Table of Content
- Mortgage Assistance for Homebuyers in Rhode Island
- How we make money
- How to Apply to Rhode Island Programs for First-Time Homebuyers
- Construction Mortgages
- Home Buyer Rebates and Other Cost Savings in Rhode Island
- Buying a home in Rhode Island’s major cities
- We're here to help with all your home financing solutions.
The Ocean State is the perfect place to settle down for everyone from new parents to retirees. Enjoy beautiful scenery and thriving social scenes all across the state. No matter where you end up in Rhode Island, there are first-time homebuyer programs to help you out. If you’re unsure which program to choose for your first mortgage, your lender can help you find the right match based on your finances and home buying goals.
Native Americans who want to purchase property on recognized trust land can get help through the Native American Direct Loan program. Department of Agriculture are for borrowers in rural areas who meet income requirements. They’ll approve loans with no down payment as long as you pay for PMI or private mortgage insurance. The closing cost program provides up to $3,000 toward closing costs in the form of a loan that becomes a grant after five years. This means as long as you occupy the home as your primary residence for at least five years after purchase, the entirety of the loan is forgivable.
Mortgage Assistance for Homebuyers in Rhode Island
The only fees collected by People’s Credit Union are for underwriting the loan. FirstGenHomeRI opens the doors for first-generation homebuyers with $25,000 in down payment and/or closing cost assistance. First, you can use one of these Extra Assistance Loans to help with your closing costs as well as your down payment.
The FirstGenHomeRI program is a pilot program with limited funds. The funds will be extended on a first come, first-served basis to qualified homebuyers who have a Loan Commitment and a fully-executed purchase and sales agreement. RIHousing’s Homebuyer Education Classes help prospective homebuyers understand the process of buying and keeping a home. Check out our Steps to Buying a Home and register for a Homebuyer Education class today. Look up Rhode Island in The Complete Guide to FHA Loans By State to find what is available to you. Talking to an experienced, local real estate agent will save you time if you already have your eye on a dream house, as they will know your options and can help you get approved faster.
How we make money
Similar to the above program is the Extra Assistance program, which can provide up to $12,000 or 6% of your home’s purchase price . RI Housing loans can cover up to 100% of your home’s purchase price. Involving banks, lawyers, home inspectors, and more, the home buying process isn’t intuitive or straightforward. Luckily, Rhode Island’s educational resources include online and in-person courses that can help explain what you need to know as a first time home buyer RI-wide. Typically, the Mortgage process takes from 45 to 60 days for purchase and refinance loans.
We can also offer Jumbo mortgage, special loans designed to finance higher-priced homes. Our experienced mortgage consultants can help you decide if this is the right mortgage for your financial situation. Might be able to help if you’re interested in purchasing a home but don’t know where to start. They provide free counseling and homebuyer education courses.
How to Apply to Rhode Island Programs for First-Time Homebuyers
The most recognized 3.5% down payment mortgage in the country. All municipal employees qualify for MassHousing loans regardless of prior homeownership. Once your construction schedule is prepared, we will offer you the funds needed to finance construction on your property, whether it's your primary or secondary residence. With fixed and adjustable-rate options, a lower down payment and additional resources, our Affordable Housing Program will help get your family into a house you can proudly call home.
There are no income or other restrictions on those seeking help. Occasionally, the state offers extra, time-sensitive programs. This spring, for example, they sponsored Spring7500, where buyers could purchase a home with just $7,500 for their down payment.
Resources For First Time Home Buyers in Rhode Island
FHA.com is a privately owned website, is not a government agency, and does not make loans. We’ll guide you step by step through the entire construction financing process in simple terms. Visit the Massachusetts Housing websitefor a list of HUD and MassHousing approved counseling providers. Click here to read AdvisoryHQ’s disclaimer on the mortgage loan table displayed on this page. No matter what mortgage lender you choose, it’s important to partner with a financial institution that you trust and are comfortable working with for the next few decades.
Credit score requirements vary, depending on the homebuyer assistance program. For example, some of the programs offered by RIHousing require a credit score of 620. Indeed they are required for some government-sponsored loan programs. The IRS allows qualifying first-time homebuyers a one-time, penalty-free withdrawal of up to $10,000 from their IRA if the money is used to buy, build, or rebuild a home. The IRS considers anyone who has not owned a primary residence in the past three years a first-time homebuyer.
The program might also be able to help if you’re a first time home buyer in RI and can get VA benefits. Usually offered at the regional or county level, these programs provide flexible second mortgages for first-time buyers looking into how to afford a down payment. But Rhode Island offers special mortgages and education courses that can be a big help for first-time home buyers. You might even be in line for down payment assistance to help cover your upfront costs, provided you qualify.
Meet our panel of SoFi Members who provide invaluable feedback across all our products and services. Luckily, there are numerous programs in Rhode Island that can help to streamline the process. Did you know that all homeowners can use their mortgage interest as a deduction? That means they can deduct the amount of yearly interest from their taxable income, which lowers the total amount that’s taxed.
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