Loans

RI AnchorHome

We are proud to support Rhode Islanders on their path to homeownership through the RI AnchorHome Program.

RI AnchorHome is offered by the Rhode Island General Treasurer’s office in an effort to find more Rhode Islanders a place to call home!

Through RI AnchorHome, qualified borrowers may benefit from:

  • 3.99% (4.032% APR) 30 Year Fixed Rate
  • No PMI
  • Up to 100% Financing
  • Down Payment & Closing Cost Assistance Allowed
  • 1-2 Family Homes Eligible
  • Grants Allowed at Closing

How RI AnchorHome Works

When a qualifying first-time homebuyer is approved for a mortgage:

  • The State of Rhode Island deposits matching funds into an account at BayCoast Mortgage
  • The mortgage is managed by BayCoast, keeping lending decisions at the local level
  • Maximum purchase price:
    • $525,000 for single-family homes
    • $575,000 for two-family homes
    • Warrantable condominiums are permitted
  • Household income is capped at 110% of statewide income limits
  • Borrowers may not own other residential properties at the time of closing
  • Homeownership counseling is required

Connect with an Loan Officer or fill out the form below to learn more!

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*Loans offered through BayCoast Mortgage Company, a wholly-owned subsidiary of BayCoast Bank. For example, a 30-year $525,000 first-lien loan on a primary residence with an interest rate of 3.99% (4.032% APR) as of 10/1/2026 will have 360 monthly principal and interest payments of $2,503.40.  Payments do not include amounts for taxes and insurance premiums or any applicable HOA fees, and the actual payment obligation will be greater.  Example loan reflects a loan-to-value of 100% and a borrower FICO score of 670.  All loans are subject to credit approval, RI AnchorHome loan program eligibility, and availability of program funding.  Loan terms may vary.  Rhode Island Licensed Lender.  Equal Housing Opportunity.  NMLS # 1082048.

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