Our Loan Programs

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Conventional Mortgage

loan programs

What is it?

  • A Conventional Mortgage is used to purchase or renovate a home or refinance an existing property.
  • Most conventional mortgages are called “conforming” mortgages as they usually fit the guidelines issued by Fannie Mae and/or Freddie Mac (also called Government Sponsored Agencies or GSE’s) that ultimately sell the mortgages to investors.
  • Typically requires PMI (Private Mortgage Insurance) when a buyer is not able to put at least 20% down.
  • Guidelines are less stringent regarding property condition, and gift funds may also be used to offset down payment.

Who can it help?

  • Individuals with a credit score of 620 or higher, and with income and assets that can be verified.
  • Usually, buyer must have enough in reserves (money in savings accounts and/or investments) to cover down payment and closing costs.*
  • Traditionally, conventional loans have some of the lowest interest rates if qualifications fit the guidelines.*

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Types of Conventional Loans


FHA Loan

loan programs

What is it? 

  • FHA Loans offer government-backed mortgages used to purchase, renovate, or refinance a home that is insured by the Federal Housing Administration.
  • Has competitive interest rates and require at least 3.5% down for purchasing a home.
  • An outstanding alternative to conventional lending, however, the home being refinanced or purchased must comply to FHA requirements.

Who can it help? 

  • Could be perfect for individuals with less than perfect credit, as well as limited funds saved or invested for a sizable down payment.
  • Works well for first time home buyers and individuals/families with moderate or limited income.
  • In some cases, you can take advantage of down payment assistance programs if you do not have enough savings or if you can not acquire gift funds from a family member.

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FHA 203k

loan programs

What is it?

  • A mortgage product guaranteed and insured by the Federal Housing Administration that allows you to purchase/refinance a home that needs improvement with a single mortgage.
  • Requirements of an FHA 203k mimic the same qualifications for a traditional FHA mortgage.

Who can it help?

  • Great for those looking for a “fixer-upper”, or to improve your current home.
  • Ideal if your qualifications do not fit conventional lending requirements.

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Rhode Island Housing

loan programs

What is it?

  • Rhode Island Housing provides Rhode Island residents with education and down payment assistance programs for first time home buyers along with home improvement loan options for current homeowners.
  • Advantages include 100% financing, down payment assistance programs, and options to help pay for closing costs as well as other expenses.
  • When funds are available, qualifying homebuyers can take advantage of grant money and apply for tax credits. 
  • Contains conventional lending options that offer lower mortgage insurance rates.

Who can it help?

  • Individuals looking to purchase or refinance a home in the state of Rhode Island.
  • Those who haven’t owned real estate property in RI for the last three years.

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USDA Loan

loan programs

What is it?

  • A USDA Loan offers mortgage products with special terms for homes purchased in designated rural and suburban areas.
  • Zero down payment with accessibility to competitive interest rates and low monthly payments.

Who can it help?

  • One of the defining factors of USDA mortgages is that there are income limits when going through the qualification process (*income limits vary by location*).
  • Those who intend on inhabiting a property in a USDA location. 

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VA Loan

loan programs

What is it?

  • A VA Loan is a mortgage guaranteed by the Department of Veteran Affairs that approved private lenders like Province Mortgage Associates can offer to their clients for refinancing and purchase transactions.
  • The largest advantage for eligible veterans, service men and women and their spouses, is that there is no mortgage insurance required which lowers the overall monthly payment.
  • Other benefits include 100% financing with no down payment, no prepayment penalties, and low to no funding fees. 

Who can it help?

  • Veterans of The United States Military, either retired or currently serving our country.
  • Spouses of a US Veteran (check eligibility)

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Jumbo Loan

loan programs

What is it?

  • A Jumbo Loan is a mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac.
  • In 2019, any mortgage written over the amount of $484,350 would qualify as jumbo. 

Who can it help?

  • Individuals looking to purchase a higher-priced luxury home.
  • Additionally, those with low debt-to-income ratios with higher credit scores.
  • As a result, you can improve your monthly payment by putting enough money down to put your mortgage below the conforming loan limit.*

Learn More   Apply Now