Special offer

Schaumburg Homes for Sale - Need a 203K rehab loan?

By
Real Estate Agent
What a difference a ‘K’ makes?  This is about the ‘Renovation Loancalled the FHA 203K and how it can be needed to purchase a home in need of 'a little help’.

The 203K Loan is:
  • Perfect for REO’s and foreclosures.
  • Used to purchase and close on a home in ‘as is’ condition.  Usually getting a better sales price.
  • No repairs required prior to closing; no appraisal issues.  The house must be sound and is used for minor repairs and cosmetic changes that you would like to do to the property and don’t have the ready cash to do it.
  • There can be NO mandatory repairs and is the buyers choice to update the home. This program is a much better financial move than using your credit cards to renovate your home projects.  So again the house must be structurally sound according to FHA guidelines but can be best described as:  ‘butt-ugly, grandma's 1950's house or cosmetically challenged’ on the inside as far as decorating details.

Rules for this 203K Loan:

1.   Owner occupied only.
2.   FHA maximum loan limits in Cook, DeKalb, DuPage, Kane, Lake, McHenry and Will Counties.
1 Unit = $410,000

3.   Only 3.5% down payment required.
4.   Loan amount = Purchase Price + Rehab Amount x 96.5%
5.   Allowable Repairs are:
Roofs, gutters, downspouts
HVAC systems
Plumbing, Electrical Systems
Existing flooring
Minor remodeling such as kitchens – no structural repairs
Interior and Exterior Painting/Siding
Weatherization including storm windows, doors, insulation, weather stripping, etc.
Appliances – Free standing and built-ins allowed
Handicapped accessibility
Lead based paint abatement/stabilization
Repair, replace or add exterior patio or porch
Basement refinishing and remodeling that does not require structural repairs
Basement waterproofing
Window and door replacement
Septic and well systems – repair or replace
Fencing


Sound like you might be interesting in doing something like this?  Have a property in mind?  Please give me a call and we can talk about the 'possibilities' and I can put you in contact with a great lender that has your best interests in mind!

Schaumburg Homes for Sale

     Lyn Sims (847)230-7324 at RE/MAX Suburban

 



I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Schaumburg, Elk Grove Village, Hoffman Estates, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

Schaumburg Homes for Sale

Schaumburg Homes for Sale
Posted by

 

  Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)962-7104
 
 
©2007-2022 

Comments (0)