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Foreclosures Richmond Virginia
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!
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.
Foreclosure Homes:
Charming 2-bedroom, 1-bath bungalow located in Richmond’s Swansboro area. This one-level home features an open and functional layout with luxury vinyl plank flooring, an ...
- 2 Beds
- 1 Baths
- CVR-2624880 MLS
This ranch style home features an open, airy feel throughout. The single-story design includes three bedrooms and two bathrooms arranged in a practical layout that elimin...
- 3 Beds
- 2 Baths
- CVR-2624727 MLS
Recently renovated Cape style home in Woodstock subdivision boasts many great features in a move in ready home. Enter the foyer and you can see the living room with hardw...
- 3 Beds
- 1 Baths
- CVR-2624417 MLS
Welcome to 8700 Hermitage Trace Circle in Henrico, VA! This inviting two-bedroom, two-and-a-half-bath town home is full of potential and ready for your personal touch! Ea...
- 2 Beds
- 3 Baths
- CVR-2624229 MLS
Property is subject to auction, list price based upon an appraisal. Seller will not accept an offer to purchase prior to the scheduled auction. Great Opportunity to own ...
- 4 Beds
- 2 Baths
- CVR-2624169 MLS
Equal Housing Opportunity. HUD Case #544-384367. FHA financing status: IE (Insured Escrow). Opportunity awaits at 662 Wise Avenue! This Petersburg home offers 939 squar...
- 2 Beds
- 1 Baths
- CVR-2624051 MLS
Excellent opportunity for this 3 bedroom rancher across the street from Matoaca Elementary and walking distance to Matoaca Park and Matoaca Middle School . Inviting shady...
- 3 Beds
- 2 Baths
- CVR-2623987 MLS
Beautifully updated brick rancher offering the perfect blend of suburban tranquility and city convenience. Situated on a sprawling, nearly one-acre lot in Chesterfield, t...
- 3 Beds
- 2 Baths
- CVR-2623800 MLS
Welcome home to this stunning, move-in ready townhome in the maintenance-free community of Hancock Village. Built in 2023, this expansive home offers approximately 2,515 ...
- 3 Beds
- 3 Baths
- CVR-2623534 MLS
Welcome to 1505 Largo Road, Unit 201, a freshly updated second-floor condo in the Regency Woods community. This spacious 2-bedroom, 2-bath home offers an easy, functional...
- 2 Beds
- 2 Baths
- CVR-2620954 MLS
Great opportunity to make this home your own! This 2500sf Ranch style home sits on a 0.48 acre corner lot and features 4 bedrooms and 3 full baths. Upon entry you'll noti...
- 4 Beds
- 3 Baths
- CVR-2622703 MLS
Welcome home to this charming 3-bedroom, 2-bath residence featuring a spacious kitchen, an inviting family room, and a primary suite complete with an en-suite bathroom an...
- 3 Beds
- 2 Baths
- CVR-2622659 MLS
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