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Rates and terms for Rhode Island Housing
Mortgage Programs differ based on the borrowers total family income,
type of loan program and the property type. These are general
guidelines for the program. RI Housing also offers FHA
203K Program (Rehab Loan) and EXTRA ASSISTANCE Program. Please call The Mortgage Corner® of New England
today so we can help you with the program that fits your financial
needs. Call 401-732-4141.
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RI Housing Programs With 0%
Origination Fee |
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Income Guidelines |
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Rate% |
Points % |
APR % |
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Up to $30,000 |
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4.625 |
0.000 |
5.770 |
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$30,001 - $35,000 |
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4.875 |
0.000 |
5.910 |
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$35,001 - $40,000 |
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5.125 |
0.000 |
6.030 |
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$40,001 - $45,000 |
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5.375 |
0.000 |
6.120 |
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$45,000 - Limits |
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5.625 |
0.000 |
6.170 |
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RI Housing Programs With 1%
Origination Fee |
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Income Guidelines |
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Rate% |
Points % |
APR % |
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Up to $30,000 |
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4.375 |
1.000 |
5.600 |
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$30,001 - $35,000 |
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4.625 |
1.000 |
5.750 |
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$35,001 - $40,000 |
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4.875 |
1.000 |
5.870 |
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$40,001 - $45,000 |
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5.125 |
1.000 |
5.960 |
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$45,000 - Limits |
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5.375 |
1.000 |
6.000 |
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ELIGIBILITY FOR RHODE ISLAND HOUSING:
Many Rhode Island families are eligible for Rhode Island Housing’s
low-interest loans and products for first-time homebuyers.
INCOME:
If there are one or two people in your household, you may earn up to
$87,400* (combined gross annual income) to qualify. Households of
three or more people may earn up to $102,400*.
PURCHASE PRICE:
In most Rhode Island communities, you may purchase a single-family
home or a multi-family home (2-4 families) costing up to $417,000*.
HIGHER PURCHASE PRICES:
Some cities and towns in Rhode Island qualify for even higher income
and purchase-price limits. If you buy a home in some areas of
Central Falls, Pawtucket, Providence, Newport or Woonsocket, it may
be even easier to get a loan.
• In those targeted areas, you can pay as much as: $450,000 for
single-family homes or condos $450,000 for existing 2-4-family homes
$450,000 for newly built two-family homes
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