Rhode Island Launches Phase 3 of AnchorHome: 3.99% Fixed Mortgages for First-Time Buyers
PROVIDENCE — Governor Dan McKee and General Treasurer James Diossa announced on October 6 the third phase of the Rhode Island AnchorHome program, which continues to offer first-time homebuyers 30-year fixed-rate mortgages at 3.99% with no private mortgage insurance.
The first two phases helped more than 100 families buy homes, according to the treasurer's office. Phase three partners with three local financial institutions — BayCoast Bank, Bristol County Savings Bank and Westerly Community Credit Union — with the state committing $21 million in matching funds to the three lenders. Prospective buyers must first be approved for a mortgage through a participating lender; the state then deposits matching funds into an account at the chosen institution.
"People who own their own home create stability for their family, that's just a fact," Gov. McKee said at the announcement. The program aims to help low- and moderate-income families clear down-payment and high-rate hurdles to homeownership.
Sources: WJAR (NBC 10); Office of the Rhode Island General Treasurer
Published by GSM · USA (original Chinese edition)
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