All Forum Posts by: Keren Figueroa

Zack Karp hey, thank you for your reply. I did not apply for a VA loan because I was focusing on condos, most condos don't accept VA loan here in Chicago. Do you suggest we purchase with VA loan and take our focus off condos at the moment? The big problem is that by using only one income VS our combined income we are not getting approved for much... That's where we're at.

Kerry Baird that's great! Thank you for welcoming me to BP. Your situation sounds like ours. And thank you for the advice!

Welcome! I also just purchased my first property in portage park. I would love to hear more about your deal. I'm still learning!

Kerry Baird thank you for your response. The current condo we are in is completely under my husbands name. We decided to do it that way so that when I go to purchase our next property I don't run the possibility of getting denied. We currently live in the condo, 1. Because it's saving us money and has allowed us to remodel the bathroom and kitchen (which we did ourselves). 2. Being that it's a conventional loan we have to reside at the property for at least a year. We currently purchased in a great neighborhood in Chicago and are not ready to take the risk in the lower income neighborhoods. I definitely am going to wait a few months till I re apply for a loan. I'm sure by then my credit score will go up significantly and will give me more options for others types of loans. Thank you for your input! This is all new to us and we are open to listening to everyone who is successful like your self!

Hi everyone, Like most people, my husband and I have read "Rich dad, Poor dad" and were inspired/intrigued by Real Estate. So far we have decided we want to buy properties to rent. So we would fall under the category of "Buy and hold" (I think, please correct me if I'm wrong). Husband and I are military veterans, we have not purchased with VA loan YET, but we are looking forward to it since we heard we can buy up to a 4 unit building. Back in May my husband purchased a condo with a conventional loan (has better credit than me), and we decided to live at the unit till we make our next purchase. Out of curiosity and in desire for another property I decided to apply for a loan but only got approved for an FHA loan. This limits my possibility to purchase a condo in our market which is Chicago... My question is should I be discouraged? Or should I be patient, wait a few months and then apply for a VA loan (using combined income of my husband and I) and buy the 4 unit building or triplex? I don't want to get stuck, feel like I'm going no where at the moment... Thanks in advance!