Rhode Island Housing

This week Rich and Steve were in studio with Richard Godfrey, the Executive Director of Rhode Island Housing. Since 1973, Rhode Island Housing has provided first-time homebuyer loans to 60,000 Rhode Island families and financed the construction of 16,000 new homes. Homestar Mortgage has been the number one RI Housing Lender in the State for the past 8 years and Rhode Island Housing works closely with its partners to ensure that all people who live and work in Rhode Island can afford a good home that meets their needs. They provide low-interest loans, grants, education and assistance to help Rhode Islanders find, rent buy, build and keep a good home. Richard has been at the helm of Rhode Island Housing for 18 years and has been working to create stronger communities for more than 35 years. In addition to their low, fixed-rate, 30-year mortgages for single-family homebuyers, they now also offer FirstHomes100+, a program that provides extra funds to complete essential repairs and upgrades to the home. Right now, there are so many homes on the market   that need major repairs and rehabbing,  this program gives homeowners the security of knowing that they will have the funds needed to make the  necessary repairs. Most importantly, they provide homebuyer education classes.  These classes provide information to help the homebuyer make prudent home-buying decisions.  You can find a list of these classes at rhodeislandhousing.org or they can call 401-457-1245. Since opening in November of 2007, Rhode Island Housing has been designated by the U.S. Treasury to administer and oversee a foreclosure-prevention program called HHFRI, Hardest Hit Fund Rhode Island. Rhode Islanders may qualify for this assistance if they have had a hardship that has affected their ability to make a mortgage payment. The latest qualifications for HHFRI funds are:

• Homeowners can have savings of as much as $15,000. (Any amount in a 401(k) or an IRA.)
• Deployed members of the U.S. Armed Forces or those discharged within the last 12 months who have experienced a drop in income
• You can own more than one property and qualify for assistance on the home they live in.
• In special circumstances, a homeowner can receive up to $42,500.

Homeowners who do not qualify for HHFRI assistance may have other options. With the help of HUD approved counselors and centers like Rhode Island Housing's HelpCenter, homeowners can work with their lender to explore all their options - modifications, forbearance, short sale, deed in lieu of foreclosure. This Week’s Real Estate Insight Anyone interested in buying a home especially first-time homebuyers should take a home-buying education class. Rhode Island Housing offers them frequently throughout the summer and fall, you can sign up by calling 401-457-1245 or find a schedule at www.rhodeislandhousing.org. In addition, I urge anyone having difficulty making a mortgage payment to reach out to a HUD-approved counseling agency such as Rhode Island Housing’s HelpCenter, 401-457-1130.