Renovation Mortgages 101 | Chicago Association of REALTORS®

RENOVATION MORTGAGES 101

This course begins with the history of the FHA 203(k) renovation program and the HomeStyle Renovation Loan, traveling all the way back to 1978 to cover the evolution and changes from then to today’s current housing market. Students will explore the current housing inventory and begin to develop an understanding of why a product like the 203k and HomeStyle Renovation are not only needed, but required. Required, that is, to sell homes that are in disrepair or have potential or current health and/or safety issues.

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Upcoming Courses

Time: 1:00 PM – 4:00 PM
Tuition: Member & Non-Member – $15

Instructor: Perry Farella

TBA CAR | 430 N Michigan

 

Key Course Topics

  • Students will review two different programs: the Streamline and the Full 203(k).
    • What makes them different.
    • What kind of renovations or budget would dictate which would be best suited for buyers.
  • Students will glean a new understanding of the process of renovation type mortgages essentials for agents so they can, in return, explain the process to buyers when they are showing properties that are in need of repair.
  • Students will also review the process from start to finish using individual realtors (as volunteers) as buyers of a home in disrepair.
  • They will also discuss the marketing aspect of the 203k and other renovation type loans like HomeStyle – utilizing the specialized features of these products for both selling and listing of homes that are in need of repair.
  • They will explore the role of the HUD 203k Consultant (which is required on all FULL 203k’s!), and discuss both HomeStyle and HomeStyle renovation loans so they have a good understanding of how those products work.
  • The course will wrap up with a review exam which can create some fun, valuable learning experiences.