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Mortgage Rates for Today

Rhode Island Assistance Programs

Are you a first-time home buyer Rhode Island and want to know the current mortgage rates? Or do you need help with renovating or upgrading your home and wish to know the refinancing mortgage rates Rhode Island? Just visit us at Total Mortgage! We are all set to assist you in understanding and tackling the financial alternatives to ensure you get a satisfactory match for your requirements. Our team of professionals will find the pertinent and the most befitting current mortgage rates Rhode Island. Contact us now to discover all you need to know about programs for first-time buyers and existing homeowners to help you move into your dream house!

If you have any questions about securing the best mortgage rates in Rhode Island, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.

Rhode Island first-time homebuyer programs

RIHousing First-Time Home Buyer Loan

So, if you're ready to start your dream home journey, make it happen with assistance from Rhode Island Housing. This first-time home buyer program RI, offers up to 100 percent financing and down payment assistance on these loans that can be accessed directly from RIHousing or one of their preferred mortgage lenders.

This loan has a few requirements:

  • You must take an easy homebuyer education class; the purchase price caps out at $736,000.
  • There are household income limits. The 2022 household income limits, provided by RIHousing, are currently $120,934 for households of up to two people and $139,074 for families of three or more.

Rhode Island Down Payment Assistance

RIHousing 10kDPA

The 10kDPA program is a $10,000 deferred down payment assistance initiative for first-time homebuyers with no monthly payments until the home is a primary residence. This way, young families can benefit from interest-free help until they sell, move out, or refinance their mortgages. The applicant must have 660 as a minimum credit score and finish a regular homebuyer education course. Besides that, the first mortgage must be from RIHousing or any other participating lender to buy a new residence at the purchase price. Household income limits are the same as for the First-Time Homebuyer Loan program.

FirstGenHomeRI

If you are the primary member of your family to acquire a house, or if your parents or guardians previously lost the household home to one foreclosure or short selling and are currently not householders, you may be able to acquire up to $25,000 in help for a payment and closing expenses. To get FirstGenHomeRI, you must have a zero-interest, zero-payment loan that would be forgiven after five years if you continue to live in the household for five years. It would help if you also had a majority 660 credit score and met the purchase price limits and monthly income restrictions.

Secondly, this Rhode Island first-time home buyer grant is only accessible to current residents of Central Falls, East Providence, Pawtucket, Woonsocket, Providence (this does not encompass zip code 02906), and one NHCD census parcel tract in Newport. However, they may purchase a house elsewhere in the state. Finally, funds for this package are lent on a first-come, first-served basis.

RIHousing Extra Assistance

First-time homebuyers Rhode Island may avail of down payment assistance RI of up to $15,000, or 6% of the purchase price of their property, whichever is lower. This is due to RIHousing's Extra Assistance opportunity loan, a second mortgage with interest in most cases identical to the one on your first mortgage, and no additional charges apply. Both applicants are eligible if a couple purchases a house.

To succeed in this RI first-time home buyer loan, one must:

  • Be a maiden purchaser with a first mortgage from RIHousing
  • Intend to live in the house as your primary residency
  • Credit score of 620 or higher
  • Take a homebuyer education seminar

Other Rhode Island Homebuyer Programs

Besides RIHousing's programs, some national mortgages are ready to welcome first-time homebuyers in Rhode Island. FHA, VA, and USDA home loans are ideal for you if you require more money or have a low credit score. VA and USDA loans also have other qualifications, while the FHA loan requires a credit score of at least 500 to 580 in case you decide to pay a 3.5 percent down payment. Some programs are tailored to specific borrowers with exclusive grants for teachers and police officers.

Homebuyer Renovation Loans/203(k)

You may get assistance from RIHousing when purchasing a fixer-upper, as long as the combined expenses – the acquisition and renovation – are not greater than those available with the FHA loan limits. A contract must be present with a state-licensed general contractor, and the money for renovation will be kept in an escrow account.

Any remaining sum will contribute to your principal balance if the amount is not spent in total. Furthermore, this Rhode Island first-time home buyer grant necessitates a $15 homebuyer education course and a participating lender.

Housing Network of Rhode Island: For Providence Buyers

Buying in the state's biggest city — Providence? Apply for the Housing Network of Rhode Island's Down Payment & Closing Cost Assistance program. This helps open up the possibility of people buying a house within the Providence city limits. You must meet both the income and purchase price limits: $330,000 for homes that are already there and $406,000 for new construction. The grant offers home buyers up to $20,000 as home buying costs. In addition to these criteria, you must also:

  • Have a 45% back-end debt-to-income ratio.
  • Contribute $1,500 to the transaction
  • An application fee of up to $200 applies
  • Completion of a homebuyer education course

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