Rhode Island Housing’s Message to Homebuyers: Now is a Great Time to Buy, if You Buy Smart

Providence, RI – February 1, 2010 – (RealEstateRama) — At a time when so many Rhode Islanders are in need of a safe, healthy home that they can afford, Rhode Island’s unsettled economy continues to be a strain on many. At the same time, there are many factors that make now a great time to buy a home. Rhode Island Housing is encouraging people to buy smart. Together with its partners, the agency is offering free classes designed to provide the tools to help make safe, informed decisions about buying a home.

“With reasonable interest rates and more affordable home prices, purchasing a home now may be good step for many Rhode Islanders,” says Richard Godfrey, Executive Director of Rhode Island Housing. “Buying smart is about deciding with your head, not just your heart. It’s about talking to professionals who have your best interest in mind.”

Rhode Island Housing Homebuyer Education classes will be held on the following dates in February:

Wednesday, February 3, from 6:00 p.m. to 9:30 p.m.

Warwick Police Station, 99 Veterans Memorial Boulevard, Warwick

Monday, February 8, from 6:00 p.m. to 9:30 p.m.

DaVinci Center, 470 Charles Street, Providence

Tuesday, February 16, from 6:00 p.m. to 9:30 p.m.

South Kingstown Library, 1057 Kingstown Road, South Kingstown

Wednesday, February 24, from 6:00 p.m. to 9:30 p.m.

Warwick Police Station, 99 Veterans Memorial Boulevard, Warwick

The workshops will cover safe-lending practices, qualifying for a mortgage, correcting credit problems, taking advantage of today’s tax credits, saving for a down payment and more.

Many graduates of Rhode Island Housing’s Homebuyer Education have qualified for the agency’s FirstHomes100 and 100+ line of low-interest, fixed-rate mortgages, as well as down-payment assistance. The agency’s current rates range from 3.75 percent to 5.00 percent, depending on household income.

For more information on Rhode Island Housing and a schedule of all upcoming Homebuyer Education classes, visit www.rhodeislandhousing.org or call 401 457-1234.

In addition to classes offered by Rhode Island Housing, The Housing Network – a Rhode Island Housing partner agency – also offers a series of classes designed to help more people become successful homeowners. Courses include: The Homeownership Connection – a comprehensive workshop specifically designed for people who are ready, or will be ready within six months, to be pre-approved for a mortgage; and Financial Fundamentals, which is designed for people who will need more than six months to prepare to become pre-approved for a mortgage.

“When it comes to buying smart, preparedness is key,” says Chris Hannifan, Executive Director of The Housing Network. “Often, buying a home is the biggest investment that people make in their lives. Taking the time to understand what is needed to become a successful homeowner and talking to the right professionals are very important steps.”

For more information on The Housing Network and its classes, visit www.housingnetworkri.org.

Rhode Island Housing is a self-sustaining public agency, which generates its own operating income, without state funding. Everything the agency earns is reinvested to meet the needs of the state. Together with its partners, the agency works to ensure that all people who live and work in Rhode Island can afford a safe, healthy home that meets their needs. Rhode Island Housing provides low-interest loans, grants, education, advocacy and consumer counseling to help its customers rent, buy and retain their homes. It also offers special programs to ensure that these homes are safe and healthy.