FHA 203k Eligible Property Types in the Chicago Area

  There are a lot of ways you can use the FHA 203k  and Homestyle rehab and renovation loans if you are buying a home in the CHicago area. This video goes over some of the uses, including how you can buy a 2-4 unit apartment building, use the renovations to increase the rents, which will add more value. Loan Depot Interview Between Peter thompson and Milton Minolas on  what property types are eligible for FHA 203k and Homestyle Renovation and rehab loans in the Chicago area Pete: Hi. This is Pete Thompson your Chicago area mortgage guy, and I am here with Milton Manolas, our national renovation expert. Today we’re going to talk a little bit about property types. When most people think of renovation loans, they’re thinking of houses that are falling down, but it’s not just single family homes that you can do with this and it’s…

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FHA 203ks can be Part of the Solution to the Chicago Area Housing Inventory Shortage

Chicago FHA 203k Renovation loans  A lack of inventory for the homes that buyers have been looking for has been number one problem in the Chicago area housing market for most of the last year. And lately, the problem just seems to be getting worse.  If a home is in a good neighborhood, is in good condition and is priced right, it is going fast. Most of the time with multiple offers. At the same time, there are a lot of homes in great neighborhoods that aren’t selling right away. A lot of the time it is homes that are in a good location, but they just don’t show as well. These homes might not have been maintained as well, or they could have outdated features, or maybe there are serious problems that need to be fixed before they can even get financed. These homes tend to have lower sales prices, and less…

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How Much Cash Do I Need to Buy a Home?

                  One of the most frequent questions from home buyers is asking how much cash they need to buy a home. Answering this question can be complex, as buyers need to determine how much they can afford for a monthly payment, based on their finances, as well as how much savings they need for their down payment and closing costs. Down Payment and Closing Costs When purchasing a home, buyers need to factor in the closing costs and the costs to set up the escrows and other things that are required to buy a home. Typically the largest up-front cost is the down payment, which varies depending on the mortgage used to purchase the home. Some mortgages like FHA loans require a smaller down payment, which can often be as low as 3.5% of the price of the home. For example, when…

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