Home Buying in Chicago>Question Details

Newhomebuyer, Home Buyer in Chicago, IL

I heard that there are government programs that give you money to fix up or rehab a home. True?

Asked by Newhomebuyer, Chicago, IL Sat May 16, 2009

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As David said the 203k program is a very popular program now - whether you are purchasing and fixing up a new property or refinancing and fixing up your existing property. We average about 4 closings a month just doing these type of mortgages. As you can imagine, they are very popular now with people purchasing foreclosures to move into. We also see them being used by those people that just need more space in their existing home.

For more details on the program, please don't hesistate to contact me.

Kurt Clements
Senior Vice President
GSF Mortgage
3933 75th Street
Aurora, IL 60504

Office: 630.806.7016
Cell: 630.430.1091

1 vote Thank Flag Link Mon May 18, 2009
Even Realtors often do not know if there are government programs that give you money to fix up or rehab a home. In my community (the lovely city of Berwyn, IL) there is such a program. The City of Berwyn will allow a current homeowner to make application with the Department of Community Development in Berwyn to obtain a Rehab loan - Deferred Loan of 0% interest - that's right, no interest - a loan that is NOT REPAID unless and until you sell your home or unless title is transferred. You must have low to moderate income, you must be a Berwyn resident and you must have 4 units or less. Cook County offers similar plans for energy improvements and the Town of Cicero offers their own financing for buyers that can be declared paid after 10 or so years of normal payments IF buying in certain designated areas of Cicero. Research well!!
0 votes Thank Flag Link Fri Jun 26, 2009
I totally agree with the 203K loan. It is an awesome FHA loan that lets you finance the repairs on your purchase that needs work, as long as when the work that is finished, the home appraises out. I have lenders that are experts on this loan. I also have an awesome email program that sends you AVAILABLE listings to your email address that fit the criteria you give me. I also am very good at getting the seller to pay the closing costs with creative financing. You only need 3.5% down, which can be taken out of your 401 K without penalty or gifted to you from a family member etc. The immediate cash you need is $1500, $1000 for the earnest money and then the inspection fee, which needs to be paid upfront. The seller pays my commission so my service to you is FREE! You can email me at trulia@CarmensHomes.com or call my cell, 708-533-0515. Remember that if this is your first home or you have not owned a home in the last 3 years, you qualify for the $8000 ( provided that you buy a home $80,000 or higher and keep it for 3 years) that the government is giving if you buy a home before December 1st, this year. I look forward to hearing from you. You won't be sorry that you contacted me. I promise!

Carmen Keslin e-Pro
ReMax 10 In the Park
708-533-0515 cell
Web Reference: http://www.CarmensHomes.com
0 votes Thank Flag Link Tue May 19, 2009
Most definatly!! As Dennis mentioned below it is called the FHA 203K. This loan is my specialty and there are few brokers in Chicago who choose to close these loans, mostly due to its complexities. We have been originating these loans for the better part of 10 years now. Please read my blog linked to below that explains this wonderful program. I would be happy to help you buy a home using the program. You can contact me at the phone and address below and I can get you started.

David Cruickshank
Ardain Mortgage Corp
0 votes Thank Flag Link Mon May 18, 2009
There is a FHA 203K loan which is a purchase rehab loan.

Dennis Toomey
Cell (847) 338-0180
Fax (847) 956-2844
E-mail: dtoomey@remax.net
Web site: http://www.HouseByZip.com
0 votes Thank Flag Link Sun May 17, 2009
I have not heard of any government programs that are offering this unless you buy in a targeted area that they want to re-vitalize. I do know of a Bank that offers a program that will give up to $25,000 to rehab a property. This is a conventional loan with 10% down. If you have exceptional credit they may consider a 5% down loan. If you are interested in getting more info on this program, feel free to contact me at 708 860-0497
Web Reference: http://www.JohnSommese.com
0 votes Thank Flag Link Sat May 16, 2009
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