Contact MargaretBest Way to Buy a Short Sale or REO in Crofton MD
July 29th, 2009 Categories: Crofton Real Estate 2
The Best Way to Buy a Short Sale or REO in Crofton may be an FHA 203k streamline mortgage.
This program allows the buyer to borrow up to $35,000 more than the sale price for limited repairs – but the list of allowable repairs under guidelines for the FHA 203k streamline mortgage is more than adequate for most properties you would purchase as a potential short sale, foreclosure or REO in Crofton or any nearby community.
These repairs are eligible under the Streamline 203k FHA mortgage and can be done AFTER settlement, according to Colleen Craig, a Southern California Mortgage Professional in Santa Claritia, California:
- Repair/replacement of roof, gutters and downspouts
- Repair/replacement/upgrade of existing HVAC systems
- Repair/replacement/upgrade of plumbing and electrical
- Repair/replacement of existing floors
- Minor remodeling, such as in the kitchen, which does not involve structural repairs
- Exterior and interior painting – including lead-based pain stabilization.
- Weatherization: including storm windows and doors, insulation,, weather stripping, etc.
- repair/replacement/upgrade of appliances (may include free-standing ranges, refrigerators, washer/dryers, and microwaves)
- Improvements for accessibility for persons with disabilities
- Repair/Replace/add decks,patios and porches
- Basement finishing/remodeling/waterproofing (not requiring structural repairs)
- Window & Door replacements and exterior wall re-siding.
- Septic and/or well repair or replacement
Obtaining approval for the FHA 203k streamline mortgage takes less time than the “typical” (NOT streamline) FHA 203k loan, says Colleen, and no consultant is required to manage the repairs… you can manage the process yourself and use up to three contractors.
The property at 2535 Symphony Lane in nearby Four Seasons Estates (Gambrills) is a perfect candidate for this loan program, since it has been tenant occupied and it is a potential short sale – bargain-basement priced at just $275,000.
At $310,000 (your investment after adding the $35,000 for repairs with the FHA 203k streamline mortgage), you would still have a great buy, priced below recent comps, and own an updated like-new home. With its convenient location just minutes from Fort Meade, Northrup Grumman, I-295, I-97 and other commuting routes to D.C., Baltimore and Annapolis, this is a great opportunity to own a detached home – and have it updated YOUR way.
If you act soon, you’ll be able to settle before the $8,000 tax credit runs out for first-time buyers (11/30/09). This is almost enough to cover your FHA 3.5% down payment!
The best way to buy a short Sale or REO in Crofton MD is the FHA 203k Streamline Mortgage, so check it out. This financing program will open up a lot more options for you, making it affordable to buy a home that needs repairs or updates. For referral to a lender or answers to your questions about this property, contact me online or by cell/text at 301–346–2923.
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Providing community and real estate information about the Greater Crofton Area is my way of attracting new D.C.-Baltimore area home buyers to our community while also keeping my neighbors informed and earning their real estate business. Please click on Margaret Woda, Crofton REALTOR or call/text me at 301–346–2923 for help with your next home sale or purchase in the Greater Crofton Area.
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Your observation was really very interesting and very informative. Thanks for the information. I learned a lot. I enjoyed reading it.