There are many who preach this program but the reality is if you run the actual numbers I would argue that is NOT the case.

It was great to get our heads in the game, and got us to move quicker to get a house (since we were basically forced to get a pre-approved loan in order to tour houses...).

If you are thinking of buying a fixer, I would consider buying now before plans and everything get approved for all of these homes. 5.

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With Chicago's new Express Permit Program, it's a bit easier to get permits for work that would have previously required architectural drawings. 

In our case we tripled our deal flow when we started a program of direct email to mortgage brokers, real estate brokers, and real estate investors who could bring us either mortgage notes for sale or new loan opportunities for loans not qualifying for commercial financing.  

I know for myself and other investors they have had situations where someone in the building department says something verbally but then when you go to get the permits or approval things have changed.

JamesI work with the loan programs through wholesale lenders so you wouldn't be able to go direct unless they have a retail side.

Upon my research of the FHA loan and the house hacking strategy, I know one of the perquisites for getting approved and not committing fraud is to live in the residence for at least a year.

If it $500 and they approved $600 there is a possibility that they may owe you $100 but it is doubtful.