2-9706 Kingsbridge Drive in Hawthorne Village is Sold! FHA 203(k) Construction Loan used to Purchase Property and Make Repairs!
This property was sold using a FHA 203(k) loan. It is a great loan program for someone who wants to buy a property that needs to be renovated and wants to roll the renovation costs into the loan amount. The loan is an FHA loan so the property has to be within conforming loan limits and the purchaser has to put down 3.5% starting January 31st. The process is a little lengthier due to extra appraisals and the construction estimates that have to be done up front. I would give yourself 60 days at a minimum from contract to close to get all of this done. There are not as many loan officers and processors that are currently trained to handle these loans so the banks are getting backed up. With all of the foreclosures this has become a very popular loan product. Obviously you still need to qualify for the total loan amount including construction so if you are approved for $500k the property would have to be a sales price with enough room left over for the construction costs. The appraisal has to be such that the sales price plus the cost of construction will be in line with the rest of the neighborhood. An appraisal will be done after completion of construction so that it is ensured that the money was used properly.
Hawthorne Village, Fairfax - The single story at 2-9706 Kingsbridge Drive has been sold.
Property information
For additional information on this loan program visit the HUD website http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm or email Kim Darwaza at kim@kimdarwaza.com. To search the Northern Virginia MLS for free visit http://www.kimdarwaza.com.