RIHousing Loan Center

The RIHousing Loan Center has experienced professionals who can help first-time homebuyers navigate their path to homeownership.

RIHousing Loan Center

The RIHousing Loan Center has experienced professionals who can help first-time homebuyers navigate their path to homeownership.

Which type of loan are you interested in?

Home purchase

Home Purchase

Home refinance

Home Refinance

For refinance options, please contact one of our Participating Lenders.

For home equity options, please contact one of our Participating Lenders.

How will this property be used?

Primary Residence

Second/ Vacation Home

Rental/ Investment Property

For second homes or investment properties, please contact one of our participating lenders.

Were you a homeowner on a property that was your primary residence in the last 3 years?

YES

NO

Please contact one of our Participating Lenders.

When do you plan to buy a home?

I’m shopping & am considering a few options

Within the next couple months

Not sure- I want to know if I can afford

I have a signed purchase and sales contract

Immediately- I’m making an offer

I’m shopping & am considering a few options

Within the next couple months

Not sure- I want to know if I can afford

Get preapproved today!

FIRST-TIME HOMEBUYER LOANS

  • 100% financing available (no down payment required)
  • Down payment and/or closing cost assistance
  • No mortgage insurance program available for qualified borrowers

NEW!

10kDPA

RIHousing’s new 10kDPA program provides a $10,000 down payment assistance loan to first-time homebuyers in Rhode Island.

First Down
Program

Buying in Providence or Woonsocket? $7,500* down payment for your first home!

FIRST TIME HOMEBUYER LOANS

  • 100% financing (no down payment required)
  • Down payment and/or closing cost assistance
  • No mortgage insurance program available for qualified borrowers (resulting in lower monthly payments)

NEW! 10kDPA

RIHousing’s new 10kDPA program provides a $10,000 down payment assistance loan to first-time homebuyers in Rhode Island

First Down Program

Buying in Providence or Woonsocket? $7,500* down payment for your first home!

EXTRA
ASSISTANCE

 

  • Down payment assistance to eligible first-time homebuyers in Rhode Island
  • Finance down payment and/or closing costs

FIRST HOMES
TAX CREDIT

 

  • Tax savings for eligible borrowers
  • Reduces a borrower’s federal tax liability
  • Can be claimed each year for the life of the mortgage

HOMEBUYER RENOVATION
LOANS / 203(k)

  • Loan for borrowers purchasing a home that needs renovations
  • Finances the mortgage and renovations
  • 100% financing available (no down payment required)
  • Closing cost assistance available

Do’s and Don’ts of Homebuying

R

Do's

Keep important financial documents organized and accessible
  • Keep all originals and have access to all of your paystubs, bank statements and other important financial documents.
  • Make timely payment on all current debt obligations, including any car, student loan and/or credit cards
Notify your Mortgage Originator about your financial changes
Notify your Mortgage Originator:

  • prior to making any changes to your employment status such as changes to position or pay
  • any pay raises or transfers
  • any loss of income
  • if you plan on receiving gift funds for closing
Q

Don'ts

Make changes to your financial flow
  • Transfer any funds between your accounts without receiving the proper documentation
  • Deposit monies outside your payroll deposits, particularly from the sale of personal items, without proper documentation
Make financial changes that will impact your credit score
  • Open or increase any liabilities during your contract
  • Close or open any asset or credit accounts
  • Advance cash from any credit cards or borrow any funds
  • Miss contractual monthly payments on credit cards, student loans and/or car loans
  • Make any large purchases that could impact your credit score, required funds to close or assets

10 Steps to Homebuying

Swipe to learn about our homebuying process!

Find your dream home

Review and sign disclosure and order appraisal

Verify income and assets

Credit, income and assets evaluated

Loan commitment issued

Gather final documents to close on loan

Closing

Congratulations! Move into your new home!

MORTGAGE CALCULATOR

Wondering how much home you can afford? Find out now.

year(s)

Your total monthly payment

Principal & Interest
Interest rates are updated daily and are subject to change without prior notice.

Get Educated.

There’s a lot of competition out there today. When you find the home of your dreams, we want you to be ready. Our Homebuyer Education classes will arm you with what you need to know. Register for a class today and learn about:

  1. Steps to Buying a Home, including the mortgage application process
  2. Overview of RIHousing loan programs
  3. Financial Considerations: credit, debt and planning for the future

Take our Homebuyer Education class available in-person and online, in English and Spanish.

Customers who are first-time homebuyers are required to take a Homebuyer Education class prior to closing on a RIHousing loan.

Elizabeth Gonzalez
Community Lending Coordinator

Need help?

Let me guide you though the Loan Center!

Please Note: RIHousing’s Extra Assistance programs are only available with a RIHousing first mortgage. If you are currently working with a Mortgage Originator, please contact them directly to see if you qualify for this program.