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  • Rhode Island Housing Programs

    Rhode Island Housing is a government agency that provides Rhode Islanders with help to buy, rent and keep a home. The agency does not spend tax dollars, but gets income from the sale of tax-free bonds. If you own, or plan to buy a house in Rhode Island you should continue reading. This is a summary of some of Rhode Island Housing’s main programs.

    FIRSTHOMES 100 & 100+

    FirstHomes is RI Housing’s main product for buyers. It provides borrowers with a low fixed rate 30 year mortgage with hundred percent financing. RI Housing also offers free counseling, education and continuing support with every mortgage.

    FirstHomes 100+ offers the same deal plus funds to pay for essential repairs (no swimming pools, sorry) and repairs on the home. They will even assign a consultant to guide you through the renovation. That is what I call service.

    Would you like to know if you can qualify for one of these loans? There is an online qualification form you can fill in. You will need to provide some paperwork:

    What state are you in? Please select an item.

    Behind on your mortgage payments?: Please select an item.

    Estimated mortgage balance owed? Please select an item.

    Who is your lender? A value is required.

    First Name: A value is required.

    Last Name: A value is required.

    Primary Phone Number: A value is required.

    Secondary Phone Number:

    Your Email Address: A value is required.


    Tax returns of the last three years with schedules and W-2 forms. Recent pay stubs, or another proof of employment, statements on your three most recent checking accounts. If you are self employed provide a year profit and loss statement.

    Before applying you should request a free credit report at www.annualcreditreport.com and correct any mistakes that might be lowering your credit score. RI Housing might want to help low income buyers but they still need to protect their assets and cannot lend to high risk borrowers.

    Although FirstHomes is (obviously) designed for first-time borrowers you can also qualify for this program if you have not owned a house in the last three years, you haven’t lived in the home you own for three years or you have an interest in living in certain areas of Rhode Island.

    Home Repair Loans

    RI Housing also offers loans to repair and upgrade your home. This money can be used to fix a variety of problems to keep your home safe. You can borrow up to $25,000 with a 20 year, fixed rate mortgage. The interest rates for these loans are the same as for mortgages

    RI Housing also provides similar loans for Access Independence Home Repair Loans. This is carried out for the Mental Health Department. This includes remodeling on a house to make it suitable for a person with physical disabilities or limitations.

    You can also apply for a Community Septic System Loan and a LeadSafe homes program. These programs provide financing to repair or replace your septic tank and to deal with the cost of making a property lead safe.

    These programs are part of a comprehensive plan to provide inexpensive mortgages and help people keep their mortgages and homes safe.

    However, there are more programs that could help you wade the current financial crisis or even plan for retirement. Read all about it in the final article of this series: Rhode Island Housing: Reverse Mortgages and Equity Loans.

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