Frequently Asked Questions
Last Updated: April 15th, 2020
Will homebuyers be able to close on their RIHousing loan during the COVID-19 health crisis?
Yes. RIHousing’s Participating Lenders and the RIHousing Loan Center have been finding innovative ways to keep the mortgage process going while also keeping homebuyers safe.
What precautions are lenders and closing agents taking to protect customers while keeping the mortgage closing on track?
The real estate industry is taking measures to complete transactions in a safe and secure manner. Title companies, appraisers and mortgage institutions are reducing the number of onsite staff in their offices and limiting interpersonal contact during closings.
Mortgage investors have updated their requirements for residential appraisals and closings. Homebuyers working with a Participating Lender should contact them directly to learn more about these modifications.
How are appraisals being handled during the COVID-19 health crisis?
In many cases, lenders are able to offer alternatives to “full” appraisals, such as exterior-only appraisals.
Are homebuyers able to close on their loans remotely?
Many of RIHousing’s Participating Lenders are working to significantly limit human contact during the health crisis and most loan originations are being conducted telephonically or electronically. Please contact the RIHousing Loan Center or your Participating Lender to learn more about their processes.
What processes does the RIHousing Loan Center have in place to limit face-to-face interactions with others?
Maintaining the health and safety of our clients, staff and community is our priority and we are focused on keeping real estate transactions, which include an appraisal and closing, moving forward. At a time when social distancing due to COVID-19 is required, we understand this may cause you to be concerned.
The Loan Center process (origination to closing) can be conducted without physical contact. However, as with other Rhode Island lenders, the borrower/buyer will have to physically appear at the closing to sign documents. Many closing agents have made changes by limiting the number of people attending the closing to the buyer and seller.
Will it take longer than usual for mortgage loans to close?
RIHousing is eager to complete the mortgage process for customers as quickly and easily as possible while keeping everyone safe. Our goal will continue to be to meet all contingencies and deadlines.
Information for RIHousing Loan Center Customers
- While we are not accepting visitors to our offices, staff are reachable by email and/or telephone.
- If you have a loan in process, or have applied to be pre-approved, please reach out to your Loan Originator as needed. We are working to ensure there are no disruptions in service.
Homebuyer Education In-person Classes Suspended
All In-person Homebuyer Education classes are suspended through July 31 2020.
- RIHousing is expanding online course options to include the Framework course offered by Fannie Mae. The course features the same basic principles taught at the in-person class.
- The class is available free of charge at and the Certificate earned upon successful completion satisfies the RIHousing homebuyer education requirement.