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Updated over 3 years ago on . Most recent reply

User Stats

19
Posts
6
Votes
Ryan Reynebeau
  • New to Real Estate
  • Chicago IL - Appleton WI
6
Votes |
19
Posts

Reputable 203K FHA contractor?

Ryan Reynebeau
  • New to Real Estate
  • Chicago IL - Appleton WI
Posted

Hi all!


I am looking at purchasing a property in Chicago using an FHA loan. It is a 2-Flat property, so I would live in one side and rent out the other. This deal fell through once before with a different buyer because the inspection revealed about 50k worth of work that needed to be done in order to comply with FHA requirements. My realtor and mortgage lender both suggested using a 203k FHA loan. They both warned of finding a good, compliant contractor to do the work for me. Has anyone here worked in Chicago and knows a reputable contractor who can fulfill the requirements of the 203K FHA loan for me? I think I will pull the trigger on this property, but I want to be prepared. Furnaces (2), roof (flat rubber roof) and a couple windows is likely most of the cost. I have the inspection report that was done on the property last month. The property is in Chicago city limits.

Thanks!

Ryan

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