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

By
Mortgage and Lending with Fairway Independent Mortgage NMLS #196099

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" .

 

Loan you money to rehab your home!
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:

  1. Locate Property if it is not your current home
  2. Make appointment with contractor and/or home inspector to review repairs/upgrades
  3. Contractor submits written cost of repairs.
  4. Appraisal is requested with list of repairs from contractor
  5. Appraised value is determined for "as is" value (hopefully sales price or greater than current loan balance) and the after repair value
  6. Loan documents submitted with final figures from appraisal and contractor
  7. 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).
                markita@weststarmortgage.com

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

close

Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Lanre-"THE REAL ESTATE FARMER" Folayan 06/22/2010 10:44 AM
  2. Peggy James 06/23/2010 12:53 AM
Topic:
Lending / Financial
Location:
Virginia Prince William County Woodbridge
Tags:
fha loans
fha 203k streamline
woodbridge va foreclosures
woodbridge short sale
fha 203k rehab loan
woodbridge banlk owned homes

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Rainmaker
806,889
Lanre-"THE REAL ESTATE FARMER" Folayan
Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

Markita 203k is a loan product that too many people dont know about. And honestly speaking,I don't know too many people who do 203k loans. I might need to talk to you. I am going to re-blog this. Thanks for sharing. Great post.

Jun 22, 2010 10:43 AM #1
Rainmaker
144,599
Markita Woods NMLS#196099
Fairway Independent Mortgage - Woodbridge, VA
Queen of Mortgages - FHA, VA, Conventional, USDA

Thanks for stopping by Lanre in a market of foreclosures and short sales, the 203k is a great loan to transform a property that is solid but needs some work.

Jun 22, 2010 03:44 PM #2
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Rainmaker
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Markita Woods NMLS#196099

Queen of Mortgages - FHA, VA, Conventional, USDA
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