RIHousing Celebrates National Homeownership Month, Announces Record-Breaking First Quarter
PROVIDENCE, RI – RIHousing funded a recording-breaking 523 mortgages with a volume of over $104.9 million during the first quarter of 2018. This is the highest first quarter for closings in RIHousing’s 45-year history.
The news of record-high mortgage closings comes during National Homeownership Month – an annual celebration of the important role that homeownership plays in strengthening the nation’s families, communities, and economy.
“It is a great time to buy a home in Rhode Island,” said Barbara Fields, Executive Director of RIHousing. “Our strong first quarter numbers can be attributed to RIHousing’s robust offering of programs and services. Thanks to the work of our partners, we are creating opportunities for new and seasoned homebuyers across the State. And we’re on pace to help even more Rhode Islanders put down roots in the coming months.”
RIHousing offers an extensive line of loan options for first-time homebuyers, current homeowners and Rhode Islanders looking to improve their homes. Last year, RIHousing launched the First Down program – a down payment assistance program designed to increase homeownership opportunities for first-time homebuyers in 6 Rhode Island communities. The program is structured as a forgivable loan so that buyers who remain in homes for at least 5 years are not required to repay the First Down loan. First Down funding is limited – RIHousing encourages all who are interested to apply soon.
Through RIHousing, first-time homebuyers can receive 100% financing, including down payment and closing cost assistance. Homebuyers looking to buy a home in need of repairs can take advantage of RIHousing’s 203(k) loan, which wraps the costs of purchase and repair into one mortgage.
The FirstHomes Tax Credit is another way to benefit on a new home purchase: eligible first-time buyers receive a federal tax credit worth up to $2,000 a year for the life of the mortgage
To help homebuyers become successful homeowners, RIHousing offers Homebuyer Education classes. Available in-person and online in both English and Spanish, these classes help homebuyers understand the process of purchasing a home and finding a loan that fits their needs and budget. For more information and a full schedule of Homebuyer Education classes, please visit www.Loans.RIHousing.com.
RIHousing works to ensure that all people who live and work in Rhode Island can afford a healthy, attractive home that meets their needs. RIHousing provides loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, RIHousing is a self-sustaining corporation and receives no state funding for operations.