General Treasurer James Diossa announced a third phase of RI AnchorHome on Tuesday, adding BayCoast Bank, Bristol County Savings Bank and Westerly Community Credit Union to the state’s first-time homebuyer mortgage program.
Since launching in December 2025, the program has financed 119 home purchases totaling more than $45 million. The average loan is about $383,000, against an average purchase price just over $400,000.
The program offers 30-year fixed mortgages starting at 3.99 percent, subject to market conditions, with no private mortgage insurance, support for down payment and closing costs, and required homeownership counseling. Rather than lending directly, the state deposits matching funds at the participating institution when a qualified buyer is approved, which the treasurer’s office says lets lenders offer more affordable terms.
“RI AnchorHome has already helped 119 first-time homebuyers take that important step,” Diossa said. “With Phase 3, we are building on that momentum, expanding our partnerships and opening the door to homeownership for even more Rhode Islanders.”
The three original lenders were Navigant Credit Union, Centreville Bank and BankNewport.
Brenda Clement, executive director of HousingWorks RI, said the state’s median single-family home price has risen 5.3 percent to $499,900 and average rent for a two-bedroom to $2,358 a month.
Gov. Dan McKee, Sen. Jacob Bissaillon of Providence and Rep. June Speakman of Bristol also praised the expansion.
