I have clients in Illinois interested in purchasing a condo in a low rise building (< 4 stories). Scenario 1: building is condo conversion in process: 12 unit building. 6 of the exsiting tenants are interested in purchasing their units. The remaining will be listed with realtor. Scenario 2: building was converted in 1999; 6 units in total with (4) of the units sold. My client will be #5. Credit scores are low 500s; co-borrower has scores in low 700s however income is pension/social security. Unit is 1400+ square feet. Last but not least seller is willing to assist with downpayment and closing costs. Any suggestions on possible lenders?
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