What is a Rhode Island Housing Loan?

There’s No Place Like Home

The Rhode Island Housing Loan is a great option for 100% financing for those who don’t qualify for USDA or VA financing.

  • First time home buyers: If you are looking to buy your first home, take a look at FirstHomes100* – perfect for buying a new home with no money down – and FirstHomes100+ – when you want to buy a home that needs repairs. You will enjoy a fixed rate, and could even be eligible for the Rhode Island Housing FirstHomes Tax Credit. You can save up to $2,000 a year for the duration of your mortgage. The
    *FirstHomes100 has reached full allocation and is temporarily suspended. RIH expects additional funds to be secured in the future to continue offering the program. Inquire with your Loan Officer for updates on availability. 

Shamrock Financial can offer you more details about these programs or guide you through the application process. Just give us a call!

Back to Class

Homework isn’t just for school children. Buying a house is a huge financial decision, and Rhode Island Housing wants to help you make the best decision possible. That is why they require Home Buyer Education classes as part of the application process. These fantastic courses will assist every home buyer, new or experienced, when buying, financing, or renovating a home. They will teach you the fundamentals of buying and affording a home as well as guide you through the home buying process. To meet the needs of busy people, you can take classes either online or in-person at your convenience. Ask Shamrock Financial for details about the classes offered by Rhode Island Housing and how you can sign up.

There's More!

They’re more than just mortgages – Rhode Island Housing also presents additional financial programs to help first time buyers afford their home. These include:

  • FirstHomes tax credit: Get up to $2,000 each year of your mortgage with this federal tax credit.
  • Closing cost assistance: Buying a home is expensive enough, but don’t forget about your closing costs! Rhode Island Housing helps eligible buyers afford their closing costs. These methods can include lower-interest loans that you take an easy 15 years to pay back.

Even better, household income limits for first-time buyers are removed for new registrations that are dated on October 24, 2016 and after. Note that this change does not apply to the FirstHomes tax credit.

Shamrock Financial and Rhode Island Housing

You can take advantage of any of the mortgage, down payment, and assistance programs through a Rhode Island Housing approved lender such as Shamrock Financial.

They offer in-house the fantastic housing options listed above. They will help you select the right loan product for your needs to ensure that your purchase is the right one. Come in to chat and get started on the rewarding path to home ownership today.