RIHousing Extra Assistance Loan: up to $20,000 Buying a home in Rhode Island just got easier! RIHousing’s Extra Assistance Loan (EAL) is now available, offering significant financial support to Rhode Island homebuyers. The EAL program guidelines make homeownership in Rhode Island more affordable, opening a world of …
How to use a bridge loan to buy a home
How to use a bridge loan to buy a home A bridge loan is a financing option that allows you to use the equity of your current Rhode Island home as a source of funding for a new home. A bridge loan is a short-term loan used as a financial bridge between selling your current home and purchasing a new one. Bridge loans …
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The difference between fixed-rate and adjustable-rate mortgages
What are the differences? The best way to understand the differences is first to understand what each loan is all about. The homebuyer's personal situation determines which option works best to purchase or refinance a home. Fixed-rate mortgage A fixed-rate mortgage is a home loan with an unchanging interest rate for …
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Top 6 reasons to get a renovation home loan
What is a renovation home loan? If you can’t find the perfect Rhode Island home, you can create it with a renovation home mortgage! With housing supply inventory at an all-time low and existing home prices rising, homeowners have been renovating like never before. A Fannie Mae HomeStyle Renovation mortgage can get you …
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Is Down Payment Assistance available to me?
What is Down Payment Assistance? Of the many steps to homeownership, the one that is often the most difficult for credit-worthy first-time homebuyers is coming up with funds for a down payment and closing costs. For example, borrowers with high student loan payments or low to middle income may not have extra cash to …
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The RIHousing Statewide DPA Grant Program $17.5K has reopened
As of March 5, 2024, the RIHousings 17.5K Statewide DPA program is closed to new applications. The success of this program is evidenced by the fact that these funds were depleted in less than two months. Not to fear though, the RI Housing's 15K DPA program is available. RI Housing's 15K DPA provides $15,000 in …
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