RI Housing has been a fantastic resource for Rhode Islanders looking for housing in Rhode Island and the FirstHomes100 loan program is helping many first time homebuyers in Rhode Island qualify to purchase their first home.
The FirstHomes100 loan program is a 100% financing option for buyers that have good income and credit but don’t have to funds saved up for the down payment and/or closing costs for a conventional mortgage. First time homebuyers that meet the credit and income requirements can buy a home in RI up to $441,176 for a single family home or a multi-unit rental property up to 4 units.
The program provides a true 100% financing option, offering a 2nd lien to cover down payment and closing costs. There is a no PMI option for borrowers that meet certain qualifications, and the mortgage is locally serviced and supported for the life of the loan.
Eligible first time homebuyers may also qualify for up to a $2000 first time homebuyer tax credit through the FirstHomes tax credit program. This could provide tax credits of up to $2000 per year for the life of the loan, calculated at 20% of the mortgage interest paid each year.
TAKE THE NEXT STEP
Take a Homebuyer Education class
The RI Housing First Time Homebuyer Education classes are a perfect resource to help first time homebuyers learn everything there is to know about buying a home. Classes are offered both in-person and online classes to meet the unique needs of each homebuyer. You can register online.
HOMEBUYER EDUCATION CLASSES
FirstHomes Tax Credit
Learn more about how you may be eligible to receive a federal tax credit worth up to $2,000 a year.
Contact a Mortgage Originator or Participating Lender
you have questions about pre-approval or are ready to apply for a
loan, contact one of our Mortgage Originators or Participating Lenders
CONTACT THE RIHOUSING LOAN CENTER
FIND A PARTICIPATING LENDER