FHA Home Loans for Rhode Island Residents
Rhode Island FHA loans are home loans insured by the FHA (Federal Housing Administration) which give Rhode Island borrowers the opportunity to secure RI home loans, when they don’t quality for other conventional loans. For example, future Rhode Island homeowners with little credit history or poor credit history are sometimes able to qualify for Rhode Island FHA loans.
Rhode Island FHA Loans for First Time Homeowners
RI FHA loans are ideal for first-time Rhode Island homeowners due to low down-payment requirements and flexible qualifying guidelines.
Refinancing with FHA Loans in Rhode Island
FHA also offers a refinancing option for Rhode Island homeowners where it’s possible to refinance up to 97.5 percent of your home’s value. Additionally, there’s also an option for FHA cash-out refinance of up to 85 percent.
Rhode Island FHA Requirements
- No income limit
- Rhode Island borrower credit score flexibility
- 3.5 percent down payment on Rhode Island Purchase Loans
- Bankruptcy: RI FHA loans can be obtained as soon as 2 years after Chapter 7 discharge (assuming good credit history since)
- Foreclosures: Rhode Island FHA loans can be obtained as early as 3 years after the final date of foreclosure (assuming good credit history since)
Loan Limits
FHA loan limits in Rhode Island vary based on a number of criteria including the specific location (county), number of units in the property (up to 4-unit properties in Rhode Island), etc. Please contact Home Point Financial’s Rhode Island FHA loan experts for details on loan limits for FHA loans in Rhode Island (RI). Contact Home Point Financial to learn more about FHA Loans in Providence, Warwick, East Greenwich and throughout Rhode Island.
