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Mortgages in Jefferson Park, Chicago, IL: Self-Employment

'Mortgages in Jefferson Park, Chicago, IL' because I just arranged for a mortgage loan for a couple who live in that neighborhood. I could have given the zip code, I know: 60630. But that's not as appealing. 'Self-Employment' because one of the borrowers is self-employed. My clients did not Google "Chicago mortgages" or "Jefferson Park Mortgage Broker" to find me. They found me through their tax preparer. They were looking to refinance their home, a single-family detached house to get a lower rate. Their interest rate was 4.500%. I...

Des Plaines Condo Loans: 7 Ways They’re Harder

Looking into Des Plaines condo loans? They're a bit harder to get than loans on a house. They are harder because they're riskier: lenders don't have to worry just about you and your unit but also about common areas, homeowners’ associationand other unit owners. So do you. Here's how things go, using my imaginary friend Bob, who lives in an imaginary rental unit in Niles, as an example: Would-Be Borrower Bob Looks for a Des Plaines Mortgage Broker Let’s say borrower Bob wants...

Get Low Mortgage Rates for Chicago Area’s Self-Employed

You can get low mortgage rates in Chicago in July 2020. Interest rates in the Chicago area for a 30-year conventional mortgage are close to 3% . You should be thinking about refinancing. Even if you're self-employed and hear it is harder now, because of Covid19, to get approved. Because unemployment is high, lenders have added extra steps to the process of getting a loan. They really want to make sure your income has not gone down because of the pandemic. Income Documentation Required It used to...

Chicago Bank Statement Mortgages: Self-Employed Borrower Solution

Qualifying for Chicago bank statement mortgages is an option available only to people whose income is not from wages. These mortgages are a good option when the income on business taxes is not always a good reflection of how well a business (freelancer, contractor) is doing. If that is your situation and you want to buy or refinance a 1-4 unit property, you might consider bank statement mortgage loans. Chicago Bank Statement Mortgage Requirements borrowers must have been earning non-wage...

Chicago Mortgages: 9 FHA Facts That Will Make You Jump With Joy

Chicago mortgages include FHA loans, and many people think (erroneously) that they know all there's to know about them.  Here are some facts about them you probably did not know. Yet they might make you see FHA loans as the loans for you. 1. You don't need credit scores to qualify for either the regular FHA loans or the 203K loans. You can just show you’ve paid bills on time for the 12 months before you apply. Give your loan officer either 12 months of cancelled checks made to your phone company, gas company, etc.or 12 months’ worth of bank statements...

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FHA 203k Loan in Chicago: Avoiding Pitfalls

Googling "203k loan Chicago" or some other such phrase, but not out of sheer curiosity? Then this article, written by a Chicago mortgage specialist, is for you: it points out common mistakes and tells you how to avoid them. FHA 203k Loan Explained

Non-QM Loans in Chicago

Non-QM loans in Chicago are alive and doing well. Non-QM loans are those loans against 1-4 unit properties that do not abide by the rules set in place after the 2008 melt down, loans with risky features or loans that do not fully vet a borrower....

Chicago Bank Statement Mortgages: Self-Employed Borrower Solution

Qualifying for Chicago bank statement mortgages is an option available only to people whose income is not from wages. These mortgages are a good option when the income on business taxes is not always a good reflection of how well a business (freelancer, contractor) is doing.

Chicago Fix and Flip Loans: Good Options for 1-4-Unit Properties

Chicago fix and flip loans for 1-4 unit properties are the answer for many investor. This article may help.

Chicago Mortgages: 9 FHA Facts That Will Make You Jump With Joy

Chicago mortgages include FHA loans, and many people think (erroneously) that they know all there's to know about them.  Here are some facts about them you probably did not know. Yet they might make you see FHA loans as the loans for you. 1. You don't need credit scores to...

Get Low Mortgage Rates for Chicago Area’s Self-Employed

You can get low mortgage rates in Chicago in July 2020. Interest rates in the Chicago area for a 30-year conventional mortgage are close to 3% . You should be thinking about refinancing. Even if you're self-employed and hear it is harder now, because of Covid19, to...

Chicago Condo Loans: 6 Common Issues

Chicago condo loans come in quite a variety of projects. Some do not meet conventional condo mortgage requirements. And other programs have issues with condos, in general, like the FHA. The FHA wants condos to belong to project it's approved. And there are few projects...

Des Plaines Condo Loans: 7 Ways They’re Harder

Looking into Des Plaines condo loans? They're a bit harder to get than loans on a house. They are harder because they're riskier: lenders don't have to worry just about you and your unit but also about common areas, homeowners’ associationand other unit...

Mortgages in Jefferson Park, Chicago, IL: Self-Employment

'Mortgages in Jefferson Park, Chicago, IL' because I just arranged for a mortgage loan for a couple who live in that neighborhood. I could have given the zip code, I know: 60630. But that's not as appealing. 'Self-Employment' because one of the borrowers is...
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