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RIHousing Logs Record-Breaking Quarter for Mortgages

Published on October 19, 2017 by Rhode Island Housing
RIHousing Logs Record-Breaking Quarter for Mortgages

Corporation finances 531 mortgages for a total volume of over $106 million

PROVIDENCE, RI — RIHousing funded an all-time high of 531 mortgages, with a volume of more than $106 million, during the third quarter of 2017, the corporation announced. This marks RIHousing’s highest mortgage volume for a single quarter in the corporation’s 44-year history.

”We are thrilled that more people are putting down roots in Rhode Island — this is a great win for our communities and economy,” said Barbara Fields, Executive Director of RIHousing. ”RIHousing’s success is a direct result of the strong relationships we have cultivated with our partners. 40 brokers and lenders offer a wide array of programs that help Rhode Islanders achieve the dream of home ownership.”

The corporation’s mortgage volume rose steadily during each month of the quarter: 133 mortgages, for a total volume of $27 million in July; 197 mortgages, for a total volume of $39 million in August; and 201 mortgages, for a total volume of $40 million in September. In 2016, RIHousing’s average monthly mortgage volume was approximately 135 mortgages. Approximately 84% of RIHousing’s mortgage volume is originated through the corporation’s 40 broker and lender partners.

RIHousing offers an extensive line of loan options for first-time homebuyers, current homeowners and Rhode Islanders looking to improve their homes. Since 2007, RIHousing has helped approximately 10,000 Rhode Islanders purchase a home.

About RIHousing
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 uses its resources to provide 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.

Media Contacts:
Emily Martineau
(401) 450-1309

Kevin Tente
(401) 831-1200