This 203k loan can also help some potential PG County MD and Charles County MD home buyers.
Do you need money to repair your home or you're buying a Woodbridge, VA foreclosure, bank owned, or short sale property? If so, the FHA 203 (k) Streamline loan may be right for you.
The FHA 203(k) streamline loan allows up to $35,000 in repairs by licensed contractors. See my blog post about "buying the home of your dreams, almost" .
The FHA 203K loan is available for existing homeowners that need to upgrade or repair your existing property. Here are the steps to completing a FHA 203(k) purchase or refinance:
- Locate Property if it is not your current home
- Make appointment with contractor and/or home inspector to review repairs/upgrades
- Contractor submits written cost of repairs.
- Appraisal is requested with list of repairs from contractor
- Appraised value is determined for "as is" value (hopefully sales price or greater than current loan balance) and the after repair value
- Loan documents submitted with final figures from appraisal and contractor
- Go to closing on the home of your dreams, almost!
This is the short version of the process, it typically takes 30-45 days to get to closing .
Not all lenders offer this loan, but we do...have questions or if this post tickled your curiosity, pick up the phone and call (703-497-3936) or email (I have a Blackberry).
P.S. Did you preview a New Construction Home that wasn't quite finished? Well, FHA 203(k) streamline is the loan program for you to buy the "House of Your Dreams, Almost".
Click here for a cheat sheet about FHA 203(k) loans
Markita Aldridge-Woo
ds of WestStar Mortgage, Inc. Contact me via email or call me direct at 703-497-3936 for answers to your questions about mortgage financing. Or get pre-approved today to purchase your home.
I service Woodbridge, Lake Ridge, Dale City, Fairfax, Stafford, Fredericksburg, Manassas, Manassas Park, Quantico, Ft. Belvoir, and the Virginia surrounding areas.
We offer FHA, VA, VHDA,USDA, and Conventional financing.
(WestStar Mortgage Inc. is licensed by the Virginia State Corporation Commission and License No. MC-1875)
Lanre, Thank you for passing Markita's post along regarding the 203K Streamline loan. This is great information for those who wish to stay in their exisiting homes but improve and upgrade. I may have to look into this for myself!