How can a Niles mortgage specialist help you?
This Niles Mortgage Specialist Can
This Niles mortgage specialist can help you get a purchase or refinance mortgage loan on a 1-4 unit property, including mixed-use properties, condos and townhouses; if you are employed, self-employed, or other. He can help you if you are looking for a conventional mortgage or an FHA mortgage; a regular-size mortgage or a jumbo mortgage. He can help you if you want a non-QM mortgage too (including: asset-based loans, bank-statement loans, or DSCR (debt-service-cover ratio; aka based on the cash flow of the property).
Call me at 847-840-8884 to discuss your mortgage needs.
Niles FHA Condo Mortgage Loans
Only two of the condo projects in Niles are FHA-approved:
- Highland Towers III, located at 8815 Golf Road, Niles, IL 60714 and
- Terrace Square Condominiums, located at 9743 N. Dee Road, Niles, IL 60714
That means that, if you’re looking for an FHA loan on a condo located anywhere else, you’ll have an uphill battle. Though I have lenders that will do spot approvals (approve individual units), it takes time (probably more than your seller is willing to give you) and effort. That means, you’re better off buying somewhere else or getting a conventional loan for that condo unit.
Call me at 847-840-8884 to discuss your Niles condo mortgage needs.
Niles Mixed-Use Property Loans
Niles does not have many 1-4 unit, mixed-use properties. The few it has, seem to be 2-unit buildings. You can get an FHA or a VA loan on a 2-unit, mixed-use property, under certain conditions:
- FHA wants at least 51% of the building to be for residential use
- the VA wants no more than 25% of the building to be commercial in nature.
If your mixed-use property does not fit, you have one option only: get a commercial loan. The interest rates are higher, the appraisals cost more, and there are pre-payment penalties, but there are lenders that will lend.
Call me at 847-840-8884 to discuss your mixed-use property mortgage options.
FHA 203k Loan in Niles
The FHA’s renovation loans work the same way in Niles as they do anywhere else. So do conventional renovation loans. If you’re thinking about getting a mortgage with repair costs in it, give me a call at 847-840-8884.
Non-QM Niles Loans
Are you are looking for a loan that’s not based on your income, but on your assets, bank statements or the cash-flow of your property? If you are self-employed, you might qualify for one. Call me at 847-840-8884 to find out your options.