Asked by Des, Atlanta, GA • Mon Mar 29, 2010
viewing the property, checking websites, and speaking to a mortgage broker I came to the conclusion that I will need a 203k loan. I currently do not have a realtor nor a lender. But I do know I have good credit and some down payment. What I would like to know is what are the first steps to take in this situation? 203k loans seem very confusing and there doesn't seem to be a lot of people who know very much about them. How can I make a bid on a property without knowing how much work it needs? And who determines what exactly needs to be renovated? Also, how would the $8000 tax credit play into this? I hear Wells Fargo has a good division working with 203k loans, but when I spoke with someone from their office, he didn't seem to have much knowledge. Any information would be appreciated, and thanks in advance!
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