Call & Ask How to Renovate Your Home
5235 N. Latrobe
September 2015
April 2016
You are Invited to Come to my Seminar on Renovation Loans
REAL ESTATE INVESTING
Learn About Renovation Loans
Purchase Homes in Need of Repairs or
Renovate/Improve Current Home
v We will discuss FHA 203k & HomeStyle Loan Programs
v All are welcome to attend a Free Seminar about Renovation Loans
v Realtors, Home-Owners, Contractors & 1st-Time Home-Buyers
v These loans can be used for purchase or refinance transactions
Wednesday, April 27 at 6:30 p.m.
Chicago Public Library
Austin-Irving Branch
6100 W. Irving Park Rd, Chicago
Thursday, April 28 at 6:00 p.m.
Roden Branch
6083 N. Northwest Hwy, Chicago
Dennis O’Donoghue
Sr. Loan Officer
Forum Mortgage Bancorp
Web: IllinoisFirstMortgage.com
Email: Dennis@IllinoisFirstMortgage.com
Ph: 773-774-9040 x 121
Direct: 773-499-6364
Forum Mortgage Bancorp Offers Full & Streamline 203(k) Loans
What improvements are eligible under the New Streamlined (K) Program?
The Streamlined (k) program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required. The Streamlined (k) program includes the discretionary improvements and/or repairs shown below:
What are the minimum and maximum amounts for repair costs under this program?
Given the need for homeowners to make minor repairs without exhausting personal savings, and in consideration of the increasing cost of materials, the minimum repair cost of $5,000 is eliminated and the ceiling is now raised to $35,000. This revised maximum repair/rehabilitation amount recognizes the cost of making older homes more energy efficient. Note that as described below, when the repairs exceed $15,000, the mortgagee must perform or obtain an inspection to determine that all listed repairs were completed.