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Foreclosures Richmond Virginia
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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 and full of potential, this 3-bedroom, 1-bathroom ranch-style home offers 1077 square feet of functional single-level living space in McKenney, VA. Situated on a...
- 3 Beds
- 1 Baths
- CVR-2628664 MLS
Welcome to this beautifully maintained 2-story home offering 3,639 square feet of thoughtfully designed living space. Built in 2022, this modern residence combines contem...
- 5 Beds
- 5 Baths
- CVR-2628471 MLS
Lovely 2 story home, large family room with fireplace, nice size laundry room, nice eat in kitchen with lots of cabinets, formal dining room/living room, 4 bedrooms to in...
- 4 Beds
- 3 Baths
- CVR-2628272 MLS
The list price is not indicative of seller's final reserve amount, list price is opening bid amount. This property is part of an online bidding event. Inspections of this...
- 3 Beds
- 4 Baths
- CVR-2627919 MLS
Charming 2-bedroom, 1-bathroom rancher located in Hopewell! This home features granite countertops, stainless steel appliances, and LVP flooring throughout. Enjoy relaxin...
- 2 Beds
- 1 Baths
- CVR-2627941 MLS
The list price is not indicative of seller's final reserve amount; list price is opening bid amount. This property is part of an online bidding event. Inspections of this...
- 4 Beds
- 2 Baths
- CVR-2627767 MLS
Tucked into one of Colonial Heights quiet neighborhoods. Inside you will find 3 spacious bedrooms and 2 full bathrooms, eat in kitchen with plenty of cabinet space, Utili...
- 3 Beds
- 2 Baths
- CVR-2626913 MLS
Bring your vision to this classic 4-bedroom, 2-full-bath brick Cape-style home! Offering a spacious layout, solid brick construction, and plenty of character, this proper...
- 4 Beds
- 2 Baths
- CVR-2626481 MLS
Reimagine modern city living at 2905 W Grace Street, a meticulously refreshed 3,133-square-foot brick showcase in the heart of Richmond’s coveted Museum District. A light...
- 5 Beds
- 3 Baths
- CVR-2625838 MLS
For 4512 Greenbriar Dr, the old MLS gives you quite a bit to work with: brick ranch, 3 bedrooms, 2 full baths, approximately 2,204 SF, fireplace, paved driveway, front/re...
- 3 Beds
- 2 Baths
- CVR-2625314 MLS
Great opportunity with plenty of potential! This 2-story, 3-bedroom, 1.5-bath home offers 1,152 square feet of living space and was built in 1987. The home is ready for u...
- 3 Beds
- 2 Baths
- CVR-2625102 MLS
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
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