Anybody with experience using 203k loan in Chicago?

[Account Closed]

I've been thinking of trying to purchase a buy and hold three flat (Multifamily) property in Chicago using 203K loan. If you have done this, what are your thoughts? Do you have any advice?

[Corey D. McCray]

Good product.  Your contractor must be 203K certified.  Thus they will be licensed bonded and insured.  It doesn't necessarily mean they are good though.  The bank has checks and balances in place to make sure their money is protected and the contractor is doing their job.   Money is disbursed in several draws.  The contractor must be capable of doing the job without looking for payment all the time.

The bank will send out a FHA 203k inspector to check out the property and scope of work before you even do anything to the building to make sure it is all above board and accurate.

I like it.

Which one are you looking to do?  Streamline or full?