FHA 203k Mortgage Lenders in Cloverdale, IL

      1. SURE MORTGAGE CORP
      Address: 721 W LAKE ST STE 202
                   ADDISON, IL 60101
      Phone: (630) 628-9400
      - 11 miles from Cloverdale, IL

      2. WOODFIELD PLANNING CORP
      Address: 3701 ALGONQUIN RD SUITE 720
                   ROLLING MEADOWS, IL 60008
      Phone: (847) 590-8300
      - 11.5 miles from Cloverdale, IL

      3. SUMMIT MORTGAGE CORPORATION
      Address: 330 E ROOSEVELT RD STE 2B3
                   LOMBARD, IL 60148
      Phone: (708) 243-0404
      - 12.6 miles from Cloverdale, IL

FHA 203K Program in Cloverdale, IL

The Federal Housing Administration's 203(k) loan program can help people who wish to rehab homes in Cloverdale, IL with a variety of home repairs and upgrades. From making a property handicapped-accessible to waterproofing a home or simply upgrading appliances in poor condition, the FHA ’s 203(k) loan program may be able to help.

The FHA’s 203k Cloverdale, IL loans range from $5,000 to $35,000, and cover an assortment of projects designed to rehabilitate and repair single family properties. While the FHA does not directly dole out the money, it insures the loan in a partnership with a lender.

Eligible properties must be one to four dwelling units that have been constructed for at least one year. Additionally, the units must comply with local zoning regulations. Loans may apply to houses moved from one site to another for rehabilitation.

Benefits of a 203k loan in Cloverdale, IL extend to all ends of the spectrum. Typically, purchasing a home needing repairs or upgrades is a multi-step process. Homebuyers must obtain funds to purchase a home, and then secure additional funds to pay for the upgrade. These short term loans can come with high interest rates. The 203(k) loan allows the borrower to take out just one mortgage to cover both the purchase of the property and the cost of upgrades.

Cloverdale, IL first-time borrowers should begin the process by consulting a housing counselor, who will counsel them on how to proceed. Current homeowners can also use 203(k) to refinance existing loans. While typical FHA loans have up to 20,000 approved 203k lenders loans require additional administrative capabilities that many lenders do not have. To find a 203k approved lender in Cloverdale, IL, please select your city or town from the links in the left side navigation panel.