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Redfin Real Estate Forums :
Chicago :
Home Loans for Live / Work Spaces
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Home Loans for Live / Work Spaces
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ChicagoGuy
Newbie
Posts: 1
Registered: 10-25-2009

Message 1 of 3

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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.
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10-25-2009 06:52 PM
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Re: Home Loans for Live / Work Spaces
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Erik_Johansson
Contributor
Posts: 47
Registered: 03-03-2009

Message 2 of 3

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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 They will finance this property type on a case by case basis but they do not publish the guidelines to spell out the requirements nor are you able to contact an underwriter directly for clarification.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
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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

Message 3 of 3

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Depending on the whole project, MetLife is one lender who can structure these kinds of transactions. Thanks for reading, LoansbyJW
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10-28-2009 09:30 PM
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