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 opportunity for first-time homebuyers. The Extra Assistance Loan may be used for the borrower’s down payment and/or closing costs and may be combined with all RIHousing first mortgage products. Contact one of our Rhode Island experienced loan officers to learn all the details.
Program Details:
RI Housing Max Loan Amount for EAL:
$20K or 6% of the purchase price to be used for down payment and/or closing costs.
Maximum Annual Household Income:
$134,320 (1-to-2-person household)
$154,468 (3+ person household)
Maximum Acquisition Price Limit/Cost:
$838,592
Property Types:
EAL Funds may be used towards both down payment and closing costs with 1-4 unit properties.
And…The EAL changes are available to borrowers with mortgages previously registered with RIHousing. A Change/Withdrawal Request form, along with updated Loan Transmittal, AUS findings and URLA must be submitted to LenderConnect for loans being restructured.
Mortgage Equity Partners is an authorized RIHousing Lender.
Reach out to our Rhode Island office today to check your eligibility!
