Because the asking price falls below the $1,032,650 limit for conforming loans on 2-unit properties, most buyers may qualify for conventional financing—no jumbo loan required.

If you're purchasing the property as your primary residence, you may be eligible to put down as little as 5%. For buyers purchasing it as an investment, a 25% down payment is typically required.

Income Offsets & Qualification

Lenders may allow buyers to use projected rental income to help qualify:

• Owner-occupants may be able to count 75% of market rent from the lower-level unit toward qualifying income—even though it’s a non-conforming space.

• Investor-buyers may be able to include 75% of market rents from both legal units.

These rental offsets can significantly reduce the monthly cost of ownership - whether you’re living in one unit or renting out the entire property.

*Disclaimer:
All figures provided above are estimates for general informational purposes only. Actual mortgage payments, qualification amounts, and rental income may vary based on individual circumstances and lender requirements. This information does not constitute a loan offer or a guarantee of income.

Prospective buyers are strongly encouraged to consult with a licensed lender for pre-approval, and with a qualified real estate attorney or professional regarding property use, zoning, and legal compliance.

The lower-level suite is a finished space that has previously generated rental income. Buyers are solely responsible for verifying zoning, legal unit status, and permissible uses with the City of Chicago. The seller makes no representations or warranties as to the legal status of this space as a separate dwelling unit.