Homes needing repairs | Rhode Island Housing Loans
RIHousing RIHousing

Homes needing repairs

First-time homebuyer loans, homes needing repairs

FirstHomes100+ loans (also known as FHA 203(k) loans) help many first-time homebuyers buy and fix a home in need of repairs.  

Our FirstHomes100+ mortgage is a flexible, dependable loan that will help you buy, renovate and keep the home that is right for you and your family. Each FirstHomes100+ customer also benefits from the advice and expertise of a HUD-approved consultant, who is assigned to the loan and helps ensure customers’ interests and investments are fully protected.

FirstHomes 100+ loans offer:

  • 100% financing (no down payment required)
  • Closing cost assistance
  • 100% personal, local service and support for the life of the loan

100% financing: down payment assistance
FirstHomes100, combined with our down payment assistance, allows you to finance 100% of the purchase price of your home.

Closing cost assistance
We offer assistance to help qualified customers pay for closing costs, including low-interest loans that can be paid back up to 15 years.

FirstHomes Tax Credit
Our FirstHomes Tax Credit is a great way to receive an additional tax benefit on a new home purchase. If you’re an eligible buyer purchasing your first home, you could receive a tax credit worth up to $2,000 a year for the life of your mortgage. This tax credit is available for select loan products.

Personal service
Being a RIHousing borrower means you’ll receive support for the life of your loan. We’ll service your loan and provide free counseling throughout the entire process.

203(k) Education - effective December 1, 2017
All FirstHomes100+ customers are required to complete FHA 203(k) Homebuyer Education prior to closing. The class is offered online free of charge.  

Purchase Price 
The maximum purchase price allowed through the RIHousing Loan Center is $454,258 for a one- to four-family home or eligible condominium.

Income limits
Please contact our Loan Center directly if your annual household income is less than $95,948 (for a 1-2 person household) or $110,341 (for a 3+ person household). 

Participating Lenders can assist you with our loan programs at any income level.

FirstHomes100+: Step by Step Guide


Take a Homebuyer Education class
All FirstHomes100+ customers are required to complete our regular Homebuyer Education class and our online 203(k) course prior to closing. Our Homebuyer Education classes are offered in-person and online. The 203(k) education class is specifically for homebuyers considering purchasing a home that needs repairs. The online course will provide you with the knowledge to successfully carry out your home purchase and renovation, from closing the loan to contracting the repairs. The 203(k) class is offered online free of charge. Register for an upcoming class today.

FirstHomes Tax Credit
Learn more about how you may be eligible to receive a federal tax credit worth up to $2,000 a year for the life of your mortgage.

Contact a Mortgage Originator or Participating Lender
If you already have a home in mind or feel that you are ready to apply for a loan, contact one of our Mortgage Originators or Participating Lenders today.