203k Loans During the Pandemic

[Noah K.]

Hi Bigger Pockets! I am considering using an FHA 203k loan in Richmond, Virginia to acquire a slightly distressed property and use it as my primary residence. My question is if any other investors have used a 203k loan in the past 8 months, and if anyone in the Richmond area has recommendations for lenders or contractors who are very experienced with 203k loans. Thank you!

[Ariana Berger]

Hi @Noah K., I'm looking in the Richmond area myself and wasn't aware of FHA 203k loans. If you don't mind me asking - do you already have a house under contract? What areas are you looking in? I am seeing a lot of great deals getting snatched up quickly with cash offers, so I'm wondering how you are planning on competing using such a loan? Thanks!