Wrap the cost of buying, rehabbing, and/or building an accessory dwelling unit (ADU) addition into one mortgage.
With many older homes and fixer-uppers on the market, this loan helps you take advantage of the real estate opportunities available today, with the security of knowing that you’ll have the money needed to make repairs or improvements.
Here are just a few: Electrical, HVAC systems, new appliances, roofs, health and safety standards, sewer hookup, well and septic systems, building of an Accessory Dwelling Unit (ADUs).
NOTE: Any repairs that are structural in nature, or more than $75,000, will be considered under the Standard 203(k) Rehabilitation program.
203(k) applicants are required to complete an FHA 203(k) Homebuyer Education class prior to closing.
The class is offered online for a $15 fee.
After closing, the funds for home repairs will be held by RIHousing in an escrow account. RIHousing will disburse payments to the contractor and manage a contingency reserve of up to 20% of the rehabilitation costs. Unused funds will be applied to the principal balance of your loan.
Rhode Island now allows for the building of an Accessory Dwelling Unit (ADU) on one’s property. Learn more about ADUs and how you can finance it with us.
Start your application today by connecting with our Loan Center or one of our approved Participating Lenders.
We offer FHA 203(k) Rehab refinance mortgage programs to Rhode Island homeowners to make improvements on their house. Talk to your lender today about refinancing with RIHousing.
Check whether your current residence is located within an eligible census tract.
Only residents of census tract 405 are eligible for the FirstGenHomeRI pilot program.
The map on the left shows the approximated eligible region.
Unsure if your address is part of the eligible region?
Type in your address below to find out (Include street #, street name, Newport, RI).
Check whether your current residence is located within an eligible census tract for application prioritization.
Applications from residents who live in the census tract listed below are prioritized.
| Central Falls | 44007010900, 44007010800, 44007011100, 44007011000 |
| Pawtucket | 44007016000, 44007015300, 44007015100, 44007015200, 44007015500, 44007016600, 44007016700, 44007017000, 44007017100, 44007016100, 44007016400 |
| Newport | 44005040500, 44005041100 |
| East Providence | 44007010100, 44007010501 |
Type in your address below to learn if you are in the targeted area. (Include street #, street name, city, RI).