Rhode Island RIA group / 203k RI housinh

[Jorge Peralta]

Hi everyone, im just wondering if anyone has any idea of when the 203k loan will be back in RI housing? Is this loan paused nationwide? 
 Can anyone from Rhode Island tell me if the meetings of the RIA in Warwick are paused or virtual? 

Also, What would you do if you were ready for a 203k loan for first investment property but now its stopped and plus there are almost no houses to buy with this shortage. What would you do? To get a multi family now? 

Thanks you in advance! 

[Anthony Thompson]

@Jorge Peralta the RI real estate investor group meeting has been virtual since April, and I don't know of any plans to change that in the near future.

For your RI housing question, have you tried calling them and asking them directly?

Their Homebuyer Renovation Mortgage 203K page says, "This program is currently suspended for new applications due to the ongoing COVID-19 health crisis" but there's also a link on the same page to Contact RI Housing Loan Center.

That page tries to steer you to fill out a form, but also lists Elizabeth Gonzalez as Community Lending Coordinator. I can't find any specific phone # for her so I'd say just try the general RI Housing phone number and ask for her. (I can't include a phone # in a BP post but it looks like there's a Contact Us link at the bottom of every page on their site.)

As far as what to do, most real estate comes down to math. So if you were expecting a loan from a 203K program, and can't afford the property without a loan, then you'll need to find a different loan source.

I personally don't know whether the 203K loan program is suspended in general as I've never used one. But I don't see anything about a nationwide suspension, based on some quick web searches.

If I were in your position I would try to find a good mortgage broker and ask what programs they might know about that could meet your needs. Mortgage brokers keep up with the various loan programs that come and go somewhat ephemerally, which could work well for your situation.