Miles Buckner, Renter in Richmond, VA

How does a 203 loan work if you're a first-time homebuyer?

Asked by Miles Buckner, Richmond, VA Sun Jun 24, 2012

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5
Geri DeWitt Ruby’s answer
FHA203k are fantastic loans that give buyers the opportunity to buy handyman properties which are usually discounted + have the opportunity to add in new appliances. The way to get an FHA203k is to find a mortgage broker or financial institution that writes those types of loans.

Geri DeWitt Ruby
Broker/Owner
CRS,ABR, CRB, CDPE
RE/MAX Moniesworth Realty
0 votes Thank Flag Link Sun Jun 24, 2012
I have found 203k loans to be useful for first time homebuyers. In my opinion you can get more bang for your buck and imprint your vision upon a home. But it isn't right for every buyer.

Tom Brady SFR, e-Pro, SRES, GREEN
Licensed Real Estate Salesperson
Notary Public, Ret. NYPD Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Plaza - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Sun Jun 24, 2012
For a detailed explanation and information ask your loan officer all your questions...
0 votes Thank Flag Link Sun Jun 24, 2012
Whether you are a first time homebuyer or not, 203k loans work SLOWLY. You must be prepared for the funding process which works similar to construction financing. Be sure to work with a local lender who will provide you with excellent customer service and be accessible to you throughout.
0 votes Thank Flag Link Sun Jun 24, 2012
Just the same as it would work for anyone else. Can you be more specific on what your issue or concern is?
0 votes Thank Flag Link Sun Jun 24, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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