Rhode Island Housing is
now accepting
new HHFRI applications


Programs

HHFRI Programs
There are five key programs under HHFRI, each with their own eligibility requirements and program offerings:  

  • Temporary & Immediate Housing Assistance
  • - Financial assistance to help avoid foreclosure
    - Funding can be used to pay delinquent mortgage payments, property taxes,     homeowners insurance, association dues or other property-related expenses
  • Loan Modification Assistance
  • - Financial assistance to help the homeowner achieve a permanent loan   modification
    - Funding can be used in a variety of industry accepted methods to   permanently modify the first mortgage in an effort to achieve an affordable   monthly payment
  • Mortgage Payment Assistance
  • - Financial assistance via a monthly mortgage payment supplement
    - Homeowner must contribute a percentage of household income toward the   mortgage payment
  • Moving Forward Assistance
  • - Financial assistance to homeowners who have suffered a severe financial   crisis and can no longer stay in their home
    - Assistance to facilitate a short-sale or deed-in-lieu
    - Relocation assistance
  • Reverse Mortgage Assistance
  • - Financial assistance to help senior homeowners with a Reverse Mortgage   who are facing foreclosure
    - Funding can be used to pay property taxes, homeowners’ insurance and   homeowners’ and/or condo association dues, and other property related   charges (“Property Charges”)

If you feel you may be eligible for assistance you may begin the application process at any time.    

Who Qualifies?

HHFRI will only be available to homeowners who have a documented qualifying financial hardship and have exhausted all options to maintain mortgage payments and avoid foreclosure.

You may qualify if:

  • You own a 1-to-4 family home or condominium and occupy it as your primary residence.
  • Your gross annual income is less than $87,360 if there are 1 or 2 people in your home; or less than $101,920 for a household of 3 or more.
  • Your monthly mortgage payments, including taxes and insurance are greater than 28% of your gross monthly income.
  • You have no financial resources of your own (except for $20,000 or less in savings). You can have any amount in a retirement account such as a 401(k) or IRA savings plan.
  • You have a documented financial hardship that has affected your ability to make your mortgage payments, such as:
  • - unemployment or underemployment;
    - death or disability of a key wage-earner;
    - unforeseen medical expenses;
    - your outstanding mortgage balance is greater than your property value.
  • Deployed members of the U.S. Armed Forces or those discharged within the last 12 months who have experienced a drop in income. (This applies to all personnel in regular and reserve components of the Army, Navy, Air Force, Marines and Coast Guard).
Note: Prior HHF recipients are eligible, subject to maximum program assistance limits.

 

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