Loans & Mortgages News Blog

100% financing is still available for first-time home buyers in Rhode Island.

First -time home buyers in Rhode Island looking for 100% financing , it is still available.  A first-time home buyer is defined as someone who has not owned real estate within the past three years .  Combine this with the $8,000 tax credit , there is no better time to purchase in Rhode Island then now.  *To take advantage of the $8,000 tax credit, you must close your new home by December 1, 2009 . For many Rhode Island home buyers, coming up with a down payment for a new home can be challenging.  You may be eligible for a  no-money down payment or grant offered through a state bonded program if you meet income requirements.  The program offers 30-year term mortgages at low interest rates. Income limits are determined by the household size.  1 or 2 person household must not make more than $87,400 .  If there are 3 or more in the household , the income cannot exceed $102,000

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