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Home Loans for Live / Work Spaces
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ChicagoGuy
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Posts: 1
Registered: 10-25-2009


ChicagoGuy

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Has anyone had luck finding a lender that would grant a fixed home/condo loan for a Live / Work space (zoned c2-2)? Apparently the rules in Illinois/Chicago have changed recently making these spaces problematic unless your purchasing as a business. 

 

Having difficulties securing one in the current market although I have great credit, plenty of money to put down and my wage is way higher than it needs to be. It's extremely frustrating. 

 

Please let me know if you know someone.  

Kudos!
10-25-2009 06:52 PM
 

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Re: Home Loans for Live / Work Spaces
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Erik_Johansson
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Posts: 47
Registered: 03-03-2009


Erik_Johansson

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I am facing a similar challenge from the financing end. The client s are a dream to qualify but the property type has it's challenges.

 

The short answer is: Chase (on a case by case basis)

 

I am working with Chase through the wholesale channel and have a contact trying to drill into their underwriting department from the retail end. They will finance this property type on a case by case basis but they do not publish the guidelines to spell out the requirements nor are you able to contact an underwriter directly for clarification. Proceed with caution. If it is this much trouble buying now it may be equally difficult to sell later. I wish you the best of luck. Should you find a tip please post it. I have searched high and low to no avail...yet.


 

Erik Johansson
Vice President of Mortgage Lending
Guaranteed Rate
Kudos!
10-27-2009 02:49 PM
 

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Re: Home Loans for Live / Work Spaces
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LoansbyJW
Redfin Preferred Lender
Posts: 595
Registered: 04-30-2009


LoansbyJW

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Depending on the whole project, MetLife is one lender who can structure these kinds of transactions.

 

Thanks for reading,

 

LoansbyJW

Kudos!
10-28-2009 09:30 PM
 

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