Financing in 02907>Question Details

Cass, Home Buyer in Framingham, MA

Are there any mortgage brokers doing 203K loans in Rhode Island?

Asked by Cass, Framingham, MA Sun Aug 19, 2012

We are looking into a foreclosed multi family property as an investment and it needs about $30K in repairs.

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Lynda Mckenzie’s answer
Cass,

A 203k loan can be used only by owner occupants, local governments or eligible non-profits.

However, an owner occupant can use a 203k loan to purchase and renovate up to a 4-unit building as well as multi-use building in conformance with certain guidelines.

The program is NOT designed for investors.

Lynda Mckenzie
1 vote Thank Flag Link Mon Aug 20, 2012
I'm a mortgage banker with Atlantic Home Loans with offices in RI. We are direct underwriters of 203k loans. I can be reached at 401 301 0130, or gdevine@atlantichomeloans.com
0 votes Thank Flag Link Mon Aug 20, 2012
There is an excellent mortgage broker name sierra pacific doing 203ks . They do a lot of 203ks
0 votes Thank Flag Link Sun Aug 19, 2012
Hi,
Homestar mortgage does them. Mike Mendonca 401 749-3131. Great guy and they have the 203k program.
0 votes Thank Flag Link Sun Aug 19, 2012
Hi Cass,

I have a great contact at Wells Fargo who specializes on 203k loans. Let me know if you would like her contact info.
0 votes Thank Flag Link Sun Aug 19, 2012
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