$20,000 towards an eligible home purchase! Am I the only one who thinks this is a significant amount of money? Along with extremely low interest rates and this 100% forgivable second after 5 years first time Rhode Island home buyers are in a great position to purchase a home.
Like any other Program offered there is a specific criteria for both the home and the buyer to be eligible.
Here are a few key eligibility highlights:
NOT all Rhode Island towns/cities qualify. The targeted communities are Central Falls, Cranston, East Providence, Johnston, North Providence, Pawtucket, Providence, Warwick, West Warwick, Woonsocket
The property MUST have been a subject of a "Qualifying Event" any of the following: foreclosure, receivership, transfer by deed in lieu of foreclosure, or approval for short sale by a mortgage lender
You MUST be a first-time homebuyer purchasing a 1-4 family home or condominium (For the purposes of this program, a "first-time homebuyer" is defined as someone who has never owned residential real estate.)
You MUST Occupy the home as a primary residence and be the first to occupy the property after the "Qualifying Event". Occupy the home as a primary residence for 5 years for full forgiveness of the loan. There is a sliding scale for re-payment for occupying for less than 5 years in the FAQs section.
MUST Meet income and purchase price limits, as well as all first mortgage requirements*
Read the full Eligibility Requirements - FAQs
My thoughts, opinions, and facts:
I've been selling bank owned, fixer-uppers or "ugly ducklings" as I like to call them to first time buyers for years. It's my niche and passion. My thought has always been two many good homes get pasted by because they aren't so pretty however they will be, remember what happened to the ugly duckling?, and you the buyer pay more buying these homes from investors or flippers. Also investors may pass on the home because the numbers are to tight for them to realize their projected profit. Most times if you stick to your budget you end up in an equity position. See Videos of Past Projects (the homes for sale on this page do not meet this programs eligibility requirements but are available to purchase as a custom remodel. Again NOT ELIGIBLE THROUGH THIS PROGRAM).
This program works with the 203k product. I have licensed professional contractors on stand by ready to start you dream home and their credentials on hand to submit the necessary paperwork to your lender quickly.
It takes extra effort from everyone however the extra effort result in greater rewards - like new home your style & budget, equity in your pocket.
I have the experience, knowledge with property condition requirements & mortgage programs, reliable loan officers, experienced contractors to streamline this type of home purchase. Better yet my service cost to you is ZERO I get paid by the seller. I will also gladly offer any buyer's licensed real estate agent a referral fee on a sliding scale depending on how active they choose to be in the purchase process. Let's get it done together! Visit my web site.
My services are not restricted to this Program. I offer this service to Rhode Island and Massachusetts homebuyers who have an eye for fixer-uppers or custom remodeled homes which don't always have to be a bank owned property. The home you love in your desired neighborhood may be dated or need repairs but certainly shouldn't be disqualified because you feel they are to much work. Together we find the home, work the numbers, and put together the team so while you're at your job we're doing our job! Call, text, or email 401-369-1766 lgtiv@aol.com
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