Helping more Rhode Islanders realize their dream of home ownership!
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Let us help you realize your dream of homeownership with our RI Community Lending Program, which features waived lender fees and low or discounted rates on fixed rate mortgages. Eligible borrowers may qualify by income and/or property location. And best of all, Washington Trust can customize these loans to help make homeownership affordable for you!
A great option if you’re short on closing costs or down payment funds. Our grant funds come with no strings attached and no payback required.
- Up to 100% financing available
- Up to 1.5% matching funds grant OR $1,000 towards prepaid closing costs available
- Up to $2,500 in closing cost credits available
- Shared Private Mortgage Insurance (PMI) expenses
This program offers higher closing cost grants that come with no strings attached and no payback required.
- Up to 105% financing available
- Up to $3,000 in closing cost grants available
- No income limits
A great option if you’re short down payment funds.
- Up to 97% financing available for 1-2 unit properties
- Up to 95% financing available for 3-4 unit properties
- Single-family, condominiums, or 2-4 unit properties are eligible
Choose the program that’s right for you
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I Luv RI Community Lending Program | Buyer’s Advantage Program | Home Opportunity Program | |
|---|---|---|---|
| Grant options for closing costs or down payment | Higher closing costs grants | A great option if you’re short down payment funds | |
| Financing Availability | Up to 100% financing available | Up to 105% financing available | Up to 97% financing available for 1-2 unit properties; Up to 95% financing available on 3-4 unit properties |
| Matching Funds/Grants | Up to 1.5% matching funds grant OR $1,000 towards prepaid closing costs available | none | none |
| Closing Cost Credits/Grants | Up to $2,500 in closing cost credits available | Up to $3,000 in closing cost grants available | none |
| Private Mortgage Insurance (PMI) expenses | Shared PMI expenses | Standard borrower-paid monthly PMI applies | No PMI required |
| Income limits based on Area Median Income (AMI) | 80% AMI | No income limits | 80% AMI |
| Property Eligibility | Single-family, warrantable condominiums, or 2-unit properties are eligible | Single family & warrantable condos in a designated RI census tract are eligible | Single-family, warrantable condominiums, or 2-unit properties in a designated RI census tract are eligible |
Questions?
To learn more about our Community Lending Programs, please contact one of our Mortgage Loan Professionals.
1 I Luv RITM Community Lending Program: All loans subject to credit approval. Borrower(s) must be first-time homebuyers or have no current ownership in any other real estate. Owner-occupied primary residences only. Additional restrictions apply for 2-family residences. *Washington Trust will match up to 1.5% of a 3% down payment or provide $1,000 toward prepaid closing costs as a non-repaid grant. **Washington Trust will waive the standard underwriting and processing fees. Qualified applicant must be at or below 80% of area median income.
2 Buyer’s AdvantageTM Program: All loans subject to credit approval. At least one Borrower must be a first-time homebuyer. Borrower(s) must have no current ownership in any other real estate. Owner-occupied primary residences or condominiums only. Washington Trust will provide up to $3,000 for closing costs as a non-repaid grant. Washington Trust will waive the standard underwriting and processing fees. Qualified property must be within designated census tracts in Rhode Island. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes; consult a tax adviser for further information regarding the deductibility of interest and charges.
3 Home OpportunityTM Program: All loans subject to credit approval. Borrower(s) must be first-time homebuyers or have no current ownership in any other real estate. Owner-occupied primary residences or condominiums only. Additional restrictions apply for 2-4 family residences. Washington Trust will waive the standard underwriting and processing fees. Qualified property must be within designated census tracts in Rhode Island. Qualified applicant(s) must be at or below 80% of area median income.
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