Special Home Loan For 1st Time Buyers In RI
Looking to purchase your 1st residence in Rhode Island but find yourself at a loss as to where to turn for a mortgage loan? Look no further. First time home buyer loans in Rhode Island are provided by Rhode Island Housing (RIH). Not only do they provide 100% financing on your mortgage loan, they also provide other premium programs for 1st time home buyers.
Here are some details on RIH’s loan program:
First-time homebuyer loans
FirstHomes100 loans help many first-time homebuyers realize the dream of homeownership.
Our FirstHomes100 mortgage is a flexible, dependable loan that will help you buy – and keep – the home that is right for you and your family.
FirstHomes100 loans offer:
- 100% financing (no down payment required)
- Down payment and closing cost assistance
- No Mortgage Insurance required for qualified borrowers (resulting in lower monthly payments)
- 100% personal, local service and support for the life of the loan
Many first-time homebuyers may also be eligible for our FirstHomes Tax Credit – a federal tax credit that could save you as much as $2,000 a year for the life of your mortgage.
For complete details on this loan, including contact information and instructions on how to apply, please visit this RIH home loan information page.
More Rhode Island First Time Buyer Resources
In addition to the above first time homebuyer loan from RIH, there are resources available as well. Be sure to visit Rhode Island down payment assistance, as well as our page that shares details about grants available in RI to purchase your first home.