GREATER CHICAGOLAND FELLOWSHIP

A Not For Profit Organization

Greater Chicagoland Fellowship is providing this for informational purposes only and shall not be for the purpose of any type of FHA solicitation advertising.

We at Greater Chicagoland fellowship are here to help with your housing Needs and desires.

The Chicagoland Fellowship is very familiar with many types of mortgage loan products including, down payment assistance programs and rehab type loans which you may desire for distressed properties or those properties you have seen that are just in need of updating to fit your needs and wants. And yes, you can use this loan for any type of property up to a 4 unit building if you wish to be a landlord/owner occupant for additional income. Why not rehab that new home or home you are currently living in and build your new home around your ideas and wishes in order to build the home you have always dreamed of. Don't settle for less than your American dream home. We have strong experience with FHA 203K loan products which we can educate you on the process of using this type of loan for purchasing a home or updating your current home in need of major repairs and or cosmetic repairs. This type of loan includes the funds necessary to fund the purchase, or refinancing your current loan, as well as any renovations the buyer or homeowner wishes all in one mortgage. We at Greater Chicagoland Fellowship will be glad to assist in connecting you with our very experienced list of Lenders, Realtors and Attorneys and assist you from the beginning to the end of the process.

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Allowable Renovations Limits For a 203K Streamline Loan.

Up to $35,000 in rehab
No Structural Repairs can be done with this loan.
No Landscaping
Repair/Replacement of Roofs, Gutters and Downspouts
Repair/Replacement/Upgrade of Existing HVAC Systems
Repair/Replacement/upgrade of plumbing and electrical systems
Repair/Replacement of Flooring
Minor Remodeling, Such As Kitchens, Which Does Not Involve Structural Repairs
Painting, Both Exterior and Interior
Weatherization, Including Storm Windows and Doors, Insulation, Weather Stripping, etc.

Purchase and Installation of Appliances, Including Free-Standing Ranges,
Refrigerators, Washers/Dryers, Dishwashers, and Microwave Ovens
Accessibility Improvements for Persons With Disabilities
Lead-Based Paint Stabilization or Abatement of Lead-Based Paint Hazards
Repair Exterior Decks, Patios, Porches
Basement Finishing and Remodeling, Which Does Not Involve Structural Repairs
Basement Waterproofing
Window and Door Replacements and Exterior Wall Re-Siding
Septic System and/or well Repair or Replacement

FOR A LIST OF PREFERRED LENDERS WHICH WILL ASSIST IN DOWN PAYMENT ASSISTANCE AND OTHER PROGRAMS, 203k EXPERT LENDERS, HUD APPROVED HOUSING COUNSELING AGENCIES AND A LIST OF PREFERRED REALTORS IN YOUR AREA, PLEASE CONTACT US BY HITTING THE CONTACT US BOX TO THE RIGHT.

Targeted ares in which we serve include: DuPage County, Cook County, Kane County, McHenry County, Lake County, Will County and Kendall County

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Use It For

Supplying the funds to update forty year old kitchens and baths in listings that are otherwise in move in condition.
Repairing any deferred maintenance on foreclosed properties and short sale listings.
Complete gut rehab of any one to four unit listing.
Replacing aged mechanicals: plumbing, electrical, furnaces, boilers, air-conditioners, garage door openers, etc.
Add an addition of a bedroom or a bath to add value to a listing.
You can use 203K to refinance an existing mortgage renovations included.

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Allowable Renovations Full 203K

Full 203K requires an FHA approved consultant create a write-up for all the repairs and the costs for those repairs. It includes all of the repairs that the streamline 203K includes plus the following: