Chicago

[ChicagoCPA]

The title pretty much explains it all. After doing lots of independent research I am convinced that the 203K is the best option for my wife and I. I am looking for an experienced contractor in the City of Chicago who could provide me with references. The complexity of the process and extereme doubt I am getting from other lenders also makes me cautious about choosing who I work with.

It seems that Wells Fargo is one of the only reliable lenders in the city who has experience with this loan type. Any other input from the Chicago Redfin Community would be extermely helpful and we would be very appreciative.

[Lisa24]

I  necessarily don't agree with that(my husband and I have also considered the FHA 203K) I'm currently working with a 203k loan specialist through Bank Of America. He has been honest,professional,patient,and consistent in his help as well as have over 10 plus years of experience(Gary Hale;708-364-6403 main line). I also have a guy who is a 203k consultant,but was a contractor years ago, is a co-owner of a reputable home inspection company(Domicile Consulting LLC.),has references,wisdom,and could help you with just about anything(Dan Cullen;773-771-6466) ! These guys have been so helpful to my husband and I, maybe they can extend it to your wife and you too. It doesn't hurt give them a call !

[ChicagoCPA]

Thank you so much for the information. I am sorry if I inferred that all other lenders are bad. Simply through my research and speaking to people, the majority have pointed to Wells Fargo. I would certainly meet with anyone who is willing to consult with me. I play no favorites.

Could I reference your name to them? You could message me directly if you do not wish to provide your name online.

[Lisa24]

CPA,

Sure! I'm sending my info now.

[Melissa71]

I did a 203k loan on the house we bought in December 2010.  We also used Well Fargo bank.  The contractor I went with was:Moveout Makeovers, Bill Westmoreland. Their phone number is (847)749-0165 Their website is: www.moveoutmakeovers.com  They were great about filling out the required paperwork and getting the job done quickly.  They replaced our hot water heater and furnace.

[ChicagoCPA]

Thank you everyone for the input, I am going to make some calls on Saturday.

[kwalton]

No matter how good the contractor, they still may not like working with the 203k loan and it's nuances.  Contractors will have to float money with this loan most of the time, plus if you are doing a 203k Standard loan  ( not the 203k Streamline) the contractor will have to deal with the HUD Consultant, who'll be telling the when and what to do.  I would use a service such as 203k contractors.com or something similar which will show you that they've been trained on the 203k and how it works instead of trying to wing it.  I do 203k loans and most of the problems are caused by the contractor no understanding the loan.

The 203k loan is an excellent loan and solves many problems, just gotta make sure all involved understand it.  Best.

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[Lalla]

We did a 203k about 18 months ago.  Big cimmitment but totally worth it in the end.  We asked our HUD consultant for recommendations.  We had 3 estimates from his list, and if we had to do it over I'd choose http://arellanosconstruction.com/  Price was right in line with the others (Ithink the estmates only varied by no more than $1500).  They were very on top of things...a husband/wife team.

Also, for financing I strongly recommend talking with John Paunan at Integrity.  http://www.integrityillinois.com/  Promise you'll pay less than BoA.  He's great.  We refinanced thru him as well.  Good luck. 

[downtownshuter]

Dan did my home inspection, I highly recommend him

[ChicagoCPA]

Thanks again to everyone, so many good referrals. I have some other questions as well regarding rehab, some I definitely know the "legal answer" to, others I simply cannot find information online. I will make a new topic for this.