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Frequently asked questions

Responses to the most frequently asked questions about Rhode Island Housing’s homeownership loans and services.

 

No. We also offer mortgages to existing homeowners who are looking to buy a new home or to refinance their existing mortgage through our Participating Lenders. Please visit our Loan Options page to learn more.


LOAN OPTIONS


No. Buyers who purchase a property in need of renovation can finance purchase AND repairs or enhancements in one low, fixed-rate 30-year loan (up to 110% of completed value). Rhode Island Housing eliminates the need to reapply for a home repair loan that is likely to have a higher interest rate and payments. Our FirstHomes 100+ loan is a great option for first-time homebuyers looking to buy a home in need of repairs.


Loans may be sold but loan servicing will stay local with us. Rhode Island Housing borrowers will always be able to contact us directly for information and assistance. Providing local service to our customers has and will always be a priority.


We take a more comprehensive review of the homebuyer profile vs. relying solely on credit scores. For example, some borrowers may have a lower score but an established credit and work history and therefore are able to obtain a mortgage more easily than a borrower with a higher score and unstable employment history.


No, only first-time homebuyers are required to participate in a Homebuyer Education class. Mortgages for existing homeowners looking to buy a new home or to refinance do not require completion of the course. Buyers of multi-family properties, however, must attend landlord-tenant education classes.
 
CLICK HERE TO LEARN MORE ABOUT OUR HOMEBUYER EDUCATION CLASSES


You can work one-on-one with a trained mortgage specialist and provide detailed documentation of your income, assets and employment history. We also pull your credit report before providing you with a pre-approval amount.

CLICK HERE TO LEARN MORE


 
Does Rhode Island Housing provide mortgages only to first-time homebuyers?

No. We also offer mortgages to existing homeowners who are looking to buy a new home or to refinance their existing mortgage through our Participating Lenders. Please visit our Loan Options page to learn more.


LOAN OPTIONS


If I want to buy a home in need of repairs, do I need a separate loan for the improvements?
No. Buyers who purchase a property in need of renovation can finance purchase AND repairs or enhancements in one low, fixed-rate 30-year loan (up to 110% of completed value). Rhode Island Housing eliminates the need to reapply for a home repair loan that is likely to have a higher interest rate and payments. Our FirstHomes 100+ loan is a great option for first-time homebuyers looking to buy a home in need of repairs.
Does Rhode Island Housing sell its mortgages?
Loans may be sold but loan servicing will stay local with us. Rhode Island Housing borrowers will always be able to contact us directly for information and assistance. Providing local service to our customers has and will always be a priority.
What is your minimum credit score requirement?
We take a more comprehensive review of the homebuyer profile vs. relying solely on credit scores. For example, some borrowers may have a lower score but an established credit and work history and therefore are able to obtain a mortgage more easily than a borrower with a higher score and unstable employment history.
Do all Rhode Island Housing borrowers need to take Homebuyer Education?
No, only first-time homebuyers are required to participate in a Homebuyer Education class. Mortgages for existing homeowners looking to buy a new home or to refinance do not require completion of the course. Buyers of multi-family properties, however, must attend landlord-tenant education classes.
 
CLICK HERE TO LEARN MORE ABOUT OUR HOMEBUYER EDUCATION CLASSES

How do I become pre-approved?
You can work one-on-one with a trained mortgage specialist and provide detailed documentation of your income, assets and employment history. We also pull your credit report before providing you with a pre-approval amount.

CLICK HERE TO LEARN MORE