Experience with HomeStyle Loan in Chicago

[Chrissie Lee McHale]

Hi everyone! I am currently in the market for a small, multi unit in Chicago where my husband and I can owner occupy 1 unit for a couple of years, and then rent it out later. We’re also open to doing it with a condo, but ideally a 2-4 unit.

I’ve seen buildings that need some work (mostly modernizing or repairs like a new A/C) that I have stayed away from because we are trying to limit the amount of cash we’re putting down. I recently read about the HomeStyle loan on BiggerPockets and wondering if anyone in Chicago has had experience they can share?

My biggest concern is finding the right contractors. We’re just starting out so we don’t have a huge network, but think we can leverage 203kcontractors.com as a good starting place since this is a similar type of loan.

Im also in search of a mortgage broker familiar with HomeStyle loans, as my current broker outsources it and has had mixed outcomes. We’re pre-approved for a conventional mortgage already.

Thank you!

[Eudith Vacio]

Hey @Chrissie Lee McHale - sounds like a pretty solid plan but definitely agree to start looking for contractors now. I have a great GC that can pull permits, and does great work at reasonable prices. But where in Chicago are you looking to purchase? I used my GC for my 203k loan this year. Loandepot is a great bank for 203k loans. I ended up spending more than what the bank gave me out of pocket, but it definitely reduced the amount and I only did a streamlined version of the 203k loan .