Rhode Island Mortgage Rates
August 27, 2016 12:50 PM Eastern
Mortgage Rates Programs for Rhode Island Residents
For those living in the smallest state in the union, Rhode Island, there are many programs available to assist with the home buying or the home improvement process. These programs not only help residents understand current Rhode Island mortgage rates, but they will also help them get the most out of their financial status or equity.
Four of these programs, when combined with current RI mortgage rates, can put you in prime position to buy or renovate your home. These programs are:
• First Homes100+
• Section 8 to Homeownership
FirstHomes 100 Program and RI Mortgage Rates
The FirstHomes 100 and FirstHomes 100+ programs are both available from Rhode Island Housing. These programs offer loans at rates lower than current RI mortgage rates. The FirstHome program offers 30-year, fixed-rate mortgages for single family home buyers. Rhode Island residents have the option of financing the entire amount of the purchase price.
The FirstHomes 100+ is a variation on the FirstHomes 100 program. It still offers low RI mortgage interest rates, but it also offers additional loan funds to renovate your home. Both of these types of loans offer local, personal help and ongoing support during the life of the loan.
To obtain a FirstHomes 100 or FirstHomes 100+ loan, you need to apply through Rhode Island Housing. There are specific income guidelines that are used to qualify people for the program. Acceptance to these programs is based on the income level and amount of people in the household. For instance, households with three or more people will qualify for more money than homes with two or less people.
FHA Loans and Rhode Island Mortgage Interest Rates
FHA insured loans are available in Rhode Island, and can be combined with other Rhode Island Housing programs in order for the resident to purchase a home.
FHA loans allow a homebuyer to purchase a home with very little financial contribution; in many cases as little as 3.5 percent of the purchase price.
RI Mortgage Interest Rates and the Section 8 to Home Ownership Program
For some families, the Section 8 to Home Ownership program offered by Rhode Island Housing makes the most sense. The program makes it possible for low-income families already renting through the Section 8 program to become homeowners, even if they don’t have the financial resources to get a standard loan.
The Section 8 to Home Ownership Program also provides the following resources for those Section 8 tenants who want to become homeowners:
• free homebuyer education
• self sufficiency training
• support and guidance
After two years of following the program, a family may be eligible to obtain a loan with current RI mortgage loan rates.