Chicago FHA Lenders Recommendations

[Matt Michaels]

Hello BP community!

In process of purchasing my first rental property in the Chicago area and seeking recommendations for FHA lenders you have worked with previously? Or, lenders who can offer creative solutions for an individual looking to put down between 3.5% and 5%.

Thanks in advance and hope to hear from you!

MJM

[Brie Schmidt]

@Matt Michaels I also recommend Sam Sharp with GR.  

Depending on where you are looking it isn't going to be easy. I cover Pilsen to Jefferson Park to Evanston for 2-4 units. For FHA you are basically looking only at 2 units under $550k - 3 and 4 units have to pass the self sufficiency test which 99% of properties do not. There is the 5% home possible but your income has to be under $85k so if you had no debt your max purchase is $400k which is impossible in those areas. There is also a 5% down program with no income limit but it can only be on 2 unit properties and the area has to be low to moderate income, which you can still find in some parts of the north side.