Loan programs
Every program Jack originates, in one table. Which one fits depends on the home, your income and how long you plan to stay. That is a ten minute conversation, not a quiz.
| Loan | Best for | What to know |
|---|---|---|
| Conventional | Buyers with solid credit and savings | The standard fixed-rate loan for a primary home, second home or investment property. |
| FHA | First-time buyers and lower credit scores | Government-insured loan with flexible credit guidelines. Works for 1 to 4 unit homes you live in. |
| VA | Veterans, active duty and eligible spouses | No down payment for eligible borrowers, and no monthly mortgage insurance. |
| USDA | Buyers in eligible rural and suburban areas | No down payment for eligible buyers in qualifying areas. Jack checks the address against the map before you get attached to it. |
| Jumbo | Homes priced above conforming loan limits | Larger loan amounts for higher-priced homes. |
| Non-QM | Self-employed borrowers and investors | Bank statement, DSCR, debt depletion, profit and loss, and 1099 programs. Built for people who earn well but do not show it as W-2 income on a tax return. |
| FHA 203(k) | Buying a home that needs work | Purchase price and renovation costs in one loan. |
| HomeReady | Moderate-income buyers | Fannie Mae program with flexible income sources, including rental income from a unit you own. |
| Home Possible | Moderate-income buyers | Freddie Mac program with flexible funding sources for the down payment. |
Down payment help
Each state runs its own programs for first-time and moderate-income buyers. Funding, income limits and terms change during the year, so Jack confirms what is open before you count on it. Buying somewhere else? Ask him what is available in your state.
Rhode Island
RIHousing first-time buyer and down payment programs.
Massachusetts
MassHousing down payment assistance and the ONE Mortgage program.
Connecticut
CHFA down payment assistance and Time To Own.
This site is not affiliated with or endorsed by RIHousing, MassHousing, CHFA or any government agency. Program availability, terms and income limits are set by each agency and are subject to change.
Ask Jack
One person from your first call to closing day. Based in Providence, RI.