All Forum Posts by: Alex Pot

Hello Chicago!

I'm on a market for a SFH (primary residence) and I'm focused on South and West Suburbs (Elmhurst, Wheaton, Glen Ellyn, Downers Grove, Orland Park...).
So far I am having difficulties locating someone who is willing to work South and West and who has good knowledge of mentioned areas and I'm hoping to get referral here.  

I am looking for someone who will have patience with us and give us enough attention considering we are first time home buyers. 
Don't need someone to pamper me by any means but just to be available, on-time and professional.

Please send me a DM if you are an agent or if you know one who could be a good fit. 

Thank you, 
Alex

My spouse is under 79 but so she could apply but our taxes are filed together, does that make a difference? 

Other question is, how much money would loan be granted for considering that small income? 

@Brie Schmidt 

Thank you for your reply. 
That is what I thought about those programs as well, they probably come with some "price". 

Is it true that you can't get conventional loan with 5 % down if unit is MF? 

Hello Bigger Pockets!

Before I start talking about myself I would just like to say THANK YOU EVERYONE for helping people and being a part of this great community.

So, my name is Alex, I am 28 years old and I’m comming from Chicago.

I work in IT, I really love and enjoy my job but as pretty much everyone else here, I would like to reach financial independence in a “near” future and have more time for my family, travels and generally enjoy life a bit more.

I have been reading forums, books, listening podcasts, got familiar with basics and I’m eager to learn more and more.

Generally, I would say that I am type of person that is ready to take a risk if I am okay with loosing what’s on stake.

For my first investment I would like to go with house hacking plan and I would try to get a triplex. When it comes to loans we would probably go with FHA loans since I have read somewhere that for conventional loans you need to have 15/20% if buying a multifamily property.

Now, when it comes to loans, there are some things that I am still trying to catch up with but maybe someone can help me and clarify my doubts.

I see there are some programs that can help with downpayment here in Chicago/Illinois but there are some income criteria.

For ex:

https://www.ihda.org/income-and-purchase-limits/

https://www.cityofchicago.org/content/dam/city/depts/mayor/general/HomeBuyerAssistanceProgramFlyer.pdf

Now, my wife and I are meeting those criteria with our tax return from last year but next year we will be way over it. We both got new jobs and pretty much doubled our income.

Of course, doubt that I have is, get to the action now, try to get loan approval this year and use those programs or wait next year and then apply for a loan and be 100% sure that we will be approved.

There is a chance that we would be able to meet criteria for Fannie Mae/Freddie Mac Loans from a 2nd link above but I do not know are there any other conditions for these that we might not be able to meet.

So, from investors perspective and experience, are these programs something that it's worth of chasing at all and or should I focus on getting a better conditions taking a regular FHA loan?

I would like to get in touch with Loan Brokers and Real Estate agents from Chicago so if there are some here, hit me up!

I work downtown and I am always in a mood to get a coffee/drink/lunch and chat about this or really any other topic :)

My post came up a bit longer than I wanted, hope you guys don’t mind that and all the questions :)

Thanks! Alex

Everyone are negative on Chicago these days.. I feel very discouraged as someone who is looking to start this game with comments that I see around about windy city. 

I still think it's a great place and yeah, it's crazy with taxes and stuff but I like to believe there is still ways to make money here!