The Rhode Island FHA loan program is a great option if you're a first time homebuyer, you want to take advantage of low down payments, or don’t have perfect credit. Keep reading to find out why a Rhode Island FHA loan may be right for you.
Considering the fact that Rhode Island homes cost nearly $50,000 more than the national average, paying 20% for a down payment can leave residents with drained bank accounts after buying a home. This is why Rhode Island residents are turning to FHA loans, and as of April 2019, the total value of FHA loans in the state of Rhode Island was $67 million!
FHA loans have a maximum loan limit in Rhode Island. The maximum limit is adjusted every year and, for 2024, is currently $498,257 for single-family dwellings. Rhode Island has a few counties with higher loan limits due to a higher cost of real estate in these areas. Use the table below for the full list of FHA loan limits in Rhode Island.
County | FHA Loan Limit |
---|---|
Bristol | $736,000 |
Kent | $736,000 |
Newport | $736,000 |
Providence | $736,000 |
Washington | $736,000 |
All other areas | $498,257 |
You may be eligible for an FHA loan, if you:
Credit Requirements
Employment Requirements
Mortgage Insurance Premium Requirements
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.