Wednesday, May 24, 2017

RI-Refi Program Helps Homeowners Refinance into a New Home

RIHousing’s new RI-Refi program is now available to help homeowners who owe more than the current market value of their home to refinance into a new loan. Eligible homeowners can get up to $75,000 (forgivable over three years) to reduce the amount owed on any mortgage.

In order to be eligible for the program, homeowners must meet the following qualifications:

  • Must owe more than 110% of the home’s current value
  • Live in the home as primary residence
  • Current on mortgage for the last 12 months
  • Qualify for a new RIHousing first mortgage
  • Meet RIHousing loan and income limits
  • Minimum credit score of 640
  • First and second mortgage balances are eligible

The RI-Refi program is available statewide through RIHousing’s network of participating lenders and the RIHousing Loan Center. Connect with one of them today for more details: