At Coastway Community Bank, your comfort level with your mortgage loan, your monthly payment and the mortgage process in general is our top priority. Our RI mortgage lenders will help you find the best solution for your needs. Below, is a brief description of our products. Since rates and terms vary, please call a Coastway Mortgage Loan Officer for more information.

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Mortgage Description

We offer FHA loans in Rhode Island. An FHA loan is a mortgage backed by the Federal Housing Administration.

Benefit: Affords home buyers with less than perfect credit the opportunity to purchase or refinance a home.

Criteria:

  • Available with a fixed or adjustable rate
  • Minimum credit score of 640 required
  • 3.5% Minimum down payment

A mortgage loan for the first time buyer, offered by Rhode Island Housing.

Benefit: Offers a no and low down payment option to make home ownership more accessible to first time buyers with a lower income.

Criteria:

  • Minimum credit score of 620 required

A financing option designed for larger purchases or refinancing.

Benefit: Perfect for the purchase of a larger home.

Criteria:

  • Minimum credit score of 720 required
  • 5% Minimum down payment or equity required

A mortgage for condominiums and townhouses.

Benefit: A solution developed by RI mortgage lender, Coastway Community Bank, for the non-standard needs of condo purchases.

Criteria:

  • Minimum credit score of 700 required
  • 5% Minimum down payment or equity required

Special home financing for American Veterans.

Benefit: Offers veterans flexible down payment and terms.

Criteria:

  • Minimum credit score of 620 required
  • 0% Down payment required
  • Must be a US veteran or surviving spouse

The perfect mortgage loan for the “almost perfect” house.

Benefit: A 203K Streamlined Renovation Loan provides the funds to purchase a house and make the improvements that will turn it into your dream home!

Criteria:

  • Financing for up to $30,000 in improvements ($5,000 minimum)
  • Most permanent renovations eligible (i.e. kitchen, bath, roofing, flooring, septic, etc.)
  • Minimum credit score of 660 required
  • 3.5% Minimum down payment
  • Renovations to be completed within 90 days
  • Licensed and insured contractors must be used
  • Borrower may not be a contractor

Benefit: A home renovation loan for purchase or refinance that allows you to borrow against the finished value of the home.

Criteria:

  • Minimum credit score of 680
  • Fixed rate loan
  • Single family, primary residence only
  • Properties in Rhode Island only

Provided through the US Department of Agriculture (USDA), a home financing option for home purchases in certain rural areas throughout Southern New England.

Benefit: 100% financing available for buyers in certain rural areas

Criteria:

  • Income restrictions apply
  • Available for purchase or refinance of an existing Rural Housing Loan
  • Property must be located in qualifying areas
  • Minimum credit score of 640 required

Our most traditional mortgage loan.

Benefit: A conventional mortgage from Coastway Community Bank offers the best rates for qualified home buyers.

Criteria:

  • Fixed and adjustable rates available
  • Minimum credit score of 620 required
  • 5% Minimum down payment, determined by credit score

If you’re 62 or older, a Reverse Mortgage could help you make the most of your golden years.

Benefit: Allows eligible home owners to access the equity in their homes without having to make a monthly payment, to cover monthly bills, health care needs, etc.

Criteria:

  • Must be 62 years old or older
  • No minimum credit score required
  • Must occupy the home as a primary residence
  • Available for refinance or purchase
  • Funds available in a lump sum or line of credit