No money down
For starters, a USDA loan is one of the only loan programs offered to the general public that allows you to finance 100% of your home’s value. That means no down payment of any kind!
Rhode Island USDA Loans
My state-specific information
Eligibility Requirements – Rhode Island
That New England home you’ve been dreaming of could finally be yours with a loan from the USDA. For a family of 1-4 in Rhode Island, the average household income limit for a USDA loan is about $131,450, and for families of 5 or more the limit can be as high as $200,800. Plus, no maximum loan amounts, no down payment, and fixed interest rates mean that a USDA loan can fit just about any situation. Want to learn more? Fill out the form above to get in touch with one of our USDA loan specialists and find out how to make your dream a reality.
This map shows the areas of Rhode Island that are eligible for USDA loans. For more information on qualifying areas, head to the USDA property eligibility screen.
Rhode Island USDA Income Limits (Moderate Income – Guaranteed Loan)
All Rhode Island areas have higher-than-standard USDA income limits due to regional housing costs.
| Area | 1–4 Person | 5+ Person |
|---|---|---|
| Providence-Fall River, RI-MA HUD Metro FMR Area | $131,450 | $173,550 |
| Westerly-Hopkinton-New Shoreham, RI HUD Metro FMR Area | $142,250 | $187,800 |
| Newport-Middleton-Portsmouth, RI HUD Metro FMR Area | $152,100 | $200,800 |
Important: USDA income limits are based on total household income — including income from all adult household members — not just the borrower(s).
If your total household income is within your area’s limit and the home is located in a USDA-eligible area, you may qualify for a USDA Guaranteed loan with 100% financing (no down payment required).
Check Your Rhode Island USDA Eligibility
USDA loans are available in eligible suburban and coastal communities throughout Rhode Island. We can quickly:
- Verify your household income eligibility
- Confirm the property is in a USDA-approved location
- Provide a fast payment estimate
Income limits shown are for USDA Guaranteed loans and may change annually. Final eligibility depends on verified household income, household size, property location, and USDA program guidelines.
- NO down payment – Finance 100% of your home
- NO maximum loan amount in Rhode Island.
- NO assets needed to qualify
- Flexible credit guidelines
- Competitive, fixed interest rates so payments do not increase
- USDA Loans are for new and existing properties
Start your Rhode Island USDA home loan now! Just fill out this quick form to get started & a USDA loan specialist will contact you with your options.
What areas are eligible?
USDA Eligibility Map – Rhode Island
USDA Home Loan Features
Great interest rates
USDA loans are made even more affordable through very competitive fixed interest rates, ensuring your payments will not increase every month.
Need a 620 credit score
USDA Loans .Net requires a middle credit score of at least 620. If you are close, apply and we can help.
Affordable 30 year terms
USDA home loans also offers affordable 30 year terms. If you are a first time home buyer, or not, a USDA loan is the perfect fit.
Roll in your closing costs
A USDA loan allows you to finance in your closing costs up to the appraised value. Making the USDA loan the only mortgage on the market with this ability.
Apply today
Start your USDA Loan now! It only takes 30 seconds to see if you qualify.
New Applicants: For questions about a mortgage application currently in process, please reach out to your Mortgage Loan Officer. If you are not sure who your Mortgage Loan Officer is, please email our Mortgage Help Desk at mortgagehelpdesk@magnoliabank.com. Customer Feedback: For complaints or to provide feedback, please email complaints@magnoliabank.com.
This communication does not constitute a commitment to lend or the guarantee of a special interest rate. All loan programs and availability of cash proceeds are subject to credit, underwriting and property approval.
