Are 203K Construction Loans Easy To Get?
One of the houses I am interested in buying needs a lot of work. I'm not getting a mortgage so no problem with that. But the seller has put the pressure on and told me, of course I don't know if it's true or not, that after a year on the market, someone else is making an offer. She said it's some strong builder guy who has been approved for a "203K construction loan." We were going to offer less money than she says he offered. Do you think this guy is serious competition I have to worry about? If he's real, how easy will it be for him to get this loan?