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RI AnchorHome Is Back: What First-Time Buyers Should Do Now
TL;DR
RI AnchorHome is back and funds are available now: a Rhode Island first-time buyer mortgage with a 3.99% starting rate, no PMI and up to 100% financing through participating lenders. The money lasts until it is used up, and there is no public end date. If you plan to buy, talk to a loan officer now.
What is RI AnchorHome?
RI AnchorHome is run by the Rhode Island General Treasurer's office. The state doesn't lend the money. When a qualified buyer is approved, the state deposits matching funds at the lender, which lets the lender offer a lower rate and skip PMI. You work only with your bank or credit union, and you owe nothing to the state. Since December 2025, 119 buyers have closed with the program.
Lenders named for Phase 3: BayCoast Bank, Bristol County Savings Bank and Westerly Community Credit Union.
Availability: funds are open now, and they will not last forever
RI AnchorHome is back, and funds are available now through participating lenders. The program runs until the money is used up, and there is no public end date, so no one can say how long it will last. Buyers who get a lender to review their file now are in the best position to use it. Rates and terms can still change, so confirm the details with your lender.
The numbers that matter
| Feature | Detail |
| Rate | 3.99% fixed for 30 years, starting rate, subject to market conditions |
| Financing | Up to 100% |
| PMI | None |
| Property | 1-2 family, owner-occupied primary residence in Rhode Island |
| Maximum | $525,000 single-family, $575,000 two-family (ask your lender whether this is the loan amount or the purchase price) |
| Credit score | 660 minimum |
| Debt-to-income | 50% maximum |
| Income | Up to 110% of statewide income limits |
| Ownership | You can't own other residential property at closing |
| Assistance | Other down payment and closing cost programs are allowed |
| Counseling | Homeownership counseling is required |
What this means for you
- Get a lender looking at your file this week. The funds last only until they are used up, so don't wait until you've found the perfect house to start. Have your credit score, debt-to-income ratio and household income checked now, and before you write an offer, have the lender confirm your exact rate and terms.
- Check the price cap first. The 119 loans closed so far averaged a purchase price just over $400,000. If you're shopping above $525,000, this isn't your loan.
- The income limit is more generous than it sounds. The cap is 110% of the statewide limit, so have your lender run your actual household size against the current numbers.
- Two-families are a real opportunity. Projected rental income on a two-unit property is allowed, so the second unit's rent can help you qualify.
- Have a backup. Ask your lender what your payment looks like with and without AnchorHome, so you know your options either way.
Your next steps
- Call BayCoast Bank, Bristol County Savings Bank or Westerly Community Credit Union and ask: "Are RI AnchorHome funds available for me right now, and what do you need to start my file?"
- Ask them to check your credit score, debt-to-income ratio and household income against the current limits.
- Sign up for the required homebuyer counseling now, so it doesn't delay your closing later.
- Call me, and we'll plan your search around the price cap and a backup financing option.
Frequently Asked Questions
Can I use RI AnchorHome right now?
Yes. RI AnchorHome is back, and funds are available now through participating lenders. The money lasts until it is used up, and there is no public end date, so ask a loan officer to review your file soon.
Who counts as a first-time homebuyer?
Someone buying a primary residence in Rhode Island who doesn't own other residential property at closing. Your lender confirms the exact rules.
What homes qualify?
One- and two-family homes in Rhode Island that you'll live in.
Is down payment help available?
Yes. Other down payment and closing cost assistance programs are allowed alongside it.
Do I need a counseling course?
Yes, homeownership counseling is required.
RI AnchorHome is a pilot program. Rates, terms and funding availability can change at any time, and funds last only until they are used up. I'm a REALTOR®, not a mortgage lender. Contact a loan officer or bank for current availability and qualification details.
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