Lender / Bank Approved Contractor in Chicago - Inland Construction

We’re experts 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. Inland’s 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!

We even bring in professional cleaning services to put on the finishing touches. If you’re thinking about using the 203k program and need more information, simply contact us to get started.

For detailed information on qualifying for a 203k loan, it may be beneficial to visit the FHA website or our 203k FAQs. Contact Inland Home Remodeling directly with any questions, and to get started.

When a home buyer wants to purchase a property that is in need of repairs or updates, the home buyer usually must first obtain financing to purchase the home and then additional financing to complete the repairs. They must then 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 at a substantial savings to those that are in move-in condition.

There are also homes in well-established neighborhoods that are being competitively sold due to the fact that many of them are in need of some renovation.

All of these houses, whether from foreclosure or neglect, can benefit from the 203k loan program.

In order to qualify for an FHA 203k loan the home buyer must:

Purchase a property that is eligible for the program.
The property needs at least $5,000 in rehabilitation repairs.
The home buyer must earn enough income to make the monthly payments.
The homeowner must apply for the loan through an approved FHA lender.

For existing homes, you can still use a FHA 203k loan to refinance your principal residence:

Homeowner can refinance their existing mortgage and wrap the renovation funds into the refinanced mortgage.
Homeowner can borrow up to 97.75% of the after renovation value of the property.
All closing costs can be included into the new loan.
Qualify with a minimum credit score of 640.

Especially in larger cities like Chicago, 203k loans benefits include:

Refinance Your Existing Home – You can refinance a property with the FHA 203k loan as well.

Fixed Rate Financing – You still get a low fixed rate (usually slightly higher than a regular FHA loan).
Low Down Payment – You are only required to put down 3.5% and this can be a gift.
Variety of Buildings – The loan is available for 1-4 unit buildings.
More Options – You can get an FHA purchase rehab loan on a mixed use property and condos.
The Full Package – Your FHA loan includes the money to buy your home and complete repairs and improvements all in one loan!