Good news for Chicago condo buyers! You can get conventional loans for condo purchases with just 5% down again. It’s now available to Dream Town clients through lenders we work with. If you’re thinking about buying a condo, this could really benefit you.
You don’t need to have 20% of the purchase price saved anymore in order to get a loan on that Chicago condo you’re interested in. And you don’t need to worry about whether the building is FHA-approved… By putting down just five percent, you can get a regular conventional mortgage.
Many buyers are seeking lower upfront costs right now. Coupled with the amazingly low mortgage rates (we’re talking lowest ever!), this is an excellent opportunity to purchase a condo and save money. There is a huge supply of condos up for sale in Chicago, so you have a great selection to find exactly what you’re looking for. Take advantage of the market!
Here’s a quick rundown of the qualifiers for the loan:
-- FICO credit score of 720
-- Debt to income ratio of no more than 41%
-- Maximum loan to value ratio of 95%
-- 70% pre-sale requirement for new construction/new conversion
-- Rentals cannot exceed 30% of total units for condo projects