Chicago Loft Mortgage Approvals

There’s a lot of fiction and myth surrounding the best deals on lofts and also the difficulty in obtaining mortgage financing.   When it comes to Chicago loft financing, the truly excellent deals are really simple to finance.

Let’s begin first with wherever the myths are coming from.  You will discover a handful of listings at prices that are too very good to be true that cannot be financed.   The seemingly logical conclusion is that it is challenging to obtain a house loan approval in today’s market.  Nothing could be less true.

The reality of it’s that the “best deals” within the condo and loft market right now are merely not quite good deals.  They’re just low costs and they are possibly risky purchases.  If I was acquiring a loft in Chicago nowadays, I’d have five questions that I’d use to determine if the  property is really a safe buy.  Here would be my big five:

   1. Is this building predominantly owner-occupied or does it contain lots of rental units?
   2. Is there a large single-investor holding additional than 10% of the units?
   3. What percentage of the unit owners are past-due on their assessments?
   4. Are there pending special assessments or legal actions against the association?
   5. Does the homeowners association have adequate reserves to cover general maintenance?

Should you look solely at today’s home costs versus the costs from a few years ago, you can find some properties that seem like amazing values.  For many of them, they’ll fail one of those large five tests.    Failing any, let alone much more than one, can mean that costs in that building are likely to fall even further.  In a marketplace where home values are stabilized and now rising, there is no reason to take an unnecessary risk.

Great deals still exist on Chicago loft apartments.  It’s still possible to find a great Chicago mortgage loan.

Search Chicago Lofts now.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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