How HomeStyle or 203K Let You Manage the Rehab Process Even With No Experience

In my job as a Renovation Loan Officer I speak with clients that may be deciding between a rehab property to purchase or a totally finished property. One of the concerns expressed to me is the lack of previous experience working with contractors or managing a home rehab project. This is certainly a legitimate concern. After all not everyone is … Read More

Student Loans Stopping You From Buying a Home ?

             Are Student Loan Payments Stopping You From Buying a Home?   In my role as a Loan Officer who specializes in renovation loans I speak to many potential buyers. These days it is not uncommon for a first time buyer to have student loan payments that are actively in repayment or will one day be in repayment after any … 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

7 Steps to a Successful 203k or HomeStyle Renovation

                                       7 Steps to a Successful Purchase Closing Using an FHA 203K or                                                                                    HomeStyle Renovation Loan Have you been searching for the perfect house ? As a Realtor do you have clients forever looking at properties only to find a reason why each is not perfect for them ? As much as we all wish it were true, … 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   Many times in speaking to Realtors who have clients asking to see properties that are old, outdated or missing key components, they ask why show these properties ?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

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