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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Geraldine (G…, Agent, Hopewell Junction, NY
Sun Jun 24, 2012
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
RE/MAX Moniesworth Realty
0 votes
Thomas Brady, Agent, Plainview, NY
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.
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Plaza - Suite 104
Plainview, New York 11803
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Jun 24, 2012
For a detailed explanation and information ask your loan officer all your questions...
0 votes
Deborah Cama…, Agent, Riverdale, NY
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
Don Tepper, Agent, Burke, VA
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?
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