Mortgage Loans and Programs

Let Us Be Your Mortgage Guides

At Helping Hands Community Partners, we understand that securing the right mortgage is a pivotal step to reaching your homeownership goals. That's why we offer a diverse range of loan products designed to meet your unique needs and financial goals. Whether you're a first-time homebuyer or a seasoned real estate investor, our comprehensive selection of mortgage options provides the flexibility you're looking for.

Your Loan Officer will explain your options and deliver a mortgage with the best loan terms available.

Down Payment Assistance (DPA)

Down Payment Assitance (DPA) programs are designed to help eligible first-time homebuyers in Rhode Island with what is often the biggest hurdle to homeownership: the down payment.

Are you looking to bring less funds to close? DPA can help cover some or all of your closing costs and down payment. Talk to a Helping Hands Loan Officer today for more information. 

Loan Products

Conventional Mortgage

A conventional mortgage loan is not directly insured by a government program. Most conventional loans are also “conforming” loans, which simply means that they meet the requirements for Fannie Mae or Freddie Mac. These loans may be more difficult to qualify for, but they usually have lower costs. 


If you have strong credit and stable income, a Conventional loan might be the right option for you, since Conventional loan programs traditionally offer more options to the borrower.



  • Minimumn down payment requirments are 3%–5%
  • Fewer fees 

FHA Loan

FHA mortgage home loans are insured by the Federal Housing Administration (FHA). This mortgage loan option offers flexible qualification guidelines to help people who might not qualify for a conventional mortgage.



  • Flexible income and credit requirements
  • Low down payment of 3.5%
  • Flexible use of gifts and grants for down payment
  • Required to occupy the property for at least 1 year.

VA Loan

VA mortgage loans provide affordable home financing options for eligible service members, veterans and surviving spouses. A VA Loan is backed by the federal government.

Helping Hands Community Partners is honored and dedicated to helping our veterans who have served for our country. Let us guide you through the process.



  • No down payment (so long as the sale price does not exceed the appraised value)
  • No annual mortgage insurance required
  • Closing costs may be paid by the seller
  • No penalty for early payoff of the loan
  • You do not have to be a first-time homebuyer
  • VA-backed loans are assumable so long as the person assuming the loan qualifies
  • No up-front VA funding fee for disabled veterans


Another government backed loan program that helps to make purchasing a home more affordable for low- to moderate-income individuals living in designated rural areas.



  • The ability to finance up to 100% of the appraised value
  • The ability to finance the up-front portion of the guarantee fee
  • Lower credit score requirements
  • Lower interest rates
  • Lower closing costs
  • For borrowers looking to buy in rural areas


FHA 203(k) Loan

The FHA 203(k) program offers the convenience of financing both the purchase of a primary residence and necessary repairs through a single mortgage, requiring a minimum down payment of 3.5%. You can choose between two distinct types of 203(k) loans.



Allows borrowers to finance rehabilitation costs from $5,000 and up; no maximum repair costs. Loan limits vary by county.


Streamline FHA 203(k):

Provides financing for minor renovations and repairs up to $35,000 of your mortgage.

Jumbo Loans

Jumbo mortgage loans offer the ability to purchase a higher-value home with a loan amount that exceeds the standard conforming loan limits established by the Federal Housing Finance Agency, a U.S. federal government entity.



  • Higher purchase limits
  • The ability to purchase more home
  • Stricter qualifications

Bank Statement Loan

A Bank Statement loan is a specialized home loan program primarily crafted to cater to the unique needs of self-employed individuals and business owners. In this program, the lender evaluates the income qualifications by considering the deposits into the applicant's business account rather than relying on traditional tax return documentation.


Helping Hands Community Partners understands that borrowers should not be denied the opportunity of homeownership, even when they may not align with conventional loan criteria.

Home Equity Loan

Use your home's equity and borrow cash to pay down expenses, consolidate debt, start home renovations, and more. You can do it all, and maintain your low-interest rate on your current mortgage.


  • Access funds immediately in a lump sum
  • Get a fixed interest rate and predictable monthly payments
  • Enjoy lower interest rates than many credit cards or personal loans
  • Borrow up to 90% of your home's value
  • Choose 10- and 20-year terms

Investor Loans (DSCR)

DSCR stands for Debt Service Coverage Ratio. A DSCR mortgage is designed to help real estate investors and property owners finance their properties with greater flexibility. 


With a DSCR mortgage, borrowers can secure financing for their properties based on the property’s actual income and expenses. This means that borrowers with irregular income streams can still qualify for financing if their properties generate enough cash flow to cover the loan payments.



  • No DITI ratios
  • Less documentaion
  • 1-8 units allowed
  • Based on appraisal 

RI Licensing Exempt, NMLS #1553939. We arrange but do not make mortgage loans.

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