FHA 203(k) Renovation Loan Update from "Your Woodbridge FHA Lender"
FHA 203(k) loans are a great option to purchase a home and finance repairs into one loan.
Here are property types to consider using the FHA 203(k) financing in Woodbridge, Virginia:
Foreclosed Homes - many banks do not want to do any repairs or upgrades and will only Sale homes "As Is". Imagine the home you want in the neighborhood of choice and a great price. But the home has some minor flaws like paint, carpet, or maybe older appliances.
Short Sales- many "short sellers" are strapped for cash and do not have the ability to do necessary repairs or upgrades to make the home more appealing. Here is another great deal opportunity.
Older Homes- these homes just need a little TLC and a little more upgrading to be a very nice property.
Many buyers overlook this option due to lack of information. Or they may have been told that the FHA 203(k) loans are complicated. Well it does not have to be, you must choose a lender that understands this type of financing and all the associated benefits. Watch this 90 second update on "FHA 203(k) News You Can Use" and here is a link to a FHA 203(k) cheat sheet for more information
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