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
Lynda Mckenz…, , Warwick, RI
Mon Aug 20, 2012
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
Joe Borelli, Other Pro, Riverview, FL
Tue Jul 26, 2016
In order to underwrite a 203k renovation loan in Rhode Island, the lender must be approved by the FHA. As there are extensive lending requirements that need to be fulfilled both during and after the loan approval, it is advisable that you work with a FHA 203K lender directly. The complete list of approved 203K lenders in Rhose Island can be accessed below.

http://203klenders.org/rhode-island-ri/
1 vote
George DeVine, Mortgage Broker Or Lender, East Greenwich, RI
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
Watermarkrea…, , East Providence, RI
Sun Aug 19, 2012
There is an excellent mortgage broker name sierra pacific doing 203ks . They do a lot of 203ks
0 votes
Lisa DeFazio…, Agent, Seekonk, MA
Sun Aug 19, 2012
Hi,
Homestar mortgage does them. Mike Mendonca 401 749-3131. Great guy and they have the 203k program.
0 votes
Christopher…, Agent, Providence, RI
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
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