HOME BUYERS Jessica and Joseph McGuire of Cranston are joined by their children, Emily, 6 and Christopher, 9 as they talk with a reporter about their mortgage behind their home. Photo by Steve Klamkin WPRO News

New loan program to help non-first-time homebuyers

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Posted: 7/12/2012 4:38:51 PM
Updated: 7/12/2012 4:41:46 PM

A Cranston backyard was the setting as Rhode Island Housing launched a new program aimed at making mortgages more affordable for those who are not buying their first homes.

“We created these new lower cost, low down payment mortgages to help more Rhode Islanders buy their first home, move up to a new home that meets their needs or refinance their existing home," Rhode Island Housing Executive Director Richard Godfrey said in a statement. 

"It furthers our mission of improving the economy and building strong communities by creating loan options that help more people who live or work in Rhode Island,” he said.

The program was unveiled in the Cranston backyard of Jessica and Joseph McGuire.  They are the first Cranston couple to close on one of the new loan options, and are first-time homebuyers who qualified for a lower-cost no mortgage insurance loan. The savings from their lower monthly payments have allowed them to do improvements on their new three-bedroom cape.

"We have a one-income family, my husband is on disability, so we didn't have a lot of room to work with, so we heard about them, we went, and they were fantastic," Jessica McGuire said of Rhode Island Housing.  "They really helped through the whole process."

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