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How To... in 10703 : Real Estate Advice

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Activity 1
Sat Jun 13, 2009
Mike Stanley answered:
Hello Rea,

Your Bank Manager was probably referring to a 203K loan in which the bank will loan you money based on what the value of the house will be after the renovation is complete. You should speak with a mortgage broker who is experienced in 203K loans as they will be able to give better detail and provide you with their guildlines.

I can tell you that my buyers that have used them, found them to be very helpful in assisting with renovation cost. Just remember that this will be an addition to your loan, so take only what you need. I have some names of exeperienced mortgage brokers if you need assistance.

Mike
(315) 664 - 2300
mikestanley@weichert.com
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