Posted on: 06th Sep, 2010 08:09 am
I am looking to buy a single family home in Chicago with a purchase price of $1.4mm - $1.5mm. Before I spend a lot of time, I would like to see whether there are any programs out there that would work for me. I think I have very good credit + DTI ratios but my intial equity may be a little light. Any thoughts / programs I should consider would be much appreciated. Below are the statistics I think are relevant - please indicate if you need additional information
Purchase price - up to $1.5mm (hopefully a little less)
Income - $500k - $525k (have had this for past couple years - $300k base & $200/225k bonus each of past 2 years)
Current assets - $385k liquid assets (cash + investments), $65k retirement assets (401k + IRA + $10k Roth IRA in wife's name), and $160k illiquid assets (primarily private equity investments)
FICO - 770
Total other obligation payments $1k (some student loans + car payment)
Down payment - willing to put up to $320k down
I finally think that purchasing a home makes sense but before spending a lot of time pursuing wanted to see whether people have insights into whether I have enough equity to qualify for the loan. Thanks for your help.
Purchase price - up to $1.5mm (hopefully a little less)
Income - $500k - $525k (have had this for past couple years - $300k base & $200/225k bonus each of past 2 years)
Current assets - $385k liquid assets (cash + investments), $65k retirement assets (401k + IRA + $10k Roth IRA in wife's name), and $160k illiquid assets (primarily private equity investments)
FICO - 770
Total other obligation payments $1k (some student loans + car payment)
Down payment - willing to put up to $320k down
I finally think that purchasing a home makes sense but before spending a lot of time pursuing wanted to see whether people have insights into whether I have enough equity to qualify for the loan. Thanks for your help.
I can not speak for what mortgages are available in Chicago. 20% down mortgages are available here in NJ for mortgages that size, but, they are local programs that are not avaialble in Chicago.
You would probably have a choice of more mortgages with 25% down and with a down payment of $320,000 that would be a purchase price up to $1,280,000. You will have to do some Chicago mortgage research or someone who knows the Chicago market on this site to answer you as to what mortgages are available in Chicago.
With mortgage rate so low and it being a buyers market and you not having to sell in order to buy, you should be sitting in the catbird seat to purchase. Hurry up and do it.
You would probably have a choice of more mortgages with 25% down and with a down payment of $320,000 that would be a purchase price up to $1,280,000. You will have to do some Chicago mortgage research or someone who knows the Chicago market on this site to answer you as to what mortgages are available in Chicago.
With mortgage rate so low and it being a buyers market and you not having to sell in order to buy, you should be sitting in the catbird seat to purchase. Hurry up and do it.