Home Buying in 23223>Question Details

Kenneth Rand…, Home Buyer in Richmond, VA

what kind of grants would I qualify for if purchased an older home than need major repairs?

Asked by Kenneth Randall, Richmond, VA Tue Nov 13, 2012

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Tondra Dixon’s answer
Hi Kenneth,

Please visit the USDA.gov website and look under programs and opportunities.

Here is the link to the website : http://www.rurdev.usda.gov/HSF_SFH.html.

Also, there are state and federal rehabilitation tax credit programs.

Please call me for more specifics.

Thank you,
Tondra Dixon REALTOR(R)
ZipRealty, Inc.
Toll Free: 1.800 CALL ZIP x8394
Cell: 804.307.1018
Fax: 866.584.4167
My Profile: http://www.ziprealty.com/agent/todixon

Member: National Association of Realtors, Virginia association of Realtors, Richmond Association of Realtors.

0 votes Thank Flag Link Sun Nov 18, 2012
Contact a local communuity bank or Credit union. They are the best at grants. In Michigan We have MSHDA.GOV for loans and grants. Maybe your state has something similar, have a great time!
0 votes Thank Flag Link Wed Nov 14, 2012
I think the best person to answer this would be a mortgage broker/lender. I know that Ingrid Sell with Village Bank handles grants and is very knowledgeable in that area. She can be reached at isell@villagebankmortgage.com or 804 330 9800.
Joni Moncure with Monarch Mortgage is also experienced in construction loans, 203K, etc. jmoncure@monarchmortgage.com
Go straight to the source and get the answers you need. Let me know if I can help with the purchase in any way.

Tim Dunkum
Long and Foster Realtors
0 votes Thank Flag Link Tue Nov 13, 2012
Hi Kenneth - as the mortgage broker mentioned, our area has FHA 203K renovation loans - this means you get a loan for the purchase price of the home and the cost of renovations rolled into one mortgage. Is the home you are looking at in the Church Hill area (23223) - I am familiar with that area and have recently sold a home there. I'm not aware of any grants for repairs, but I know a very good lender who has grants (for down payment, etc.) and his bank also has renovation loans. Some of the restored homes in historic areas offer tax abatements which can save money on your tax bill. Please feel free to call or email me for more info - thanks, Jan

Jan Hoover
Advance Realty Specialists
0 votes Thank Flag Link Tue Nov 13, 2012
Generally the best person to ask about grants is someone in your local area, however you could also consider a 203k loan, which is an FHA rehab loan, that would give you money for major repairs. There are certain guidelines and restrictions, and it is a more costly home, but could be worth it if the price is right.
0 votes Thank Flag Link Tue Nov 13, 2012
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