Zillow Advice RSS: Question-Discussion-Guide,Mortgage Types,IL http://www.zillow.com/advice/IL/mortgage-mortgage-types/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Am I being realistic, also any fine print to be aware of with FHAs http://www.zillow.com/advice-thread/Am-I-being-realistic-also-any-fine-print-to-be-aware-of-with-FHAs/467253/ If you are short selling the townhome, you will have to have documented financial hardship to qualify for the short sale (and that is likely to include examination of other assets).&nbsp; &nbsp; Usually after a short sale, one has to wait two or three years to qualify for another mortgage.&nbsp;&nbsp; <br/><br/>Why not rent for a few years to realize your dream? &nbsp; While monthly payments may appear to be more, when one starts including the costs of buying and selling plus maintenance into the calculation the difference may not be as big as you think.<br/><br/><br \><br \>0 replies Sun, 04 Nov 2012 19:44:00 GMT http://www.zillow.com/advice-thread/Am-I-being-realistic-also-any-fine-print-to-be-aware-of-with-FHAs/467253/ 2012-11-04T19:44:00Z Planing to buy second home. http://www.zillow.com/advice-thread/Planing-to-buy-second-home/532497/ Bhavesh,<br/>You have several issues here.&nbsp; We can't approve or decline you for a mortgage, only a licensed lender with a complete financial picture can.&nbsp; Some of the issues I see are your past mortgage delinquencies may be a barrier.&nbsp; Your current home not having equity is another. Lenders are very cautious about "buy and bail" where someone with limited or no equity buys a second home and walks away from the first one.<br/> I would encourage you to meet with a local mortgage professional and discuss your situation in greater detail.&nbsp; That is the only way you can know for sure.&nbsp; If the answer is no, they can tell you what you need to accomplish to get a "yes".&nbsp; Best of luck.<br \><br \>0 replies Sun, 16 Mar 2014 03:37:00 GMT http://www.zillow.com/advice-thread/Planing-to-buy-second-home/532497/ 2014-03-16T03:37:00Z What do you think of this mortgage? http://www.zillow.com/advice-thread/What-do-you-think-of-this-mortgage/561596/ <p><strong><em><u>[Content removed by Zillow Moderator. See our Good Neighbor Policy for posting guidelines.]</u></em></strong></p><br \><br \>1 reply Fri, 03 Oct 2014 20:15:00 GMT http://www.zillow.com/advice-thread/What-do-you-think-of-this-mortgage/561596/ 2014-10-03T20:15:00Z My husband and I bought a 2 bedroom, 1 bath condo five years ago. We have recently started thinking http://www.zillow.com/advice-thread/My-husband-and-I-bought-a-2-bedroom-1-bath-condo-five-years-ago-We-have-recently-started-thinking/455226/ <p>My husband and I currently own a condo and would like to rent it out as we are looking to purchase a single family home. We were having a conversation with a listing agent at an open house&nbsp; and she heeded us to the possibility that the banks would not allow a second mortgage for a home because of the condo being rented out.&nbsp; Or, that banks will force you (owner) to rent your condo for a year before they will approve you for a home mortgage to purchase the single family home.&nbsp; Leaving us to rent our condo to rent an apartment, this is not ideal at all.<br/><br/>I have found little information to this practice and would like to know what challenges we may have in securing a mortgage for a single family home when we are ready to purchase with a sizable down payment and excellent credit.</p><br \><br \>0 replies Sun, 12 Aug 2012 22:39:00 GMT http://www.zillow.com/advice-thread/My-husband-and-I-bought-a-2-bedroom-1-bath-condo-five-years-ago-We-have-recently-started-thinking/455226/ 2012-08-12T22:39:00Z Asset based mortgage in Chicago? http://www.zillow.com/advice-thread/Asset-based-mortgage-in-Chicago/600081/ <p>Hometrust Mortgage in Schaumburg does them. Ask for the President, Evan.</p><br/><br/><br \><br \>0 replies Thu, 27 Aug 2015 22:45:00 GMT http://www.zillow.com/advice-thread/Asset-based-mortgage-in-Chicago/600081/ 2015-08-27T22:45:00Z Down payment on second mortgage? http://www.zillow.com/advice-thread/Down-payment-on-second-mortgage/487934/ My husband and I are hoping to buy a new home in the next year or so. &nbsp;Before we got married (or met each other!) we each owned our own condos. I've been renting mine out for a year and we live in his condo. &nbsp;I'm wondering if we will have to put down 20% on our next home - it will be our primary residence of course. &nbsp;Will we have to put down 20% on our next home? Should we consider FHA? I think we both have pretty good credit and a low DTI. We hope to rent out his condo too, rather than sell it, when we buy our next home.