FHA 203K loan-friendly lenders

anywhere, MA · Member since 2015 · 116 posts · 61 votes

Can anyone recommend a lender and contractor experienced with the 203K loan process in Rhode Island? A lender and contractor who have worked on an FHA 203K loan recently? I'm looking for multiple recommendations so please fire them off at me.

The loan product I'm looking for is the first time home buyer firsthomes100+, 100% financing program in RI: https://loans.rihousing.com/Homes_needing_repairs/

But I want a lender who is experienced with the process and has contractors so that it can go smoothly.

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Anthony ThompsonPro Member
Buy and Hold Investor · Cranston, RI · Member since 2013 · 1k+ posts · 1k+ votes
7y
@Raeshelle C. I don’t have anyone specific to recommend, but in case no one else here does either, I wanted to recommend two other options.
One would be to attend a meeting of a local RE group such as RIREIG and ask the same there.
Another is that, I’m assuming RI housing doesn’t directly recommend anyone but they do sometimes have classes for new homeowners & landlords and besides being generally useful, you could ask other attendees at one of those events.
Branching out from that, you could also check out upcoming classes for RI Realtors - if there is a class on 203(k)s you could either attend it (you don’t have to be an agent, though it does cost more for non-agents) or, probably simpler and cheaper, just track the instructor down online and ask her/him for recommendations.
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Raeshelle C.
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anywhere, MA · Member since 2015 · 116 posts · 61 votes
7y
Originally posted by @Anthony Thompson:

@Raeshelle C. I don’t have anyone specific to recommend, but in case no one else here does either, I wanted to recommend two other options.
One would be to attend a meeting of a local RE group such as RIREIG and ask the same there.
Another is that, I’m assuming RI housing doesn’t directly recommend anyone but they do sometimes have classes for new homeowners & landlords and besides being generally useful, you could ask other attendees at one of those events.
Branching out from that, you could also check out upcoming classes for RI Realtors - if there is a class on 203(k)s you could either attend it (you don’t have to be an agent, though it does cost more for non-agents) or, probably simpler and cheaper, just track the instructor down online and ask her/him for recommendations.
Really helpful, thank you!
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Brandon Ingegneri
Rental Property Investor · Providence, RI · Member since 2015 · 1k+ posts · 594 votes
7y
I have served as the builder for a number of 203k loans. We have done them primarily through RI Housing. Having said that, Coastway used to be excellent with them, but since they were bought out by Harbor One, I have noticed that they are less effective. Navigant is a well rounded bank, and Centerville Bank is currently making a big push to acquire new business and entry level buyers.
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Matthew PorcaroBusiness Member
Lender · Long Island, NY · Member since 2016 · 456 posts · 336 votes
7y
@Raeshelle C.
Go to the 203k consultant directory and call down the Rhode Island list. Ask them for referrals to banks and contractors they know well.
That way you find people that are actually FAMILIAR with the process.
The 203k Way
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