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 .
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".