<br \><br \>7 replies Sun, 14 Apr 2013 22:41:00 GMT http://www.zillow.com/advice-thread/Down-payment-on-second-mortgage/487934/ 2013-04-14T22:41:00Z do forlosures older than 20 years ago, and Social Security income, with 20% down preclude me from ge http://www.zillow.com/advice-thread/do-forlosures-older-than-20-years-ago-and-Social-Security-income-with-20-down-preclude-me-from-ge/487142/ If you mean an <u>ancient</u> foreclosure by today's standards - not an issue if you have good credit now. The foreclosure will likely never even show up on your credit report. Social Security income - not an issue as long as you qualify for the the mortgage and all other current debt. By the way, I am an Illinois lender.<br \><br \>0 replies Tue, 09 Apr 2013 22:57:00 GMT http://www.zillow.com/advice-thread/do-forlosures-older-than-20-years-ago-and-Social-Security-income-with-20-down-preclude-me-from-ge/487142/ 2013-04-09T22:57:00Z How to get mortgages for cheaper properties? http://www.zillow.com/advice-thread/How-to-get-mortgages-for-cheaper-properties/504739/ Looking for Mortgage loans of 50K size, 80% LTV. Which bank does it? Most banks have minimum loan requirements.<br/><br/>I am having a hard time finding smaller banks.<br \><br \>12 replies Thu, 01 Aug 2013 15:29:00 GMT http://www.zillow.com/advice-thread/How-to-get-mortgages-for-cheaper-properties/504739/ 2013-08-01T15:29:00Z Looking for mortgage options in Chicago area http://www.zillow.com/advice-thread/Looking-for-mortgage-options-in-Chicago-area/490535/ Hi,<br/><br/>The details:<br/>- Married professional couple both with excellent credit (&gt;770) <br/>- Looking into purchase home in chicago for around 800k<br/>- 10% down (80k)<br/><br/>Looking for options on a jumbo mortgage.&nbsp; 80-10-10 or 90-10 w/ pmi?<br/><br/>Is there anything like this available in IL?<br/><br/>Thanks<br/><br \><br \>10 replies Thu, 02 May 2013 15:59:00 GMT http://www.zillow.com/advice-thread/Looking-for-mortgage-options-in-Chicago-area/490535/ 2013-05-02T15:59:00Z Jumbo mortgage 15% down http://www.zillow.com/advice-thread/Jumbo-mortgage-15-down/603534/ You can see a good list of local, well reviewed lenders in your area, here:<br/>&nbsp;http://www.zillow.com/winnetka-il/mortgage-lender-reviews/<br \><br \>0 replies Sun, 06 Sep 2015 18:44:00 GMT http://www.zillow.com/advice-thread/Jumbo-mortgage-15-down/603534/ 2015-09-06T18:44:00Z Investment property financing advice/opportunity http://www.zillow.com/advice-thread/Investment-property-financing-advice-opportunity/480681/ I'm in the process of finishing a refinance on my first investment property, and am mostly satisfied with the outcome. &nbsp;I financed the purchase price and rehab costs using a hard money lender. &nbsp;I don't regret taking this route, but it was expensive. &nbsp;I used more of my own capital then I wanted to. &nbsp;I am in the process of refinancing the hard money loan into a conventional mortgage.<br/><br/>I am now in a position to purchase another investment property for rehab and rental. &nbsp;I will have enough money for the down payment and the rehab. &nbsp;However, I would like to get as much of my capital back as possible after the rehab is complete. &nbsp;I was thinking of a conventional loan for the purchase, fund the rehab out of my own capital, and subsequently do a cash out refinance to recover my down payment and rehab costs. &nbsp;From a numbers perspective, assuming 75% LTV at the refinance, it seems technically possible. &nbsp;My credit score is about 790.<br/><br/>However, I am told that a cash out refinance is difficult to achieve today. &nbsp;Does anyone have any recent experience or advice on recapturing my capital after the rehab?<br \><br \>3 replies Thu, 28 Feb 2013 05:24:00 GMT http://www.zillow.com/advice-thread/Investment-property-financing-advice-opportunity/480681/ 2013-02-28T05:24:00Z Fannie Mae Delayed Financing Exception specialist in Chicago http://www.zillow.com/advice-thread/Fannie-Mae-Delayed-Financing-Exception-specialist-in-Chicago/469022/ You should be able to do a cash out mortgage on your free and clear property up to 75% of the purchase price or appraised value, whichever is less. Let me know if you would like to discuss your options for financing.<br \><br \>0 replies Thu, 29 Nov 2012 22:29:00 GMT http://www.zillow.com/advice-thread/Fannie-Mae-Delayed-Financing-Exception-specialist-in-Chicago/469022/ 2012-11-29T22:29:00Z We are interested in buying a condo in downtown chicago for roughly 2 million http://www.zillow.com/advice-thread/We-are-interested-in-buying-a-condo-in-downtown-chicago-for-roughly-2-million/403143/ Simple answer is that you need to open the lines of communication with your lender or talk to multiple lenders so that you can line up the right mortgage broker that can get the deal done. A jumbo note in a mixed-use building can add some challenges, but it is not impossible or even irregular. Your agent should have resources for you. If you need additional resources or consultation I am happy to assist. Best of luck!