Rehab A Chicago Bungalow !

Traditional Size Bungalow above   Larger Yellow Octagon Front Bungalow   Being a Chicago resident I am very familiar with the traditional brick Chicago bungalow style home. My grandparents had one I spent a lot of time in while growing up. As a family we had many happy times there and made great memories. There was something about the basic, functional … Read More

First Time Buyers Can Add Money to Rehab in One Mortgage

                                                                                       First Time Buyer? Do you know a mortgage exists that includes rehab                                                                                                                                        funds ?  In one Loan ! If you have read my Blog before you know it’s my passion to spread the word about renovation mortgages !   It’s the best kept secret in home buying. Buy the home with a small down payment and add … Read More

Don’t Walk Away From a Fixer-Upper – Use HomeStyle to Buy & Rehab

                                                             Don’t Walk Away From a Fixer-Upper                                         Use HomeStyle Renovation Mortgage to Buy & Rehab It                                                                                                                                            My goal as a Loan Officer is to get the word out and educate everyone on how to buy property and add money into the same loan to do remodeling and updates.  One of the least known mortgages out there is called … Read More

How To Find & Buy A Property Using A Renovation Loan

                              How to Find and Buy a Property Using Renovation Financing:                                                    Realtor & Buyers Renovation Tool Kit I speak with many Realtors who work with buyers. The buyers may have questions about crime statistics, roads, public transportation, local amenities, school system statistics, etc. Many buyers will ask to see properties based on these criteria and more. Buyers are … Read More

How to Work With a Contractor on a Renovation

Working With a Contractor on a Home Renovation Borrowers who are doing a home renovation project with an FHA 203K or conventional HomeStyle loan will be working with a contractor. Even if you will be using your own funds to finance a home renovation you will likely be working with a contractor, usually a General Contractor. Unless you have the … Read More

Why Would Anyone Want to Buy a Home With a Rehab Loan ?

Realtors Ask: Why Would Anyone Want to Buy a Home With a Rehab Loan ?   Many times in speaking to Realtors who have clients asking to see properties that are old, outdated or missing key components, they ask why show these properties ? Why not look at a remodeled home or newer one instead ? They say look for … Read More

When Is A 203K Helpful For The Basics In A Home?

An FHA 203K loan is often selected by home buyers or those wishing to finance improvements to their current home. Clients might plan a new kitchen or new baths or even hardwood floors to replace carpeting for example. In other words major improvement projects. But a 203K can also be used to finance more overlooked or minor issues that most … Read More

Top 20 Questions Buyers and Owners Ask About FHA 203K Renovation Loans

Clients and Realtors in the Chicago area often ask me questions on FHA 203k renovation loans so I thought I would take the top 20 and present answers here in a concise format. Please send me any of your own questions on 203k rehab mortgages to Perry Farella at pfarella@amerifirst.com. With an FHA 203K if I put 20% down do … Read More