ICB Solutions, a division of Neighbors Bank: Not affiliated or endorsed by the Dept. of HUD or any govt. agency. NMLS #491986. Not available in NY. Legal
FHALoans.com is a ICB Solutions Network Website
FHALoans.com is a product of ICB Solutions, a division of Neighbors Bank. ICB Solutions partners with a private company, Mortgage Research Center, LLC (NMLS #1907), that provides mortgage information and connects homebuyers with lenders. Neither FHALoans.com, Mortgage Research Center nor ICB Solutions are endorsed by, sponsored by or affiliated with the Dept. of Housing and Urban Development or any other government agency. ICB Solutions and Mortgage Research Center receive compensation for providing marketing services to a select group of companies involved in helping consumers find, buy or refinance homes. If you submit your information on this site, one or more of these companies will contact you with additional information regarding your request. For a full list of these companies click here. By submitting your information you agree Mortgage Research Center can provide your information to one of these companies, who will then contact you. Neither Mortgage Research Center nor ICB Solutions guarantees that you will be eligible for a loan through the FHA loan program. FHALoans.com will not charge, seek or accept fees of any kind from you. Mortgage products are not offered directly on the FHALoans.com website and if you are connected to a lender through FHALoans.com, specific terms and conditions from that lender will apply.
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.
Why Choose an FHA Loan in Rhode Island
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!
Benefits of using FHA Loans in RI
FHA loans are great for first-time homebuyers, especially those who can’t or don’t want to put down a large down payment.
FHA mortgage rates are typically lower than conventional mortgage rates.
FHA down payment and credit score requirements are typically lower than conventional loans
Sellers can contribute up to 6% of the purchase price or appraised value (whichever is less) towards the buyers’ closing costs.
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.
Buyers must be able to provide the following information and documents as requested by lenders:
The addresses of all your residences over the past two years.
The names of your employers over the past two years.
W2's for the past two years and current paycheck stubs.
Your current gross monthly salary.
Your Social Security Number.
Names, addresses, and account numbers with balances on all checking and savings accounts.
Addresses and loan information of any other real estate you owned.
Self-employed individuals will need to provide personal tax returns for the past two years and a current income statement and balance sheet for the business.
Students will need to provide evidence of enrollment. If you have student loans, you need to provide verification information.
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.
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