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How can I find a portfolio lender in Illinois?

This was recommended to us by our real estate agent.  We want to buy a house and are underwater on our townhome(we'll rent it), so we can't refinance.  We were told that we need 20% down for a conventional loan (PMI reasons) and we can only afford 10% down.  Any advice?
  • March 24 2010 - McHenry
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Answers (1)

You could go FHA, unless the townhome already has an FHA mortgage.
Otherwise, I'd call the local banks all around Mchenry and ask if they 'hold their own paper' in their portfolio.
  • March 25 2010
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