FHA 203k and Preservation

Chicasgo bungalow

FHA’s 203k rehab program has many benefits.  I’m an urban planner by training and see the great potential this program has to be a significant tool for rehabilitating much of Chicago’s historical housing stock.   My historic preservation class at the University of Illinois gave me an appreciation for different housing architectural styles.  I grew up watching “The Cosby Show” and remember vividly the beautiful, sturdy Brooklyn brownstone they called home.  Chicago has an … [Read more...]

No Money Down Homes – Is It Still Possible?

HUD homes low downpayment

Think about this for a moment.  If I told you that you could purchase a 3 bedroom, 2.5 bath single-family house for $145,100 in the Chicago area that appraises for $160,000, with only a $100 down payment on a loan, would you believe me?  I recently closed such a deal for a client.  For just $100 down, he ended up with a 7% equity stake in his new home; some would call it free money. There are many opportunities like this out there.  My client purchased a foreclosed home directly … [Read more...]

Do you need rehab with that purchase?

home-remodeling

If you have been shopping for homes, you have probably seen several foreclosures and short sales. Maybe you found a house in the perfect location at a great price, but the kitchen and bathrooms are still in 1970s decor.  There are some great loan programs out there that can help you obtain that property plus give you funds to get those rooms up-to-date.  Here are two: OPTION 1: FHA 203(k) The bread and butter of rehabilitation loans is still FHA’s 203(k) loan. FHA has two … [Read more...]