571-285-4319 www.VARealEstateExperts.com
Claudia S. Nelson Realtor with Keller Williams Realty
What to do if the Home you are looking to purchase needs some work to bring it up to your standards? The home might be exactly what you are looking for, in terms of price and location. You have been looking for quite some time and just can’t find anything else that compares to that particular home. What to do to get the money to remodel and getting it up to your standards?
Think 203 k Loan
With a FHA 203 k loan the lender will be giving the buyers money to fix up the home. All the contractors have to be lined up and approved prior to closing. The lender will be including the money to fix up the home into the loan amount and will allow the buyer to have the work done after closing.
203 k loans are a great tool to getting money to fix up a home, but you have to consider the 203 k process is lengthy and you as well as the contractors have to provide lots of documentation to the lender. One important thing to note the contractor will get paid after the work has been completed and inspected by the 203 k consultant.
I am currently working with a couple that is purchasing a home in Montclair using a 203 k loan.
I live and work in Woodbridge Virginia and service all of Woodbridge Virginia and surrounding area.
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About the author: The above Real Estate information on 203 k Loan for a Foreclosure or Short Sale was provided by Claudia S. Nelson, an award winning Real Estate Agent with Keller Williams Realty in Woodbridge Virginia. Claudia can be reached via email at Claudia@VARealEstateExperts.com or by phone at 571-285-4319. Claudia has helped countless Northern Virginia Home Buyers and Home Sellers over the past Years.
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