Good credit unions in Chicago?

[Shahab Siddique]

I am looking for the best possible deal on a mortgage (leaning towards higher credits as I plan to fix and flip) on a 5 percent down mortgage payment. I've looked at a lot of banks, but am curious, does anyone in the Chicagoland area have recommendations with regards to interest rates/credits? 

[Andrew Holmes]

If it's your first home then buy it with cash. Rehab and the do a cash out refi at residential rates 30 yr fixed. Or borrow money for the purchase and rehab. Make sure that that's the wire that is coming in on the day of the closing and that amount is reflected on your HUD statement as a loan.

As long as it’s properly documented with a mortgage and a note. With the exact amount of purchase plus rehab properly shown on the hud. You can fix up the property and refinance it right away without waiting six months that will be your cheapest option as owner occupied