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Rhode Island Mortgage Rates

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Last updated: May 28, 2024
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Rhode Island Mortgage Overview

Rhode Island is a small state with just about 1 million people living there, but it's quaint and affordable. The median home price is $262,000 and about 60 percent of homes there are owner occupied.

If you're thinking of living in Rhode Island, here are your loan options to buy a home.

Rhode Island conventional loans

Good credit borrowers can get a conventional loan. This means a 660 credit score or higher. First-time homebuyers need just 3 percent down. If you owned a home before, you need 5 percent down. All borrowers need a debt ratio around 36 percent, but some lenders allow higher ratios. You'll pay mortgage insurance until you owe less than 80 percent of the home's value.

Rhode Island FHA loans

FHA loans are a good alternative to conventional loans. You need just a 580 credit score and 3.5 percent down. If you have a 500 - 579 credit score you can get approved with a 10 percent down payment. Down payment assistance funds and gift funds are allowed, but you may need to contribute some of your own money too. FHA loans have mortgage insurance for the life of the loan.

Rhode Island VA loans

Veterans can get 100 percent financing from VA lenders. All you need is a 620 credit score and proof of income. Lenders like a 2-year stable income history and proof you can afford the mortgage and your current bills. VA loans don't have mortgage insurance, but they do have an upfront funding fee.

Rhode Island USDA loans

If you want to live in a less populated area and make less than 115 percent of the area's median income, consider a USDA loan. You need a 640 credit score but don't need a down payment. USDA loan rates are low and the mortgage insurance you pay for the entire year is low too.

First-Time Homebuyer Programs in Rhode Island

Extra Assistance

If you have a minimum credit score of 620 you may receive up to 6 percent of the sales price or $15,000, whichever is less. There aren't any fees, but it is a second mortgage with an interest rate equal to the rate of your first mortgage.

First Homes Tax Credit

First-time homebuyers can get a tax credit of 20 percent of the mortgage interest paid for the year up to $2,000. You must meet the income requirements and can claim the credit for the life of the loan.

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