The Freddie Mac Home Possible loan program in the state of Rhode Island is designed for qualified low- and moderate-income borrowers. Through Home Possible loans, Rhode Island borrowers can qualify for a conforming conventional mortgage with a down payment as low as 3% of the property purchase price and no minimum borrower financial contribution. This program also can be used for a “no cash out” refinance of an existing mortgage for homes in Rhode Island.
Home Possible Loan Features
- Down payment as low as 3% down with no minimum Rhode Island borrower contribution
- Ability to include rental income from boarders and other units in multi-unit properties to qualify for a mortgage in Rhode Island
- Potentially reduce interest rate for borrowers with low incomes or for properties in underserved areas
- No up-front Rhode Island FHA mortgage insurance premium (MIP) and potentially lower ongoing private mortgage insurance (PMI) cost as compared to the ongoing FHA MIP cost
- Borrower(s) is not required to maintain reserves if buying a single-family property
- Income flexibility for Rhode Island homeowners
Eligibility & Income Limits
Home Possible Rhode Island mortgages are available to both first-time home buyers and borrowers who have previously owned a home but the borrower that owns and occupies the property cannot own any other residential properties. Additionally, borrowers seeking to refinance (seeking lower mortgage rates) an existing property may also be eligible for a Home Possible loan.
Home Possible income limits vary based on the location of the property. Contact your Home Point Financial Home Possible loan specialist for details on Rhode Island income limits and property eligibility.
Interest Rates for Rhode Island Home Possible Loans
The interest rate in Rhode Island on Home Possible mortgages depends on many factors including the borrower’s credit score and loan-to-value (LTV) ratio. As with any loan, it’s best to contact a mortgage professional to fully understand interest rates and costs related to a new home loan.
Apply for a Home Possible Loan in Rhode Island
The Home Possible mortgage professionals are here to help with any questions that you may have about Home Possible or any other type of home mortgage program. Apply now or contact Home Point Financial today to learn more about Rhode Island's Home Possible mortgage program.