There are lenders that will do these loans. You just won't see it from the big players. You need a "portfolio lender" that has their own programs.There is no "conforming jumbo" in IL. Just conforming up to $417,000 for a SFR, and Jumbo for everything over.Please contact me with any more questions!
The best option you would have is a FHA 203K rennovation loan. This would finance the renovation as long as it adds value to the home. It also keeps your contractor accountable by not allowing him or her to be paid until the work is done correctly and inspected.Hope this helps!
Your best option would to be to try to raise the credit score. With a score of 590, there are many simple ways to improve your credit score in a short amount of time. The credit reporting company we use has tools for raising a client's credit score. Otherwise, I would say that 620 is the minimum most lenders will accept.Hope this helps!
There may not be a new value because the current owner of the home has not updated the information on Zillow. Have th owner create a profile and update the information in regards to changes for the property. There is a section for improvements.Hope this helps!
Downers Grove is in Du Page county. The limits for all FHA loans amounts in Du Page county (including 203K's) are as follows:1 unit: $410,0002-unit: $524,8503-unit: $634,4504-unit: $788,450If you have any other 203K questions, you can email me at email@example.comHope this helps,Ken
If the home needs work, you could consider using a 203K rehab loan to improve the property. This is a great option for bank owned / foreclosure type properties.
If you are concerned about the condition of your home, you could always find a Loan Originator who knows how to write 203K rehab loans. Then you could refer potential buyers to him/her. This would open up your home to more buyers...
It sounds like you are paying either a loan origination fee or discount points. The actual costs necessary to close a loan are closer to $2000, depending the title company, appraiser, and lender....
Good Afternoon,Your best option is to see if Fannie Mae or Freddie Mac owns the loan on your property. If one of them does, both Fannie and Freddie have programs with relaxed LTV restrictions. Here are the links to see if they own your property:Fannie MaeFreddie MacWhat is your LTV?
Good Afternoon,The best way to get a good rate with fair closing costs is to find a Loan Originator you can trust. Rates and programs are changing on a daily basis in this market. You should be able trust your LO to stay on top of rates and news, and write a loan that has a benefit for you.If you shop from company to company to find the best rate, you are simply going to end up with the biggest liar. That's just my experience...find someone you can trust.Hope this helps,Ken