+1 vote
We are First Time HomeBuyers that received the $7500 Assistance Down payment, but are also looking to fix up a property in the ChicagoLand area. Can the two work together?
asked Jan 19, 2018 in FHA Loans by anonymous

2 Answers

+1 vote
Lenders can combine the Section 203(k) with state and local housing agencies and nonprofit organizations to rehabilitate properties. For example, rehab loans have been combined with HUD's HOME, HOPE, and Community Development Block Grant Programs. I suggest that you contact your state's Housing Finance Department, or the program that gave you the $7,500 in the first place, or HUD's State Page for Illinois (I assume that ChicagoLand is in Illinois).


HUD also maintains a list of lenders that do 203(k) loans; simply find them on the search page (check the box for 203(k) Rehabilitation Mortgage Insurance Program at the bottom) and call and ask which ones work with your program.
answered Jan 25, 2018 by GinaPogol (47,650 points)
0 votes
Only with a 203k Loans
answered Feb 10, 2018 by GustanCho (106,540 points)

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