If you are searching for a local, qualified contractor in Chicago, that's experienced in home remodeling and the 203k loan process, then you came to the right place. We’re experienced in the Illinois FHA 203(k) HUD Renovation and Remodeling Program. This program is HUD’s primary program for the rehabilitation and repair of single-family properties. Paying attention to detail and commitment to completion is not often found in our industry.
We listen to your ideas, incorporating them into the project, and we customize it just the way you want, while continuing to keep your overall budget in mind!
If you’re thinking about using the 203k program and need more information, simply review the information at the link below and then feel free to contact us to get started. For detailed information on qualifying for a 203k loan, it may be beneficial to visit the link below to learn more about the FHA 203k improvement loan. Once again, feel free to contact Vision to Reality Construction, LLC directly with any questions, and to get started.
Click the link below to learn more about FHA 203K improvement loans.
https://www.hud.gov/program_offices/housing/sfh/203k/203k--df
We listen to your ideas, incorporating them into the project, and we customize it just the way you want, while continuing to keep your overall budget in mind!
If you’re thinking about using the 203k program and need more information, simply review the information at the link below and then feel free to contact us to get started. For detailed information on qualifying for a 203k loan, it may be beneficial to visit the link below to learn more about the FHA 203k improvement loan. Once again, feel free to contact Vision to Reality Construction, LLC directly with any questions, and to get started.
Click the link below to learn more about FHA 203K improvement loans.
https://www.hud.gov/program_offices/housing/sfh/203k/203k--df
FHA 203K PROCESS
What you should know when selecting a 203k contractor!
When a home buyer wants to purchase a property that is in need of repairs or upgrades, the home buyer must first obtain financing to purchase the home and then additional financing to complete repairs. Then they must obtain a permanent mortgage after the repair work has been completed.
Throughout the Chicago area there are a large number of homes being offered through foreclosure or short sales which are normally at a substantial savings to those that are listed as move-in condition. There are also homes in well-established areas that are being competitively sold, due to the fact that many of them are in need of some sort of renovation. All of these houses, whether from foreclosure or even neglect, can benefit from the 203k loan program.
The two types of FHA 203K improvement loans.
- Standard 203k Loan is for projects that have renovation costs exceeding $35,000. They are more complicated projects that involve structural changes, exterior landscaping, or other major renovations. The Standard 203(k) is also used if your project requires architectural exhibits.
- Streamline 203k Loan is designed for projects with renovation costs that are less than $35,000. These projects are not nearly as extensive and don’t require a consultant or architect, therefore, they can be processed and approved much faster.
The 1, 2, 3s, of 203k!
1 – Contact Vision to Reality Construction, LLC who will guide you through the process. If you are reading this, you have started in the right spot, and we can help point you in the right direction of a lender who is well versed in the 203k loan process.
2 – Locate your new home! If you are looking for a good partner, we would be glad to point in you the right direction. If you have a realtor already, that is great too.
3 – When the property has been identified, you'll want to contact Vision to Reality Construction, LLC so that we can help you determine what scope of work will be desired and required and provide you with the necessary documents to move forward.
4 – All documentation is submitted to the lender so that they can prepare all of the required items that will allow the property to close.
5 – On final approval, your loan will close, and the improvement funds are placed in escrow.