<br/>Stephen<br \><br \>0 replies Thu, 16 Jun 2011 19:36:00 GMT http://www.zillow.com/advice-thread/We-are-interested-in-buying-a-condo-in-downtown-chicago-for-roughly-2-million/403143/ 2011-06-16T19:36:00Z If a condo is warrantable according to Fannie Mae, but not according to Freddie Mac, what happens? http://www.zillow.com/advice-thread/If-a-condo-is-warrantable-according-to-Fannie-Mae-but-not-according-to-Freddie-Mac-what-happens/574016/ If a condo is warrantable according to Fannie Mae, but not according to Freddie Mac, what happens?<br/><br/>Our condo building is warrantable by Fannie Mae standards, but does not qualify for Freddie Mac.&nbsp; Is this a problem for people trying to get mortgages?<br/><br/>Thanks for any info you can provide<br \><br \>7 replies Fri, 30 Jan 2015 21:59:00 GMT http://www.zillow.com/advice-thread/If-a-condo-is-warrantable-according-to-Fannie-Mae-but-not-according-to-Freddie-Mac-what-happens/574016/ 2015-01-30T21:59:00Z In Chicagoland,good income (200k year) low debt, but credit@660. Can I get Jumbo Loan with 5% down? http://www.zillow.com/advice-thread/In-Chicagoland-good-income-200k-year-low-debt-but-credit-660-Can-I-get-Jumbo-Loan-with-5-down/505280/ You are jammed up with the credit score in the Jumbo world. &nbsp;As I mentioned in the previous post, a reputable credit repair company could make fast work of improving your score in many cases, but if your score is truly an accurate one, then you are in a tough spot.<br/><br/>The best solution available is likely to be a first mortgage of $417,000 and a second mortgage (HELOC) for the remainder up to 90% of the purchase price. &nbsp;That of course is IF you can get a second lender to play ball at your credit score. Most are not lending below 680 to 90% and most are at 700.<br/><br/>It really is a tough spot to be in with your income and those scores. &nbsp;I hope a deal that is currently on the table won't be falling by the wayside.<br/><br/><br \><br \>0 replies Mon, 05 Aug 2013 20:13:00 GMT http://www.zillow.com/advice-thread/In-Chicagoland-good-income-200k-year-low-debt-but-credit-660-Can-I-get-Jumbo-Loan-with-5-down/505280/ 2013-08-05T20:13:00Z maternity leave and approval http://www.zillow.com/advice-thread/maternity-leave-and-approval/589710/ My wife was on maternity leave last year so it shows lower than normal income on our tax return. &nbsp;Will they use that income for the mortgage approval or will they use her annual salary? &nbsp;<br \><br \>5 replies Wed, 03 Jun 2015 20:18:00 GMT http://www.zillow.com/advice-thread/maternity-leave-and-approval/589710/ 2015-06-03T20:18:00Z I need a lender for 5-10 property program for SFH homes in Chicagoland. http://www.zillow.com/advice-thread/I-need-a-lender-for-5-10-property-program-for-SFH-homes-in-Chicagoland/558070/ Hi Mark:<br/><br/>We are an Illinois mortgage broker.&nbsp; Please email or call with more information.<br/><br/>Thanks,<br/>Patty<br/><br \><br \>0 replies Fri, 05 Sep 2014 16:54:00 GMT http://www.zillow.com/advice-thread/I-need-a-lender-for-5-10-property-program-for-SFH-homes-in-Chicagoland/558070/ 2014-09-05T16:54:00Z Does everyone know about the special union benefits on the Union Plus Mortgage Program? http://www.zillow.com/advice-thread/Does-everyone-know-about-the-special-union-benefits-on-the-Union-Plus-Mortgage-Program/547841/ 1 reply Mon, 30 Jun 2014 13:47:00 GMT http://www.zillow.com/advice-thread/Does-everyone-know-about-the-special-union-benefits-on-the-Union-Plus-Mortgage-Program/547841/ 2014-06-30T13:47:00Z looking to purchase and rehab single family REO http://www.zillow.com/advice-thread/looking-to-purchase-and-rehab-single-family-REO/386828/ <p>Consider also the Fannie Mae properties with their financing.&nbsp; Fannie also has a renovation loan.&nbsp; No Mortgage insurance and no appraisal.</p><br \><br \>0 replies Tue, 05 Apr 2011 16:40:00 GMT http://www.zillow.com/advice-thread/looking-to-purchase-and-rehab-single-family-REO/386828/ 2011-04-05T16:40:00Z We own our house 100% and want to get cash out of the house, what type of loan do we need? http://www.zillow.com/advice-thread/We-own-our-house-100-and-want-to-get-cash-out-of-the-house-what-type-of-loan-do-we-need/458434/ There are many options for you out there. If you have a known dollar amount a cashout option would be best. If you however don't know how much you need a Home Equity Line of Credit (HELOC) is nice since you can keep borrowing against it. I would speak to a mortgage broker who should be able to provide you many options and exaplin the differences.<br \><br \>0 replies Mon, 03 Sep 2012 21:59:00 GMT http://www.zillow.com/advice-thread/We-own-our-house-100-and-want-to-get-cash-out-of-the-house-what-type-of-loan-do-we-need/458434/ 2012-09-03T21:59:00Z