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The I Luv RI Community Lending Program

The Washington Trust Company - Westerly, Rhode Island

2020 Community Commitment Awards Submission

  • Entry Category: Affordable Housing
  • Asset Size: Medium

Washington Trust's I Luv RI Community Lending Program is a custom-designed mortgage loan assistance program that was created in 2017. It was designed to make the dream of home ownership a reality for Rhode Islanders who needed additional support, both through educational and financial resources. The program features up to 100% financing, no-strings attached grant funds, reduced monthly Private Mortgage Insurance (“PMI”) costs, and up to $2,500 in closing cost assistance. To qualify for the program, borrowers must be at or below 80% of Area Median Income (“AMI”), and purchasing a single-family home, condominium, or two-family home to be used as their primary residence. Program participants are required to complete an 8-hour Homebuyer Education course through a member of the Housing Network of Rhode Island. Additionally, there is a community lending coach for the program, who provides educational seminars and one-on-one assistance to determine if it is a good fit for them.