NMHL Mortgage Lending
Mortgage Lender in Providence, RI
Local expertise and competitive rates for Providence homebuyers.
Providence Housing Market Overview
Providence is Rhode Island's capital and the creative center of New England. Home to Brown University and RISD, the city offers world-class education, a nationally recognized food scene, and accessible prices for the Northeast corridor.
Providence Neighborhoods
Popular areas for homebuyers in Providence, RI
ZIP Codes We Serve in Providence
Mortgage lending available in these Providence ZIP codes
See What You Qualify For
Takes about 5 minutes. No obligation. No credit check until you are ready.
Your Local Mortgage Partner
We understand the local market dynamics that affect your home purchase. Our team provides personalized loan options based on local property values and regulations.
Available Loan Programs in Providence
Explore mortgage options tailored to Providence homebuyers
Refi-Shield
Learn MoreFirst Time Home Buyer Mortgages
Special loan programs helping newcomers purchase their first home with favorable terms and support.
Learn MoreInterest Only Mortgages
Interest-only mortgages allow borrowers to pay only the interest for a set period, reducing initial monthly payments.
Learn MoreAdjustable-Rate Mortgage (ARM)
Financial flexibility and optimal rates with an Adjustable-Rate Mortgage – Your key to a dynamic homeownership journey
Learn MoreHigh-Value Appraisal Program
Learn MoreFHA Loans
Federal Housing Administration (FHA) loans are government-backed mortgages designed to help first-time homebuyers and th...
Learn MoreHome Equity Loans
Access the equity in your home with a fixed-rate home equity loan. Get a lump sum with predictable monthly payments for ...
Learn MoreFixed-Rate Mortgage
Lock in your interest rate for the life of the loan with a fixed-rate mortgage. Predictable monthly payments make budget...
Learn MoreBridge Loans
Bridge the gap between buying your new home and selling your current one. Short-term financing that gives you the flexib...
Learn MoreVA Loans
VA loans are a benefit earned by veterans, active-duty service members, and eligible surviving spouses. Backed by the De...
Learn MoreConventional Loans
Conventional loans are not backed by government agencies and typically offer the most flexibility for qualified borrower...
Learn MoreITIN Loans
Purchase a home using your Individual Taxpayer Identification Number (ITIN) without a Social Security Number. NMHL is co...
Learn MoreJumbo Loans
Jumbo loans exceed conforming loan limits and are designed for luxury properties and homes in high-cost areas. With comp...
Learn MoreDSCR Investment Loans
Debt Service Coverage Ratio (DSCR) loans qualify based on rental income rather than personal income. Perfect for real es...
Learn MoreBank Statement Loans
Bank statement loans are designed for self-employed borrowers and business owners who have difficulty documenting income...
Learn MoreReverse Mortgages
For homeowners 62 and older, reverse mortgages allow you to access your home equity without monthly payments. Stay in yo...
Learn MoreUSDA Mortgages
USDA Rural Development loans help moderate-income buyers purchase homes in eligible rural and suburban areas. With no do...
Learn MoreHeloc
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Understanding Providence's Housing Market
Providence's housing market is characterized by its diversity, ranging from historic mansions in College Hill to modern condos in the downtown area. The median home price of $375,000 makes it an attractive option for those looking for affordability in the Northeast. The city's proximity to Boston, coupled with its own cultural and educational attractions, drives demand for housing.
Key neighborhoods like Federal Hill, Wayland Square, and Fox Point offer unique living experiences, from vibrant nightlife to family-friendly environments. Understanding these neighborhoods is crucial for homebuyers looking to find the right fit.
NMHL's local expertise can help you navigate Providence's diverse neighborhoods and find the best mortgage options for your needs.
Mortgage Options for Providence Homebuyers
NMHL offers a range of mortgage programs designed to meet the needs of Providence homebuyers, including first-time buyers, self-employed individuals, and veterans. Our First-Time Homebuyer Program provides competitive interest rates and lower down payment requirements, making homeownership more accessible.
- Down Payment Advantage program: Up to 4% assistance towards down payment and closing costs
- Credit Rebuild mortgage: For borrowers looking to improve their credit score
- Veterans Advantage: Specialized mortgage options for veterans and active military personnel
Our mortgage specialists are knowledgeable about local programs and can guide you through the process.
Get pre-approved today with NMHL's simple online application.
Property Taxes and Insurance in Providence
When buying a home in Providence, it's essential to consider not just the mortgage payments but also property taxes and insurance. Providence's average effective property tax rate is 1.63%, which is relatively high but still competitive in the Northeast.
Homebuyers should also factor in homeowners insurance, which can vary based on factors like the home's value, location, and construction type. NMHL's mortgage specialists can help you understand these costs and how they fit into your overall homeownership expenses.
NMHL can help you factor property taxes and insurance into your mortgage planning.
First-Time Homebuyer Programs in Rhode Island
Rhode Island offers several programs to assist first-time homebuyers, including down payment assistance and tax credits. NMHL's First-Time Homebuyer Program is designed to work in conjunction with these state programs, providing a comprehensive solution for new buyers.
Our mortgage specialists are well-versed in the various state and local programs available, ensuring that you get the most out of the assistance you're eligible for. From the RI Housing Down Payment Assistance Program to NMHL's own initiatives, we can help you navigate the options.
Contact NMHL today to explore your first-time homebuyer options and get pre-approved.
Frequently Asked Questions
The average effective property tax rate in Providence is 1.63%. While this is relatively high compared to some other parts of the country, it's still lower than in many major Northeast cities. Homebuyers should factor this into their mortgage planning.
Yes, Rhode Island offers several down payment assistance programs that can be used in Providence. NMHL's Down Payment Advantage program, for example, provides up to 4% of the loan amount towards down payment and closing costs. First-time homebuyers may also be eligible for additional assistance through state and local programs.
Providence is served by the Providence Public School District. While the district has faced challenges, certain neighborhoods with highly-rated schools or proximity to top-rated magnet schools can command higher home prices. Areas like College Hill and East Side tend to have higher property values partly due to their association with Brown University and other educational institutions.
While having bad credit can make it more challenging to secure a mortgage, NMHL offers specialized programs for borrowers with less-than-perfect credit. Our Credit Rebuild mortgage option is designed to help borrowers improve their credit score while becoming homeowners. We consider a range of factors beyond just credit score, including income stability and debt-to-income ratio.
Some of the most sought-after neighborhoods in Providence include College Hill, known for its historic homes and proximity to Brown University; Federal Hill, famous for its Italian cuisine and vibrant nightlife; and Fox Point, which offers a more laid-back, artistic atmosphere. Each neighborhood has its unique character and attractions.
At NMHL, our streamlined pre-approval process typically takes just a few days. We use advanced technology to quickly review financial information and provide a pre-approval decision. This allows Providence homebuyers to move quickly when they find the right property.
Related Resources
Ready to Buy in Providence?
Let NMHL help you navigate the Providence housing market with expert guidance and competitive rates.