Realtor related

Chicago, Illinois FHA 203k Mortgage -What Realtors Need to Know When Working With an FHA 203k Loan

      Here in the Chicago area most Realtors have never worked with an FHA 203k rehab and renovation mortgage. This is a great mortgage for many uses, but even more so now, with inventory of good, ready to move in properties so short. Some properties are true fixer-uppers (most Realtors still think that an all cash offer is the only option in order for these properties to sell), others might just need a new kitchen, bathrooms, or maybe new flooring. I know some Realtors don’t want to even show these homes to their buyers because they think that these properties are too much work for their buyer, and that even if they could get financing, it would not be worth it. The truth is, a big portion of the buyers in the market today are looking for the bargains, and this often means foreclosed properties, and out dated homes and even if…

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Chicago FHA 203k – The Biggest Concern for Realtors and Sellers When Working With an FHA 203k – Will the Loan actually Close?

        A common question I hear when one of my clients presents an offer for an FHA 203k rehab loan, is yes, but do these things actually close? The answer I always give is Yes. The Chicago area FHA 203k rehab and renovation loan is a great product and we close them regularly. But the reason this is such a common question is because so many contracts are written with an FHA 203k and something falls apart before it gets to closing. This leads to a lot of frustration on the part of Realtors and sellers, because no one gets paid if the mortgage doesn’t close. The problem isn’t with the mortgage itself, the main issue is more often about how the loan is handled, and who is handling the loan. The truth is, most loan officers have never worked with an FHA 203k before, and most…

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