Looking to purchase your first home in Rhode Island? Well, you just might be in luck. With the new Renewed Homes Program offered through Rhode Island Housing, you have the opportunity to receive $20,000 towards the down payment and closing costs. Here we will discuss just how this program works and what you need to qualify for this assistance.
Rhode Island’s Renewed Homes Program aims to help communities that were hit by the housing crisis and works to restore the housing demand in Rhode Island. The program extends its offer to communities in Central Falls, Cranston, East Providence, Johnston, North Providence, Pawtucket, Providence, Warwick, West Warwick, and Woonsocket.
Applicants who are awarded this assistance will not be required to repay the $20,000 if they live in their home for a minimum of five years. If the owner sells his or her home within five years of purchasing it, he or she may be required to repay some of the loan.
In order to qualify for this assistance, you will need to purchase a home under a “Qualifying Event.” Such an event can be a foreclosure, transfer by deed as opposed to a foreclosure, receivership, or short sale approval by a mortgage lender. Renovated or rehabilitated foreclosed homes are among those that are eligible for this assistance. This program deal is only available in Rhode Island through the Rhode Island Mortgage Finance Company (RIMFC) and RIMFC authorized mortgage brokers.
Contact local realtor Jeff Hamilton at Keller Williams (401) 215-3214) to help you locate an eligible 1-4 family house or condominium that is the subject of a qualifying event and is just right for you. To find recently foreclosed homes that have been or are currently being renovated, contact us at Private Lender of New England.
Foreclosed, receivership, deed transfer in lieu of foreclosure, and short sale properties become beautifully renewed homes ready to build new memories in. At Private Lender of New England, we work daily with contractors who make these homes vibrant and give them a new life. To view some examples of gorgeous, newly renewed properties, visit Private Lender of New England.