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Can anyone give me information on 203k loans in for a forclosed home in RI?

April 26, 2017forclosed Home Home Buying Loans real estate community RI

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Can anyone give me information on 203k loans in for a forclosed home in RI?

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I am looking at a home in Rhode Island that needs some major work to it, i.e kitchen some bathrooms and flooring in a couple of rooms. I believe I can’t go through a regular loan becuase it is not in liveable condition. Can anyone give me information on a 203k loan, qualifications, how many can be on it, how much do you need in reserve etc. I know nothing about it but was told it would be the only way to get it. Please let me know. Thanks so much.