Rhode Islanders who are unable
to purchase their first home
because they can't afford the
monthly payments are getting a
break from the Rhode Island
Housing and Mortgage Finance
Corp. As a plus, the program
offers additional benefits if home
shoppers opt for energy-efficient
houses.
These first-time home buyers
can get fixed-rate mortgages
from 5.5% to 8.5%, and these
mortgages can go toward new
construction or existing houses.
They can be applied to homes
with a maximum purchase price
of $114,000 for an existing onefamily
house, and $130,000 for a
new one-family house.
If first-time home buyers have
set their sights on an energy-efficient
home, they can qualify for
an increase in their debt-to
income ratio, which allows
the4m to take a larger mortgage.
The rationale