While the Richmond housing market remains hot 🔥🔥🔥, there are homes that are 🥶 ice cold!
They just sit on the market longer.  One of the biggest reasons a house may sit on the market is the condition!

Years ago, I used a 203k loan to fix up my primary residence.
Once my circumstances changes, I moved: but kept the property as a rental.

A 203k rehab loan can be a great option if you are looking for a property that requires repairs or renovations. Here are some advantages and requirements of a 203k rehab loan:
 

Advantages:

• Allows you to finance both the purchase of the home AND the cost of renovations in one loan.
• You can borrow up to 110% of the home's future value after the renovations are completed.
• Flexible credit requirements: Even if you have a low credit score, you may still be eligible for a 203k loan.
• Can be used for a variety of repairs and renovations, including structural repairs, room additions, and energy-efficient upgrades.
   

Confirm with a lender as Requirements are always changing:

• The property must be your primary residence.
• You must have a credit score of at least 620.
• You must have a down payment of at least 3.5% of the total loan amount.
• You must work with a licensed 203k consultant to help you with the loan process and ensure that the renovations meet FHA guidelines.
• The renovations must be completed within six months of closing on the loan.
• The loan amount cannot exceed FHA loan limits in your area.

In summary, a 203k rehab loan can be a great option for first-time homebuyers in Richmond, Virginia who are looking for a fixer-upper property. However, it's important to make sure you meet all the requirements before applying for the loan.

Contact us for a lender that specialized in 203(k) Rehab Loans.

Does it make a difference if you opt to purchase a condominium, single family, or townhome?  Believe it or not, condominium have very unique financing features that you want to keep an eye for!

-Warrantable vs. non-warrantable condos:
A warrantable condo is one that meets certain eligibility requirements set by government-sponsored enterprises. Non-warrantable condos do not meet these requirements and may be more difficult to finance.


-Down payment requirements:
Depending on the type of financing you are seeking, the down payment requirement for a condo can vary.


-Credit score /income requirements:
Most lenders require a credit score of at least 620 (some may require higher). Additionally, you will need to provide proof of income and may need to meet certain debt-to-income ratio requirements.


-Association fees and assessments:
These fees can vary widely and can have a significant impact on your monthly housing costs.


-Work with a knowledgeable lender:
A knowledgeable lender can help you navigate the process and find the right financing options for your needs.


Overall, financing a condo in Richmond, Virginia can be a complex process, but by doing your research and working with a knowledgeable lender, you can find the right financing options for your needs.

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2020 Completely Renovated Two story transitional has 5 bedrooms, 2 full 1 half baths with an abundance of light and open floor plan. Welcoming stained glass door leads into a foyer laced with pendant light.  From foyer transition into french door office or playroom. Formal dining room crowned with tray ceiling, contemporary chandelier, chair molding and direct kitchen access. Great room is suited for a family of any size, two story ceiling, gas fireplace, ceiling fan and hardwood floors throughout.  Eat-in-kitchen, large granite island, stainless steel appliances, pantry, bay window, sliding door screened in porch, and overlook access. First floor owner's suite tray ceiling, en-suite bath with walk-in closet, separate linen closet, soaking tub, subway tile shower and double sink vanity. Rear powder room sits next to the mudroom/laundry and two car garage. Upstairs hosts generously sized bedrooms, ceiling fans, hall bath with additional storage closets.  Bonus room overlooks the family room with a built-in custom bookshelf, ceiling fan and palladium window. Home completely gutted, and renovated!!! Mature lot close proximity to major highways.

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Brick cape 4 bedrooms, 2 full baths with hardwood floors.

Welcoming foyer has decorative pendent light, coat closet and access to living, or dining room. Large kitchen with abundant of light, custom cabinets, stainless steel appliances, recessed lighting and deck access. Living room has wood burning stove fireplace. Spacious Florida room features 9 windows with backyard access to one of two newly installed decks. Rear first floor bedroom is next to recently renovated full bath. Attached bonus recreational space features beamed ceilings, pendent lighting, ceramic tile floor, and plumbing- perfect for home gym or business with private french door entrance.  Upstairs host three generously sized bedrooms, and hall bath. Large owner’s bedroom features super-sized walk in closet, and window writing nook. Full basement with workshop and utility sinks. Slate Roof, mature well landscaped lot with extended paved driveway, double parking and partially fenced backyard.  Detached shed has workshop and electricity. Updates include ('20) professionally painted and decks. Convenient East end location, less than 15 minutes to downtown/airport. Quick access to shopping, library, + major highways.