Skip to main content

Multi family owner occupied investment property in Chicago. 5% down?

In case anyone has knowledge on this market and is awake at this hour figured I would ask. Looking seriously into at a 4 unit in Chicago and we had initially had an offer 652k with 3.5% down using an FHA loan. Seller said they would accept that price if we can get a conventional mortgage instead. Local lender #1 told me 2 weeks ago lowest I can get done for conventional is 5%. That's fine, we can afford that. Lender #1 wasn't available today for new non FHA pre-approval so I called lender #2, who promptly told me that there is "no product available on the market" that will allow me to do a conventional loan at 5% down on a 4 unit owner occupied investment property in Chicago. WTF? I was under the impression this was not a problem at all. Lender #1 is from a very large company while #2 is from a much smaller practice but has been doing this in Chicago for 19 years.

Does anyone have any experience with the Chicago market in this regard that can shed some light here?

submitted by /u/tiddygang
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/hhrmrc/multi_family_owner_occupied_investment_property/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

How to get started?

Hi! I’m 23F and I just graduated college with an english degree (😅) but i’ve been working in nonprofits since I was 16 and lucked into an amazing first job with an one of the biggest and best real estate non-profits! I love my job so far, but it’s my first time being surrounded by such wealth (and very hard working, deserving individuals.) To be quite honest, I‘ve had a rough few years juggling multiple jobs to finish school, and the idea of myself not living paycheck to paycheck seems light years away. This is all being said, I guess I’m posing the question towards the group of what I can do now to start building that kind of future for myself. I find real estate very interesting, and i’ve loved learning about all the machinations behind development- I’m just not sure where to begin within the industry (investment/rentals are definitely not an option for me yet). I’m also looking to go back to school, but being that I don’t know where to start, I wouldn’t like to begin classes aga...
Post a Comment
Read more