Legal Question in Real Estate Law in Illinois

My Mama Said..You Better Shop Around!?

With my situation - I do not believe I can do this but, I want you to confirm or educate me please. I am looking to buy a home based solely on my ''good'' credit score. I have not worked / had any income since Feb and will be using the loan amount to fix up the light repairs then rent it out until ownership. Based on this real estate investment strategy - can I do this without current or recent W-2's/ employment verification? I will be working again in July..wait until July to buy?


Asked on 6/19/08, 9:44 am

2 Answers from Attorneys
Walter Palmer Law Office of Walter Palmer

Re: My Mama Said..You Better Shop Around!?

Whether or not the loan is granted is a financial matter, not a legal one and is entirely up to the lender. I volunteer at a non-profit that helps a lot of people with foreclosures and lenders are very cautious these days. I'd wait until I was actually working and even then try to show some reserves.

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Answered on 6/19/08, 9:59 am
Nicholas Chrisos Nicholas G. Chrisos Attorney at Law

Re: My Mama Said..You Better Shop Around!?

I don't know; it depends on the lender. Contact my office if you'd like a referral to a trustworthy mortgage broker.

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Answered on 6/19/08, 12:14 pm


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