Washington Trust Expands Its Community Lending Program
Washington Trust, the nation's oldest community bank, has recently enhanced its lending services, particularly the RI Community Lending Program. The expansion now includes the addition of innovative home equity loan options designed specifically for homeowners looking to finance renovations or repairs.
Flexible Home Improvement Loan Choices
One of the standout offerings is the I Luv RI Home Improvement Loans. Homeowners can access flexible loan options that allow for borrowing amounts of up to $50,000, with rates discounted by as much as 2%. This initiative is particularly beneficial for those in various Rhode Island locations who are looking to improve their homes.
Location-Specific Benefits
Homeowners in select Rhode Island cities can truly benefit from these loan options. The qualified cities include Bristol, Central Falls, Coventry, Cranston, East Providence, Johnston, Middletown, Newport, North Providence, Pawtucket, Providence, Warwick, West Warwick, and Woonsocket. Washington Trust is committed to supporting these communities through affordable financing solutions.
Supporting Home Ownership
Edward O. "Ned" Handy III, Chairman and CEO of Washington Trust, stressed the bank’s long-standing commitment to helping residents achieve home ownership. He emphasized that maintaining a home is a crucial responsibility for homeowners, and the I Luv RI loans aim to assist in making necessary home improvements. By leveraging these loans, homeowners can potentially enhance the value of their properties.
Education for Real Estate Professionals
Recently, Washington Trust organized a special educational event for real estate professionals in Rhode Island. This session focused on informing agents about the expanded lending options available through the RI Community Lending Program. Washington Trust’s overall goal is to ensure both home buyers and real estate professionals are well-versed in the benefits of these programs, which include unique mortgage options tailored to different financial needs.
Various Mortgage Options Available
The RI Community Lending Program provides a variety of mortgage solutions, including the "I Luv RI Community Lending Program," "Buyer’s Advantage Program," "Home Opportunity Program," and the RI Advantage Program. Each of these options comes with different financing structures, including matching funds, grants, and credits that help alleviate closing costs. Moreover, this program aims to waive lender fees and offers low rates on fixed mortgages for eligible borrowers based on their income and property location.
Commitment to the Community
Washington Trust remains dedicated to its mission of assisting the people of New England through its various banking services. The bank collaborates closely with local community organizations to enhance the offerings of the RI Community Lending Program. This partnership ensures that residents have access to the necessary tools and information to navigate homeownership effectively.
Contact Washington Trust for More Information
For those interested in learning more about the RI Community Lending Program or exploring loan application options, Washington Trust encourages homeowners to reach out directly. They can be contacted at 800-475-2265 or through their website, where additional details about the program and its benefits can be found.
Frequently Asked Questions
What is the purpose of the I Luv RI Home Improvement Loans?
The I Luv RI Home Improvement Loans are designed to help homeowners finance renovations and repairs to their homes, offering flexible loan options with discounted rates.
Which areas in Rhode Island are eligible for these loans?
Eligible cities include Bristol, Central Falls, Coventry, Cranston, East Providence, Johnston, Middletown, Newport, North Providence, Pawtucket, Providence, Warwick, West Warwick, and Woonsocket.
How can homeowners apply for these loans?
Homeowners can apply by contacting Washington Trust at 800-475-2265 or visiting their website for more information and application details.
Are there other mortgage options available through Washington Trust?
Yes, the RI Community Lending Program also includes a variety of unique mortgage options including the Buyer’s Advantage and Home Opportunity Programs, which come with different financial benefits.
Is Washington Trust involved with local community organizations?
Absolutely, Washington Trust collaborates with several local community groups to provide support and resources for homebuyers in Rhode Island.
