Helping more Rhode Islanders realize their dream of homeownership!

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, census tract, 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
  • Waived lender fees**
  • Shared Private Mortgage Insurance (PMI) expenses
  • Great rates on fixed rate mortgages


A great option if you’re short on closing costs, down payment funds, or want to refinance. Our closing cost credit comes with no strings attached and no payback required.

  • Up to 105% financing available on single-family and warrantable condos
  • Up to 95% financing on 2-4 unit properties
  • Up to 95% financing on a refinance
  • Up to $1,500 in closing cost credits available
  • No income limits
  • No Private Mortgage Insurance (PMI) required
  • Discounted rates on fixed rate loan


A great option if you’re short on down payment funds.

  • Up to 97% financing available on 1-2 unit properties
  • Up to 95% financing available on 3-4 unit properties
  • $1,500 closing cost credit available
  • Single-family, warrantable condos, or 2-4 unit properties are eligible
  • Up to 2% discount on fixed rate loan
  • No Private Mortgage Insurance (PMI) required


A great option if you live in a qualified designated census tract in Rhode Island and are looking to purchase a new home anywhere in Rhode Island. Our closing cost credit comes with no strings attached and no payback required.

  • Up to 105% financing available on single-family and warrantable condos
  • Up to 95% financing on 2-4 unit properties
  • Up to $1,500 in closing cost credit available
  • No income limits
  • No PMI required
  • Single-family, warrantable condominiums, or 2-4 unit properties are eligible


I Luv RI® Community Lending Program1
Buyers' AdvantageTM Program2
Home OpportunityTM Program3
RI AdvantageTM Program4
Financing Availability Up to 100% financing available Up to 105% financing available for single-family purchase; Up to 95% for 2-4 unit property purchase; Up to 95% financing available for refinance Up to 97% for 1-2 unit properties; Up to 95% for 3-4 unit properties Up to 105% financing available for single-family; Up to 95% for 2-4 unit property
Matching Funds/Grants Up to 1.5 % matching funds grant OR $1,000 toward prepaid closing costs available N/A N/A N/A
Closing Cost Credits/Grants Up to $2,500 closing cost credit available $1,500 closing cost credit available $1,500 closing cost credit available $1,500 closing cost credit available
Private Mortgage Insurance (PMI) expenses Shared PMI expenses No PMI required No PMI required No PMI required
Income limits based on Area Median Income (AMI) 80% AMI No income limits 80% - 100% AMI (varies by location) No income limits
Property Eligibility Single-family, warrantable condominiums, or 2-unit properties are eligible; Property can be located anywhere in Rhode Island Single-family, warrantable condominiums, or 2-4 unit properties are eligible; Property must be located in a qualified census tracts Single-family, warrantable condominiums, 2-4 unit properties are eligible; Property must be located in a qualified census tract Single-family, warrantable condominiums, or 2-4 unit properties located anywhere in Rhode Island are eligible; Borrower must be currently living in a qualified census tract

Questions?

To learn more about our Community Lending Programs, please contact one of our Mortgage Loan Professionals.


All loans subject to credit and underwriting approval;

1 I Luv RI® Community Lending Program: 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 2-4 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: At least one Borrower must be a first-time homebuyer when CLTV’s is greater than 95.00%. Borrower(s) must have no current ownership in any other real estate at time of closing. Owner-occupied primary residences, condominiums, or 2-4 family properties only. Washington Trust will provide up to $1,500 for closing costs as a non-repaid credit. 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: Borrower(s) must be first-time homebuyers or have no ownership in real estate during the past three years. Owner-occupied primary residences 2-4 family properties, or condominiums only. Additional restrictions apply for 2-4 family residences. Qualified property must be within designated census tracts in Rhode Island. Qualified applicant(s) must be at or below 80% of area median income.

4 RI AdvantageTM Program: At least one Borrower must be a first-time homebuyer when CLTV’s is greater than 95.00%. Borrower(s) must have no current ownership in any other real estate at time of closing. Owner-occupied primary residences, condominiums, or 2-4 family properties only. Washington Trust will provide up to $1,500 for closing costs as a non-repaid credit. Borrower must currently live in a qualified designated census tracts in Rhode Island and purchase a new principal residence 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.