Rhode Island Pilot:
Single-Family Housing Guaranteed Loan Refinance

house in burrillville, ri

Rhode Island residents who own homes in eligible rural areas and currently have mortgages owned or guaranteed by the U.S. Department of Agriculture may be eligible to refinance at lower rates with approved lenders.  


Who is Eligible?

Any Rhode Island borrower with an existing USDA Rural Development housing loan who has been current on his or her mortgage for the past 12 months, and whose mortgage rate is 100 basis points higher than the refinance rate.  Generally, borrowers with interest rates higher than 4.75% will likely be eligible.  


What are the Benefits?

  • Save borrowers money and help ensure that hardworking borrowers protect their investment and remain in their homes;
  • Help stabilize neighborhoods and save taxpayers money by staving off foreclosures;
  • Pump much-needed money into families’ budgets and into the economy; and
  • Help homeowners get through these difficult economic times.  

 The program will not cost taxpayers additional dollars.   


What are the Terms?

  • No new appraisals, property inspections or credit reports are required, regardless of LTV (loan-to-value);
  • 30 year, fixed rate at least 100 basis lower than borrowers’ current rate;
  • No cash out: Borrowers can only refinance the current loan balance;
  • Guarantee fee of 1.5% can be rolled into the loan amount; and
  • Other fees and requirements as determined by the lender.  


What Now?

The pilot program was announced on February 2012 and will be in place for two years.  If you believe you are eligible to participate in the pilot, the first step is to contact your lender or another participating lender.  See the list below for approved national and regional lenders.  If you would like the Rural Development Warwick Area Office to mail or fax you a copy of the lender list, please contact us at (401) 826-0842.  


Approved Lenders in Connecticut, Massachusetts, and Rhode Island

Note that lenders marked with an asterisk (*) are "nationally approved."  For a list of all nationally approved lenders located in any state, please click here (link will open a PDF document).


In Connecticut:

1st Alliance Lending, LLC*- East Hartford, CT

Advisorone Mortgage - Glastonbury, CT

Charter Oak Federal CU - Groton, CT

Chelsea Groton Savings Bank - Norwich, CT

Connecticut Housing Finance Authority (CHFA) - Rocky Hill, CT

Citizens National Bank - Putnam, CT

First World Mortgage - W. Hartford, CT

Green Planet Servicing, LLC* - Wallingford, CT

Greenwich Capital Financial Products, Inc* - Greenwich, CT

Ladd Mortgage - Canton, CT

Liberty Bank - Middletown, CT

McCue Mortgage - New Britain, CT

Norcom Mortgage - Avon, CT

Norwich Commercial Group, Inc* - Avon, CT

People’s United Bank* - Bridgeport, CT

Total Mortgage Services, LLC* - Milford


In Massachusetts:

American Liberty Mortgage - Worcester, MA

Athol Savings Bank - Athol, MA

Berkshire Bank* - Pittsfield, MA

Bridgewater Savings Bank - Raynham, MA

Bristol County Savings Bank - Taunton, MA

Cape Cod Five Cents Bank - Orleans, MA

Clear Point Funding* - Westborough, MA

Country Bank for Savings - Ware, MA

Covenant Mortgage - Westford, MA

Eastern Bank* - Middleborough, MA

Family First Bank - Ware, MA

Federal Home Loan of Boston* - Boston, MA

Fidelity Co-op Bank - Leominster, MA

First American Mortgage Trust* - Brookline, MA

First Eastern Mortgage Corporation* - Andover, MA

First Federal Savings Bank of Boston * - Andover, MA

Florence Savings Bank - Florence, MA

Greenpark Mortgage* - Needham, MA

Hoosac Bank - North Adams, MA

Lee Bank - Lee, MA

Lowell Cooperative Bank* - Lowell, MA

LYC Mortgage - Wellesley Hills, MA

Mechanics Co-op - Taunton, MA

Millbrook Mortgage Corp. - West Boylston, MA

Mortgage Financial, Inc.* - Tewksbury, MA

Mortgage Partners, Inc.* - Dracut, MA

MSA Mortgage, LLC* - Winthrop, MA

N E Moves Mortgage* - Waltham, MA

Northpoint Mortgage, Inc* - Fiskdale, MA

Poli Mortgage Group, Inc* - Norwood, MA

Radius Financial Group, Inc* - Norwell, MA

Reliant Mortgage Company, LLC* - Beverly, MA

Rockland Trust - Middleboro, MA

Southbridge Savings Bank - Southbridge, MA

Unibank - Whitinsville, MA

William Raveis Mortgage - Westford, MA

Williamstown Savings - Needham, MA


In Rhode Island:

Admirals Bank* - Cranston, RI   

Coastway Community Bank* - Cranston, RI

Coventry Credit Union - Coventry, RI

Embrace Home Loans, Inc* - Newport, RI

Homestar Mortgage* - Providence, RI

Randolph Savings Bank - Coventry, RI

Rhode Island Housing - Providence, RI

Semper Home Loans, Inc* - Providence, RI

Shamrock Financial Corporation* -East Providence, RI

Union Federal Savings Bank of RI* - North Providence, RI

Washington Trust Company - Westerly, RI