Currently looking to purchase a multi unit 2-3 flat in Chicago. I was told that they are currently not doing 203k loans due to the COVID-19.A friend told me that might not be true realtors just don’t get a lot from a rehab transaction. Is this true that the 203k loans have been stopped in Chicago ?
Real Estate Agent · Tempe, AZ · Member since 2011 · 1k+ posts · 543 votes
6y
Not true.
Only a few lenders have scaled back or temporarily suspended certain loan types. The vast majority of 203k-experienced lenders are still doing 203k's and all the other rehab loan types.
Let me know via private message if you want some referrals of rehab lenders.
Real Estate Consultant · Chicago, IL · Member since 2014 · 720 posts · 439 votes
6y
@Michelle Twilley, my team has two 203K loans under contract now and writing another offer this weekend using that loan. As @Paul Welden and @Bob Floss II mentioned, most lenders continue doing them. Send me a PM and I will be happy to send you some referrals. Where are you looking to move?