All Forum Posts by: Neil G.

Anyone able to provide a ballpark estimate for the cost of a rear balcony on a Chicago three flat? No preference on whether it’s iron or wood, whatever is cheaper. Would be for upper two units, ideally with stairs to ground. Thanks in advance. 

Yes, and you are right about income restrictions. They are set too low for us to use even if we were to put the loan in one persons name. It sounds like a minimum of 10% down is required, although some lenders are saying 15-20% for a 2-Flat.

Wondering if there are any conventional products that allow 5% down on a 2-unit? I thought there were but it seems like 10-20% is more like it. 
An FHA won't work in this scenario because the home is over the $470K limit (~$600k). I'm in an expensive market, but this building is in a great location and after somewhat smaller renovations it should appraise closer to $750k.
Putting 10% would eat my reserves which I would like to use for the renovation costs. Outside of asking friends and family for a personal loan I’m not sure there are any loan products that would work here.