Unlock Homeownership with RI AnchorHome
TL;DR
The RI AnchorHome Loan helps first-time homebuyers in Rhode Island purchase a primary residence with a low fixed interest rate, flexible income limits, and support for down payment and closing costs. Designed to make homeownership more accessible, this pilot program offers an affordable path to buying a one- or two-family home in Rhode Island.
What is the RI AnchorHome Loan?
Buying your first home is an exciting milestone, but the financing process can feel overwhelming. The RI AnchorHome Loan was created specifically to support first-time homebuyers in Rhode Island by offering a competitive fixed-rate mortgage with flexible qualification guidelines.
This program is designed for owner-occupied primary residences and helps remove common barriers to homeownership, such as large down payments or strict loan requirements. Whether you’re purchasing a single-family home or a two-family property, RI AnchorHome provides a stable and affordable financing option.
Key Loan Features
The RI AnchorHome Loan offers a strong combination of affordability and flexibility:
| Feature | Detail |
| Interest Rate | 3.99% fixed for 30 years (subject to change) |
| Loan Purpose | Purchase only |
| Occupancy | Owner-occupied primary residence |
| Property Type | 1–2 family homes |
| Location | Rhode Island only |
| Maximum LTV | 100% (Zero down payment possible) |
| PMI | Not required |
| Assistance | Down payment assistance and closing cost assistance are allowed |
Maximum Loan Amounts
Single-family home: Up to $525,000
Two-family home: Up to $575,000
Financial Requirements
Minimum Credit Score: 660
Maximum Debt-to-Income (DTI): 50%
Maximum Loan-to-Value (LTV): 100%
Maximum Combined LTV (CLTV): 108%
Private Mortgage Insurance (PMI): Not required
Down payment assistance and closing cost assistance are allowed, helping buyers move forward with less upfront cash.
Income and Eligibility
The RI AnchorHome Loan primarily supports low- and moderate-income households. Eligibility is based on Rhode Island FY2025 income limits, which vary by household size.
Example for Providence County (Fall River) at 80% AMI:
For a household qualifying at 80% of the Area Median Income (AMI) in the Providence County (Fall River) area, the maximum qualifying household incomes are:
| Household Size | Maximum 80% AMI Limit |
| 1 person | $64,050 |
| 2 person | $73,200 |
| 3 person | $82,350 |
| 4 person | $91,450 |
See more details on the picture below for a visual breakdown of income limits by area and household size.
Additional eligibility requirements include:
Buyers must not have owned a home within the last three years
Completion of an 8-hour HUD-approved first-time homebuyer education course is required
Purchases of two-family homes require landlord counseling
Why Consider the RI AnchorHome Loan?
The RI AnchorHome Loan isn’t just a mortgage—it’s a stepping stone to building wealth and stability. With assistance for down payments, closing costs, and projected rental income, first-time homeowners can confidently enter the Rhode Island housing market. And with clear guidelines on eligibility and deed restrictions, you can make informed decisions that support long-term financial health.
This loan program provides a real opportunity for first-time buyers in Rhode Island. With careful planning and understanding of deed restrictions, you can step confidently into homeownership and start building a future in a community you love.
Important Notice
The RI AnchorHome Loan is currently a pilot program. All rates, terms, and availability are subject to change.
Disclaimer: Alex Parmenidez is a REALTOR® and not a mortgage lender. This blog is for informational and educational purposes only. For the most current and accurate details on qualification, rates, and approval, please contact your preferred lender directly.
You can reach out to:
Ross Silva
AVP Mortgage Loan Originator
Mobile: 401-374-8961
Email: [email protected]
NMLS: 1376239
Reach out for guidance and next steps toward homeownership.
Frequently Asked Questions
Q: Who is considered a first-time homebuyer for RI AnchorHome?
A: Anyone who has not owned a primary residence in the last three years and meets income and credit guidelines.
Q: What types of homes can I buy with RI AnchorHome?
A: Eligible properties include one- and two-family homes located in Rhode Island that will be owner-occupied.
Q: Is down payment assistance available?
A: Yes. The program allows both down payment and closing cost assistance to help reduce upfront expenses.
Q: Do I need to take a homebuyer education course?
A: Yes. An 8-hour HUD-approved first-time homebuyer course is required, and landlord counseling is needed for two-family purchases.
Q: How do I find out if I qualify?
A: A qualified lender can review your income, credit, and goals to confirm eligibility and guide you through the next steps.
By Alex Parmenidez, REALTOR® | Coldwell Banker Realty
Alex Parmenidez | Realtor® Licensed CT-MA-RI | Coldwell Banker Realty
196 Waterman St, Providence, RI 02906
C: (401) 426-4825 | O: (401) 351-2017
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