Our Loan Programs

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Conventional Mortgage

loan programs

Conventional Loans

Conventional loans are mortgage options not backed by a government agency. They are broken down into conforming loans, which have a maximum loan amount prescribed by the federal government, and non-conforming loans, which vary by lender.

Benefits include the option to avoid private mortgage insurance (PMI) by putting at least 20% down, as well as more flexible loan requirements.

If you feel you are a good candidate for a conventional loan, or if you would just like to learn more about them, we encourage you to reach out to one of our dedicated Mortgage Advisors.

While everyone’s situation is different, we take special care to guide you toward the right mortgage product to meet your needs!

Find a Mortgage Advisor ›



Conventional Loan Details

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.*

Learn More   Apply Now

 

 

Types of Conventional Loans


FHA Loan

loan programs

About FHA Loans

FHA loans are a terrific choice for lower downpayment or multi-family options. 

Benefits include low down payments, lower total cash-to-close, streamlined and cash-out refinancing, and 203k rehab options.

If you feel you are a good candidate for an FHA loan, or if you would just like to learn more about them, we encourage you to reach out to one of our dedicated Mortgage Advisors.

While everyone’s situation is different, we take special care to guide you toward the right mortgage product to meet your needs!

Find a Mortgage Advisor ›



FHA Loan Details

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.

Learn More   Apply Now


FHA 203k

loan programs

About FHA 203k Loans

The FHA 203k loan is a great option for properties needing minor renovation, repair, upgrades and/or improvements.

Benefits include the ability to purchase or refinance, and improve the home, all-in-one using the after-improved value.

If you feel you are a good candidate for an FHA 203k loan, or if you would just like to learn more about them, we encourage you to reach out to one of our dedicated Mortgage Advisors.

While everyone’s situation is different, we take special care to guide you toward the right mortgage product to meet your needs!

Find a Mortgage Advisor ›



FHA 203k Loan Details

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.

Learn More   Apply Now


Rhode Island Housing

loan programs

Rhode Island Housing

Rhode Island Housing is a Rhode Island-based agency that offers loan-assistance programs and resources to first time home buyers in the area.

Benefits include 100% financing, down payment assistance, renovation loans, and no private mortgage insurance for eligible borrowers.

If you feel you are a good candidate for a Rhode Island Housing loan, or if you would just like to learn more about them, we encourage you to reach out to one of our dedicated Mortgage Advisors.

While everyone’s situation is different, we take special care to guide you toward the right mortgage product to meet your needs!

Find a Mortgage Advisor ›



RI Housing Loan Details

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.

Learn More   Apply Now


USDA Loan

loan programs

About USDA Loans

USDA loans are backed through the Rural Housing Division of the U.S. Department of Agriculture. They are available to millions of eligible primary home buyers with low to moderate incomes or scarce funds for down payments.

Benefits include zero down payment options and minimum cash to close. If you feel you are a good candidate for a USDA loan, or if you would just like to learn more about them, we encourage you to reach out to one of our dedicated Mortgage Advisors.

While everyone’s situation is different, we take special care to guide you toward the right mortgage product to meet your needs!

Find a Mortgage Advisor ›



USDA Loan Details

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. 

Learn More   Apply Now


VA Loan

loan programs

VA Loans

Veteran’s Administration or “VA” loans are available for active, non-active, and retired Army, Air Force, Marine, Navy, National Guard, and Coast Guard veterans who meet the established service requirements.

Benefits include 100% financing, zero down payment options, no private mortgage insurance, no pre-payment penalties, and reduced costs for disabled veterans.

If you feel you are a good candidate for a VA loan, or if you would just like to learn more about them, we encourage you to reach out to one of our dedicated Mortgage Advisors.

While everyone’s situation is different, we take special care to guide you toward the right mortgage product to meet your needs!

Find a Mortgage Advisor ›



VA Loan Details

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)

Learn More   Apply Now


Jumbo Loan

loan programs

Jumbo Loan Details

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

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