Affordable options for first-time homebuyers
We offer many programs geared toward giving first-time homebuyers the tools they need to find their way to homeownership. For example, many of our programs help first-time homebuyers qualify for a mortgage through flexible down payment and credit requirements.
If you have not owned a primary residence in the last three years, you are eligible for our low-cost products designed specifically for you. Through Mortgage Equity Partners, you can purchase a single-family home, condo, or two to four-family home up to the amount set by the Federal Housing and Finance Agency (FHFA). Check what the conforming loan limits are in your county.
Some of the various program options include:
- Complete financing for one and two-unit properties
- As little as 3.5% of the sales price down for three and four-unit properties
- No mortgage insurance or reduced mortgage insurance options
- Conventional multi-family purchase with 5% of the sales price down AND no mortgage insurance
- Credit scores as low as 620
- No income limits
- Closing cost assistance available
- Rehabilitation loans
- Down Payment Assistance
These programs are for Rhode Island properties only.
