our loan options
Rhode Island Housing offers a line of safe, affordable products and services designed to help first-time and non-first-time homebuyers safely buy and keep a home.
-FirstHomes100 mortgages are low, fixed-rate, 30-year mortgages for single-family homebuyers with 100 percent financing.
-Our No Mortgage Insurance option for first-time homebuyers who qualify is an added lower-cost alternative.
-Rhode Island Housing will service your loan and provide free counseling education and support.
-This special loan provides all the benefits of our FirstHomes100 PLUS all the funds to complete essential repairs and upgrades to the home, and a consultant to help you through the renovation - in one low, fixed-rate loan.
Click here for a Step by Step Guide to our FirstHomes100+ loans.
FirstHomes100 and 100+ both offer:
-100 percent financing
-100 percent local, personal service
-100 percent support for the life of the loan
-100 percent qualified for the extended and expanded federal tax credit
If your household income falls within our lending limits, you have access to our wide range of options, services and benefits including:
• Options for No Down Payment
• Closing-Cost Assistance
• Renovation Assistance
• Free Homebuyer Education
• No Pre-Payment Penalties
• Local Mortgage Servicing
• Section 8 to Home Ownership Loan
To find out if you qualify
or to apply
for a mortgage or for more information, contact Rhode Island Housing at 401-243-0000.
Many Rhode Island families are eligible for Rhode Island Housing’s low-interest loans and products for first-time homebuyers.
INCOME: If there are one or two people in your household, you may earn up to $87,800* (combined gross annual income) to qualify. Households of three or more people may earn up to $102,400*.
PURCHASE PRICE: In most Rhode Island communities, you may purchase a single-family home or a multi-family home (2-4 families) costing up to $415,000*.
PREVIOUS HOMEOWNERS: If you buy a home in some areas of Central Falls, Pawtucket, Providence, Newport or Woonsocket, you do not have to be a first-time homebuyer.
Please contact Rhode Island Housing at 401-450-1344 for details.
* Purchase-price and income limits are subject to change.
ELIGIBILITY WITH PREVIOUS HOMEOWNERS: Our products are available to Rhode Islanders who currently own a home or plan to refinance. For details on our Beyond FirstHomes mortgages or to learn if you may qualify contact Rhode Island Housing at 401-450-1344.
Features and Benefits of FirstHomes
FREE HOMEBUYER EDUCATION: We offer free classes to help you better understand the process of buying and keeping your home. The course covers everything you need to know from “how much can I borrow?” to “how do I avoid unsafe loans?” For more information, click here .
FLEXIBLE TERMS: We offer 30-year terms with different options, making it easier for you to afford the monthly payments. FirstHomes also offers second mortgages to first-time homebuyers with incomes less than $45,000. This special loan allows you to take up to 15 percent of the total cost of your home and place it in a separate loan that has no monthly payment. The second mortgage does not need to be repaid until you sell your home or refinance.
NO PENALTIES FOR PRE-PAYMENT: If you decide to pay off any Rhode Island Housing mortgage early, there are no pre-payment penalties or fees.
LOCAL MORTGAGE SERVICING: Rhode Island Housing values you as a neighbor and our customer. We never sell our FirstHomes mortgages. We service all of our mortgages personally for the life of the loan. This means when you have a question or concern, you can speak to a person right here in Rhode Island, face-to-face or on the phone. You can even visit us at the office to make your payments in person or use our convenient and secure drop box if you choose. Our staff members are your neighbors. They live and work in the communities we serve and are committed to helping Rhode Islanders buy and retain their homes.
Other FirstHomes Features
For many families, coming up with a down payment can be very difficult. FirstHomes can help. You may be eligible for our no-down payment option or grant money. Some grants for down payments do not need to be paid back.
Depending on your income, Rhode Island Housing offers ways to help you pay for closing costs. We offer several kinds of grants, some of which never need to be repaid. We also offer low-interest closing-cost loans that can be paid back over 15 years.
Many first-time homebuyers find homes that fit their budget, but need some repairs and renovations. In today’s market, situations like this are very common, especially as many homes in Rhode Island are becoming more affordable. With our renovation-assistance product, you can purchase your home and borrow the amount needed to make repairs, all in one safe, low-interest mortgage.
To find out if you qualify or to apply for a FirstHomes loan or for more information,
contact: Rhode Island Housing at 401-243-0000.