Rhode Island - Government Backed Loans

Rhode Island Housing is a self-sustaining public agency that reinvests all our revenue in meeting the housing needs of the state.

Refinance Programs

Reverse Mortgages

The Reverse Mortgage is available to qualifying senior citizens who are unable to meet monthly mortgage payments. Assistance is provided in the form of a mortgage loan which slowly depletes the home's equity over time, thus enabling homeowners to remain in the home. This loan does not need to be repaid until the end of the term, the homeowner moves or is deceased. Homeownership counseling is required of homeowners in order to qualify for a Reverse Mortgage.

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Equisense

An Equisense loan can provide up to $60, 000 to be used by homeowners to pay for home improvements, tuition costs or paying off high-interest rate loans. This second loan is a low-interest mortgage, and features a deferred-payment option which enables homeowners to "skip" a month's payment when finances are tight.

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Purchase Programs

FirstHomes

FirstHomes offers first-time homebuyers affordable, fixed-rate mortgages in 30-, 35- or 40-year terms. Second mortgages are also available to use in conjunction with a FirstHomes loan, in order to meet downpayment and closing costs. This loan enables homebuyers to take 10% of the home's purchase price and place it in a separate loan which has no monthly payment. Income limits apply.

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FHA

The FHA loan enables first-time homebuyers to purchase a home with as little as $1, 500 in homebuyer contributions. An FHA loan may be used in conjunction with may of the loans offered by Rhode Island Housing.

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Purchase Plus

The Purchase Plus program enables homebuyers to purchase a home as well as make necessary home repairs up to $10, 000 in amount in one loan.

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Renovation Assistance

Renovation Assistance offers homebuyers the ability to purchase a home that fits in their budget but requires necessary repairs. This second loan enables homebuyers to purchase a home and make repairs all in one low-interest loan.

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Downpayment Assistance

Downpayment Assistance provides homebuyers with the opportunity to purchase a home despite not having the funds to produce a downpayment or to meet closing costs. This assistance is to be used in conjunction with a FirstHomes loan, and may be issued in the form of a grant or a loan.

Continue reading about Downpayment Assistance.