NOTE: As of April 13, 2018, the RI-Refi program has been suspended and is not accepting new applications. 

Home Loan "Underwater"?

The RI-Refi Program is designed to help homeowners who owe more than the current market value of their home. The program allows qualified underwater homeowners to refinance into a new home loan based on the home’s current market value. Eligible homeowners can get up to $75,000 to reduce the amount owed on any mortgage(s) with a 3-year forgiveness period.


Refinance Qualifications:

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

Loan Limits

The maximum loan limit allowed is $431,250 for a one- to four-family home or eligible condominium. Up to $75,000 is forgivable after 3 years of owning the home, and you must maintain it as your primary residence.

Income limits

To be eligible for the RI-Refi Program, your total annual household income must be less than $87,360 (for a 1-2 person household) or $101,920 (for a 3+ person household).


The RI-Refi Program is available statewide through our network of Participating Lenders and the Rhode Island Housing Loan Center.

Limited Funds - Act Now


Contact a Participating Lender or one of our Mortgage Specialists
The RI-Refi Program is available through our network of Participating Lenders or Mortgage Specialists in the Rhode Island Housing Loan Center. Connect with one of them today for more details.