Financing in Chicago>Question Details

Vlad Kalinin, Real Estate Pro in Chicago, IL

how to get cash for rehab property?

Asked by Vlad Kalinin, Chicago, IL Mon Apr 18, 2011

I'd like to purchase a property for renovation. I have some savings but am wondering if there are other sources of income for financing rehab properties.

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Hi Vlad, if you are looking to fix & flip or fix & hold, Quality Funding Source offers a wide variety of Acquisition & Rehab loans, our 100% 680 credit score program is among the best in the country. Here is a link to my website take a look around and give me a call.…

Thanks Adam T Barrera
0 votes Thank Flag Link Mon Apr 18, 2011

Rehab is what I do... for 16 years. Just read up on my website and make your decision.

That ALONE will help you save thousands...

If you do business with my team, you will get your loan closed, AND SAVE!

Web Reference:
0 votes Thank Flag Link Sat Apr 23, 2011
I have a porfolio loan that will allow you to put down 5% and obtain up to $40,000 to rehab the property. This is a conventional loan and can be closed within 30 days. This loan is a better product than the FHA 203k because there is less hoops you have to jump through. On average the FHA 203k will take 60 days to complete. Call me if you would like information on this product. John at 708 860-0497
0 votes Thank Flag Link Thu Apr 21, 2011
You can also try Gyna McElwee if you are looking for rehab money for investment properties.
Phoenix Real Estate Solutions, (708) 277-3627,
0 votes Thank Flag Link Mon Apr 18, 2011
Hi there, Vlad!

Thank you for the question!

Based on the bit of information here, it sounds like the method of financing that would most suit your needs is a rehab loan.

Do you have a real estate agent assisting you with figuring out the best way to proceed?
If not, please visit our website at OR give us a call at 312.242.1000.
0 votes Thank Flag Link Mon Apr 18, 2011

I am a specialist in 203k Rehab Loans, feel free to look at my website for info. I host monthly educational seminars for realtors and their buyers, this is also available for a refinace as well. Feel free to call me with any questions or to set up a meeting in person. It takes about 30 days from start to finish to get you the rehab loan.

Christine DePaepe
Senior Mortgage Consultant
Wintrust Mortgage
1333 N. Kingsbury, Ste, 201, Chicago, IL 60642

Office: 312-462-7715 | Cell: 773-848-4144 | eFax: 312-873-3818
0 votes Thank Flag Link Mon Apr 18, 2011

There are a couple options depending on the property and your scenario.
If the property is a Homepath property you may be able to do the Fannie Mae Homepath Renovation.
The othes two options are:
-Fannie Mae Homestyle (conventional loan)
-FHA 203K Rehab loan (FHA loan)
Both of these loans could be very helpful.
The only caveat is that with the 203k is only for owner occupied properties.
Feel free to call me if you have more questions.
Steve Smither
0 votes Thank Flag Link Mon Apr 18, 2011
one other source is called hard money lenders.. these are the people who lend money if YOU >>YOU>> have good credit based on your exit stratagy..they lend at high rates but the game is high returns in short time with a very thoughtout and double checked ability to take the property out of hardmoney financing into conventional financing. These companies with not give you the time of day unless you have the credit, and game plan done. otherwise.. FHA as mentioned.. do not bother above 403 K as its a very tough loan.. you want the low doc lower loan.. I have the best lenders in chicago at my office
Web Reference:
0 votes Thank Flag Link Mon Apr 18, 2011
Talk to your loan officer about a 203k loan.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
Web Reference:
0 votes Thank Flag Link Mon Apr 18, 2011
Your best bet is to meet with a local and trusted loan officer, they can prequailify you at no cost and let you know what programs may be available for you.

Depending on your credit and expereince in rehab, you may be open to more or fewer opportunites for financing.
Web Reference:
0 votes Thank Flag Link Mon Apr 18, 2011
Hi, Yes there are. There is a rehabbing loan available through the FHA called a 203k loan. This loan has two types one for 430k and under and one that is larger then that and requires a HUD appraiser to view the property along with contractor estimates, etc. Your best bet is to speak with a reputable mortgage lender to get all the details and discuss your options. conversations like this don't cost you anything but save you from alot of wonder ;o).

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
0 votes Thank Flag Link Mon Apr 18, 2011
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