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FHA 203K Streamline: Repair Your Home or a Woodbridge, VA Foreclosure, Bank Owned, or Short Sale Property
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 ... more

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