Rehabilitation Loans For Foreclosure Properties
For properties that require a little TLC, a rehabilitation loan can be a smart choice. As an FHA-Approved Direct Endorsement Lender, Wintrust Mortgage can provide you with a low down payment FHA 203k streamline loan.
The 203(k) loan program offers borrowers the resources to rehabilitate a home that may be in need of repair. One single loan up to $410,000 is used to pay for the purchase of their primary residence and the cost of renovating the home. The cost of repairs must be at least $5,000 and cannot exceed $35,000. All this for as little as 3.5% down.
- Primary Residence
- Single Family Dwellings
- 1-4 Unit Buildings
- Repair/replacement of decks, patios and porches
- Elimination of health/safety hazards
- Plumbing, heating air conditioning, and electrical upgrades
- Roofing, gutters and downspouts
- Flooring, tiling and carpeting
- Energy conservation improvements, including windows and doors
- Exterior and interior painting
- Access for the disabled
Repairs must be made by a licensed contractor.
For a FREE consultation on rehabilitation loans, contact Roberta Cappello today.
2329 W Belmont Ave
Chicago, IL 60618
Setting the Standard for the
The Section 203K program provides financing up to $35,000 of the loan proceeds to be applied towards the repair or rehabilitation of the subject property. Rehabilitation construction must begin within 30 days of closing and all work must be completed within 6 months. All approvals are subject to underwriting guidelines. Wintrust Mortgage Corporation is owned and operated by Wintrust Financialand is a wholly-owned subsidiary of Barrington Bank & Trust Company, N. A. This information is intended for mortgage and real estate professional use only and is not an advertisement to extend customer credit as defined by Section 226.2 Regulation Z. Program rates, terms, and conditions are subject to change at any time. FHA loans require an upfront mortgage premium of 1.75% of the loan amount and are subject to a monthly mortgage insurance premium payment of approximately 0.55% per month.
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