Buying a Home, Buying a Home

I Luv RI™ Community Lending

As seen on The Rhode Show

Owning a home is a big part of the American dream. Having a place to settle in, raise a family and feel safe. The goal of owning a home is something so many strive for but many, unfortunately, are unable to attain.

As Rhode Island’s oldest community bank, Washington Trust is committed to helping our neighbors find a place to call home. Our new I Luv RI™ Community Lending Program provides an affordable, less stressful option to help Rhode Island homebuyers reach that goal.

Who does the Program help?

The Program is specifically designed for low-to-moderate income first-time homebuyers to purchase single or two-family homes.

What are the benefits of the Program?

With the I Luv RI™ Community Lending Program, we work with every borrower to determine the options that will work best for their individual needs. We provide savings for our borrowers that help them with the down payment and upfront fees of purchasing a home as well as their monthly mortgage costs.

  • Unlike other affordable housing programs, we offer matching down payment grant funds of up to 1.5% of the purchase price.* For example, if someone receives a gift from a family member of $2,100 or 1.5% of the purchase price towards the cost of their $140,000 home, we will match it by 1.5% to bring them up to a 3%, $4,200 down payment. If the borrower does not have funds available, we may be able to offer a second mortgage to provide down payment financing at the same rate and terms of the first mortgage.
  • We waive all of our lender fees.**
  • We can customize the monthly mortgage insurance, which results in a lower, more affordable monthly payment.
  • We provide a closing cost credit of up to $2,500

The best advice for first-time homebuyers is to be prepared early on for the mortgage process and understand yourself financially. At Washington Trust, we service all of our loans locally and are here to help our buyers realize their dream of home ownership.

Learn more about the I Luv RI™ Community Lending Program by visiting:, or contact Gina Mead, Vice President, Mortgage Loan Officer by phone at (401)-348-1406 or by email at

NMLS #414726; Member FDIC; All loans subject to credit approval. Property must be located in an approved census tract and/or qualified applicant must be at or below 80% of area median income. Borrower(s) must be first-time homebuyers or have no current ownership in any other real estate. Owner-occupied primary residences only. Additional restrictions apply for 2-family residences. *Washington Trust will match up to 1.5% of a 3% down payment as a non-repaid grant. **Washington Trust will waive the standard underwriting and processing fees.

Contact a Trusted Advisor

For more information or to speak with one of our trusted advisors about your unique financial needs, contact us at 800-465-2265 or submit an online form.

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