceflow1 answered:
I have the same problem here in Fort, Lauderdale, Florida. I am in the process of selling my home and now I can't find a condo to rent or to buy cash without a hefty income requirement to be accepted. ... more
0 votes 9 answers Share Flag
Tue May 9, 2017
Zycarii777 answered:
Iam looking for seminar classes to get approved for a grant to help me with the down payment.I have a good credit score my income is good Iam still in the process of getting my credit repaired to be higher than 648.iam a first time home buyer.Iam looking for a class in the south suburbs of Chicago Illinois.Could you help.Thank you Lanita Harrison ... more
0 votes 11 answers Share Flag
Sat May 6, 2017
Arza Gardner answered:
What are my responsibilities to a buyer who is purchasing a home from a developer.
0 votes 14 answers Share Flag
Wed May 3, 2017
Jakrist89 asked:
Hi everyone I'm a buyer and have a few questions,

I just received my Closing Disclosure (Set to Close 05/15) and I'm apprehensive regarding the itemized fees we're being…
0 votes 0 Answers Share Flag
Wed May 3, 2017
David Lemay answered:
A mortgage contingency clause in New York City allows a buyer to back out of a deal and receive a refund of his/her deposit if the bank does not agree to extend a loan within a certain time period.

In NYC, it's pretty common for buyers who are not 'all cash' to waive the contingency in order to make their offers more competitive against buyers who are not financing the purchase. When there is no contingency, the seller has a higher degree of certainty that the deal will go through.

If there's no contingency and the financing falls through, then the buyer will either have to find the money somewhere or cancel the deal and forfeit the entire 10% deposit to the seller.

*word of advice* - in NYC a mortgage contingency clause can either be 'passive' or 'active'. You'll want to be careful if you agreed to a passive contingency because they can expire automatically if you forget to trigger them!
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0 votes 14 answers Share Flag
Mon Apr 24, 2017
Eherrera6082 asked:
I have been pre approved for 203k loan, hired HUD consultant. Do I need to do all work with same contractor? Or can I do things like windows and railings with different contractors to reduce…
0 votes 0 Answers Share Flag
Thu Apr 20, 2017
David.miller asked:
Wed Apr 19, 2017
Traub05 answered:
It all depends on the market. I'm selling a home where it is very desirable, no inventory and a large international corporation is moving into the area. Supply and demand, I have one of a limited supply. Once I list my home through a flat rate MLS that also pushes it out onto multiple websites I will have multiple offers within days. I will of course put fresh paint, hired a stager and my home is impeccably maintained. I know where to start with the price because I visited several homes and saw what they sold for. I also invited realtors over and they gave me their opinions. I was right in the same ballpark as they were. I offered to let them list for a reduced fee but they declined. So I will do it myself, hire a lawyer to complete the transaction and offer to pay up to $3,000 for the buyer to hire their own attorney. When I'm all done I will have paid less than 10k for what realtors wanted to charge me $42,000 for. I will have saved myself $32,000! Maybe the average person isn't up for the work. I however value my asset, am willing to work hard to protect my equity and will be reasonable in my price. This will be the third house I've sold without a hitch. Realtor scare tactics such as legal problems, you'll value your house wrong, you won't be able to get your house out to as many people as we can etc.... it is all BS. Even if both agents and their support worked 150 hours for a total labor time of 300 hours that would mean everyone was making $140 an hour! That's everyone in the transaction for 300 hours. I'm willing to bet that figure is more like 50 - 75 hours in a hot market. In other words about $560 an hour. So what makes a real estate agent who took a $3,000 dollar course in a few weeks worth somewhere between $140 and $560 an hour? Nothing!!! Hire an attorney at a flat rate and save your hard earned dollars. Tell the realtors to go rip off someone gullible. It's about time this whole scam got shut down! ... more
0 votes 78 answers Share Flag
Wed Apr 12, 2017
Kathy Burgreen answered:
Contact the listing agent for the condo and have him/her ask their client (seller) to find out from the HOA which lenders approve mortgage loans for the condo. HOA's can find out from the new owners of recent sold condos the names of mortgage lenders who approved them. ... more
0 votes 1 answer Share Flag
Mon Apr 10, 2017
Alysse Musgrave answered:
You can buy one with a 580 credit score but you shouldn't. Interest rates and the cost of financing are based on the lender's risk. The higher the risk to the lender, the higher the cost to the borrower. Wait until your scores are around 640 before you try to buy a home for far better pricing.

Buying a Home? Don't Let Them Make a Monkey Out of You! Follow the link below.

Alysse Musgrave
Consumer Advocate/
Exclusive Buyer Broker

Best selling author of Buying a Home: Don't Let Them Make a Monkey Out of You!
... more
0 votes 1 answer Share Flag
Sat Apr 8, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

You can buy a home right after refinancing. If you plan on moving into the home you want to buy then 15% is more than enough of a down payment.

If you have any other questions or would like help with this you are welcome to get in touch with me.
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0 votes 1 answer Share Flag
Wed Apr 5, 2017
Rahnita Boykin asked:
For 2015, I had a business loss as well as w2 earnings. For 2016, only w2 earnings as well as a salary increase.
0 votes 0 Answers Share Flag
Mon Apr 3, 2017
Paola Daly answered:
I have a similar question because I am trying to avoid this situation and having an in-unit w/d is non-negotiable to us. I've had a verbal okay that they allow w/d install and that it is feasible. Would the best recourse be to a have a contingency in place that requires HOA sign-off (it's a self-managed place) on installation and then the main question becomes

at what point in time would it be appropriate to have someone evaluate that indeed a w/d can be installed in the unit?

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0 votes 17 answers Share Flag
Fri Mar 31, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

I would need to know what type of repairs are needed. If the repairs are things that are neede to be done to meet FHA guidelines and they can't be repaired before closing then you could do an FHA 203k streamline loan. That would give you the funds to buy the home and do the repairs after closing.

You could also possibly switch to a conventional loan program.

I would need more details to determine the best option.

If you have any other questions or would like help with this you are welcome to get in touch with me.
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0 votes 1 answer Share Flag
Sun Mar 26, 2017
Jonessandralee10 asked:
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