Looking for all things 203k in Northern Virginia

[Rachel Odumu]

Hey everyone,

I have recently been approved for a FHA 203k standard loan of 650k. I've found a property that I would like to rehab in the Old Town Manassas area of Northern Virginia. I am wondering a couple of things…

1) What are my estimated closing costs of a 450k purchase price of home?

2) Does anyone have any recommendations for a HUD 203k loan consultant in the Manassas/Northern Virginia Area?

3) Does anyone have any recommendations for General Contractors or not insanely priced Design Build Firms that have worked with multiple 203k loans in the past within the Manassas/Northern Virginia area?

4) Anyone have personal stories to share about their own recent 203k renovations??

[Paul Welden]

@Rachel Odumu

Your estimated closing costs are mostly variable because they include items such as lender fees (origination, processing, underwriting), title fees, attorney fees, recording fees, prepaid property taxes, prepaid interest, prepaid home insurance, etc. They could be 3%-6% of the loan amount. 

Your lender is required to select the 203k Consultant for you ... you do not get to pick them (Reference HUD SFH 4000.1).

General Contractors can be selected from the Certified 203k Contractor list. 

The 203k has a lot of moving parts and you're only as strong as your weakest link. So, select your partners wisely.