RI AnchorHome Program Added Three Lenders
The state-backed housing program has expanded its network to help first-time buyers access fixed-rate mortgages.
Updated on Oct. 13, 2026 in Residential
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The RI AnchorHome program, which assists first-time homebuyers with down payments and closing costs, has added three new participating financial institutions. The program has financed more than $45 million in home purchases since its launch.
Why it matters
The expansion aims to address persistent homeownership affordability challenges as the median single-family home price in Rhode Island reached $499,900. By increasing the number of participating lenders, the initiative provides more access to the program's mortgage products for prospective buyers.
The program has supported 119 home purchases with an average loan of $383,000 for homes priced at an average of $400,000. These figures arrive as the average rent for a two-bedroom apartment in the state has climbed 1.8% to $2,358.
The players
BayCoast Bank
A financial institution now participating in the state-backed RI AnchorHome mortgage program.
Bristol County Savings Bank
A community-focused lender that recently joined the state's housing affordability initiative.
Westerly Community Credit Union
A credit union that has officially joined the RI AnchorHome lender network to expand mortgage access.
The details
The program operates by having the state deposit matching funds with participating financial institutions to support mortgage offerings. Through this partnership, the program provides first-time buyers with 30-year fixed-rate mortgages that include assistance for both down payments and closing costs. Applicants are required to complete mandatory homeownership counseling to qualify for the financing.
Timeline
The RI AnchorHome program initially launched in December 2025.
Three new lenders were added to the program on October 6, 2026.
The Home Front
The expansion of the RI AnchorHome program follows a broader trend of state-led interventions to manage housing affordability. This development directly tracks the ongoing increase in the median single-family home price, which has risen 5.3% to reach $499,900.
If you are a first-time homebuyer, inquire with a loan officer at BayCoast Bank, Bristol County Savings Bank, or Westerly Community Credit Union to see if your financial profile meets the program criteria. Ensure you complete the required homeownership counseling before beginning your mortgage application.
The takeaway
The addition of new lenders increases the options for first-time buyers seeking down payment assistance within a competitive housing market. Prospective homeowners should verify their eligibility for the 30-year fixed-rate products by contacting one of the newly participating institutions.
Further reading
Learn more about the latest housing market developments in our Residential section.
Source note: This article includes information reported by Providence Business News.
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Do you support state-funded programs that provide down payment assistance to first-time homebuyers?
