Home Buying in Ormewood Park>Question Details

Countryside, Home Buyer in Greenbelt, MD

i am a first time home buyer and i am thinking about signing a contract on a 203k my credit union doesn't

Asked by Countryside, Greenbelt, MD Mon Jun 1, 2009

finance 203k so i have to go through the bank of america. Is that a good idea?

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As you can see the answer is pretty unanamious. While I am an agent with Keller Williams I have 20 years banking experience and I would not advise my client to do a 203K without the support of an agent and a loan officer who specializes in this type of transaction. I met with representatives of HUD, Fannie Mae and the homebuilding industry just yesterday
. Did you know that in Georgia there is almost $59,000/person available to repair and purchase homes?
By trying to do this on your own you will never know if you qualify for any of this money and not need a 203K loan.
0 votes Thank Flag Link Sun Jun 7, 2009
203k can be complicated - I hope you aren't trying to go it alone without a real estate agent helping you. Are you buying a foreclosure home that needs a lot of repairs and using 203k to make a lot of repairs and/or improvements? There is nothing wrong with using Bank of Amercia, but buying a foreclosure home needing a lot of repairs without doing your homework or an agent assisting you can be risky. If you are not buying a foreclosure home needing a lot of repairs, then why the 203k? If you are a first time home buyer then how come you aren't using an agent?
0 votes Thank Flag Link Tue Jun 2, 2009
Good Morning Countryside,

Congratulations on being a first time home buyer. I agree with the comments made earlier. You should always first counsel with your agent. I am currently working with 2 home buyers (one first time) with FHA loans and 203K Streamline and Full loans. I have an excellent Senior Mortgage Officer that advises all my clients on the best way to handle the 203K program. If you are not represented and would like to discuss your home buying needs with me further please contact me at 678-427-5512 or email me at repayne7@bellsouth.net. I would be more then happy to review your needs and give you a very timely and accurate appraisal of the best course of action for you to take with this transaction. Please, review my website at http://www.rickpaynesold.com to learn more about me as a realtor.

Best Regards,

Rick Payne
Keller williams Realty
0 votes Thank Flag Link Tue Jun 2, 2009
are you looking for FREE advice? It's actually unethical for an agent to counsel you in real estate without being your agent. Hence, a good reason why you should have an agent. Find the best one you can find and let them earn their commission by guiding you through your real estate transaction.
0 votes Thank Flag Link Mon Jun 1, 2009
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