First Mortgage Blog

Call & Ask How to Renovate Your Home

5235 N. Latrobe

September 2015

5235 N. Latrobe

April  2016

Photo of 5235 North Latrobe Avenue CHICAGO, IL 60630

You are Invited to Come to my Seminar on Renovation Loans



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.

Chicago Public Library

 Roden Branch

6083 N. Northwest Hwy, Chicago



Dennis O’Donoghue

Sr. Loan Officer

Forum Mortgage Bancorp



Ph: 773-774-9040 x 121

Direct: 773-499-6364




Posted by Dennis ODonoghue on April 14th, 2016 4:34 PM

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:


  • Repair/Replacement of roofs, gutters and downspouts
  • Repair/Replacement/upgrade of existing HVAC systems
  • Repair/Replacement/upgrade of plumbing and electrical systems
  • Repair/Replacement of flooring
  • Minor remodeling, such as kitchens, which does not involve structural repairs
  • Painting, both exterior and interior
  • Weatherization, including storm windows and doors, insulation, weather stripping, etc.
  • Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
  • Accessibility improvements  for persons with disabilities
  • Lead-based paint stabilization or abatement of lead-based paint hazards
  • Repair/replace/add exterior  decks, patios, porches
  • Basement finishing and remodeling, which does not involve structural repairs
  • Basement waterproofing
  • Window and door replacements and exterior wall re-siding
  • Septic system and/or well repair or replacement

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.


Posted by Dennis ODonoghue on March 21st, 2016 11:50 AM