RIHousing Home Repair Loan

RIHousing Home Repair Loan is sponsored by RIHousing. Provides affordable financing combined with up to $25,000 to assist Rhode Islanders in purchasing or improving homes.

Home Renovation Loans RI | RIHousing Renovation Loans and 203(k) Financing in Rhode Island Buy and renovate your home with one affordable RIHousing loan. Does the home of your dreams need some work? Wrap the cost of buying, rehabbing, and/or building an accessory dwelling unit (ADU) addition into one mortgage.

With many older homes and fixer-uppers on the market, this loan helps you take advantage of the real estate opportunities available today, with the security of knowing that you’ll have the money needed to make repairs or improvements. Total purchase cost and rehabilitation costs must not exceed FHA Maximum Loan Limits. You will be required to have a construction contract with a state-licensed and insured general contractor.

What kinds of renovations do these loans cover? Here are just a few: Electrical, HVAC systems, new appliances, roofs, health and safety standards, sewer hookup, well and septic systems, building of an Accessory Dwelling Unit (ADUs). NOTE: Any repairs that are structural in nature, or more than $75,000, will be considered under the Standard 203(k) Rehabilitation program.

Additional Considerations 203(k) applicants are required to complete an FHA 203(k) Homebuyer Education class prior to closing. The class is offered online for a $15 fee. After closing, the funds for home repairs will be held by RIHousing in an escrow account.

RIHousing will disburse payments to the contractor and manage a contingency reserve of up to 20% of the rehabilitation costs. Unused funds will be applied to the principal balance of your loan. Financing Your Accessory Dwelling Unit (ADU) Rhode Island now allows for the building of an Accessory Dwelling Unit (ADU) on one’s property.

Learn more about ADUs and how you can finance it with us. Start your application today by connecting with our Loan Center or one of our approved Participating Lenders. Homeowners: Refinance Options Available We offer FHA 203(k) Rehab refinance mortgage programs to Rhode Island homeowners to make improvements on their house.

Talk to your lender today about refinancing with RIHousing. Explore Refinancing Options Healthy Housing, Healthy Communities (H3C) Initiative RIHousing Healthy Housing, Healthy Communities (H3C) Plan Rhode Island Health and Housing Tool Kit Rhode Island Health and Housing Took Kit – Appendix A-K Are you a Newport resident? Check whether your current residence is located within an eligible census tract.

Only residents of census tract 405 are eligible for the FirstGenHomeRI pilot program. The map on the left shows the approximated eligible region. Unsure if your address is part of the eligible region?

Type in your address below to find out (Include street #, street name, Newport, RI). Data mapped by PolicyMap , an online GIS mapping tool. Do you live in Central Falls, Pawtucket, Newport or East Providence?

Check whether your current residence is located within an eligible census tract for application prioritization. Applications from residents who live in the census tract listed below are prioritized.

44007010900, 44007010800, 44007011100, 44007011000 44007016000, 44007015300, 44007015100, 44007015200, 44007015500, 44007016600, 44007016700, 44007017000, 44007017100, 44007016100, 44007016400 Type in your address below to learn if you are in the targeted area. (Include street #, street name, city, RI) . Data mapped by PolicyMap , an online GIS mapping tool.