Down payment assistance for first time home buyers in Rhode Island.There is currently a new down payment assistance program available to first time home buyers in Rhode Island available through RI Housing or through a participating lender in their network.There is 2.7 million available from the US department of treasury's hardest hit fund and for a qualified buyer and property there is up to $20,000.Income limits for the first time home buyer are $89,280 for 1-2 borrowers and the income limit for 3 or more is set at $104,160.For a property to qualify it has to be in one of the approved towns or cities and the property has to have had one of the following qualifying events... Been in foreclosure, receivership, transferred by deed in lieu of foreclosure or had been approved by short sale ...
What does the SBA 504 loan offer?Here is a brief summary of what the SBA 504 loan might do for you. Similar to the SBA 7(A) loan but a little more selective on what it is allowed to lend against. Purpose - Real estate purchase/construction. Purchase machinery or equipment.Loan - Up to $10,000,000.Collateral - Commercial real estate, equipment, machinery.Term - Varies, up to 25 years.Rate - Fixed or variable.Eligibility - Owner operated. (No C-stores, gas stations or hospitality).Loan to value (ltv) - Varies, up to 90%. When looking for a new commercial mortgage, consider speaking with a commercial mortgage broker who should be able to give you several loan products to think about. Jason
Here is a brief summary of what the SBA 7(A) loan might do for you. Purpose - Working capital, refinance, business acquisition, real estate purchase/construction. Purchase inventory or equipment.Loan Amounts - $350,001 to $5,000,000.Collateral - Commercial real estate, inventory, FF&E (furniture, fixtures and equipment).Term - Varies, up to 25 years.Rate - Fixed or variable rate.Loan to value (ltv) - Varies, up to 90%. When looking for a new commercial mortgage, consider speaking with a commercial mortgage broker who should be able to give you several loan products to think about. Jason
Has your commercial mortgage been turned down by the bank?If you've recently applied for a commercial mortgage at a bank and it was denied, there still might be a commercial mortgage out there for you.Many banks keep to strict guidelines and if your situation is unique and falls outside their guidelines, the commercial mortgage you need may require looking for an alternative to a traditional bank.The benefit of working with a commercial mortgage broker is that it gives you access to multiple lending outlets which gives you a greater chance of finding a commercial mortgage that works for you.If you are in Rhode Island, Massachussetts or Connecticut I invite you to give me a call, whatever your situation. Jason
By Heidi Kelley, Your Rhode Island Real Estate Connection
(Keller Williams Realty Leading Edge)
Riverside, RI Housing Market is Hot! The Riverside, RI housing market is hot right now! We have 73 homes on the market ranging in price from 99K-499K.Spring has finally sprung and more buyers and sellers are seeing that homes are flying off the market quickly. The average days on market are under 70. After the winter we had those sellers who had been on the fence about selling have finally made their decision.If you have any thoughts about selling now is the time to talk to a professional. Find out what your home is worth on todays market and make an educated decision. The Riverside, RI housing market is hot! Are you ready to jump in?
By Heidi Kelley, Your Rhode Island Real Estate Connection
(Keller Williams Realty Leading Edge)
Buyer's Are Anticipating the Spring Market in Riverside, RI. This has been a long, snowy winter here in Rhode Island. We still have 2-3 feet of snow on the ground and more in some places. The buyers are anticipating this Spring market like nothing I've seen in recent years. This winter was tough for most of the northeast markets. Not only was it difficult to show homes or hold open houses, sometimes we had to cancel them completely due to blizzards. We've dealt with impassable roads, knee deep snow banks, and no place to park cars. What's a Realtor to do?? We deal with it the best way we know how. We shovel, we hold open houses in snow storms (yes, buyers do come out in them), and we wait for Spring. Buyers in Rhode Island do the same thing. They trudge through the snow to see the h...
By Heidi Kelley, Your Rhode Island Real Estate Connection
(Keller Williams Realty Leading Edge)
Riverside, RI Market is Picking Up Steam Yesterday the housing numbers came out for December 2014 and they were very good. In my niche of Riverside, RI 02915 we had a pretty good December. 13 sales with an average sale price of $165,800 and 78 days on the market. Not too shabby for holiday time sales. Now that the holidays over and done with the market is really beginning to percolate. There are 55 single family homes for sale in Riverside, RI ranging in price from $435,000-$81,000. Buyers are out and about at every open house I have, and offers are coming in. 2015 looks to be a good year for real estate whether you are a buyer or a seller. The Riverside, RI market is picking up steam. Don't miss this opportunity to buy or sell.