Spotlight – 203k Renovation Loan Program – Home renovation on Hollywood Street – Chicago, IL

Case Study – Home renovation on Hollywood Street – Chicago, IL

Project in Brief

203k Renovation Loan Program

Project Duration

5 months

Purchase Price

$139,680

 

Total Loan Amount

$409,680

Home Size:

2,500 SF

 

Overview:

This home was court ordered to be demolished by the City of Chicago. The borrower found this property and wanted to purchase as it was in the right neighborhood and the perfect commute to work. The property was taken down to its foundation in order to build a new, modern 2-story framed home with a detached garage. New kitchen, 2 full baths and concrete poured, heated flooring was installed in addition to Hardi-board siding, aluminum windows and TPO energy-efficient roofing system. The renovation of this home revitalized the neighborhood and neighbors were thrilled at the value this added to their own properties!

More about Renovation Home Loans:

A home renovation loan is the purchase price of the home AND the cost of repairs in ONE single, fixed-rate mortgage. This is a construction loan for an older or outdated home, estate sale, or property that has been foreclosed on. These properties can need major or minor repairs. There are two types of home renovation loans – HomeStyle is a conventional loan and 203k is a government insured loan. Chris DePaepe is the Renovation Loan Division Manager at Guaranteed Rate. She has been originating renovation loans for more than 10 years and can finance home renovations in all 50 states.