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First-Time Homebuyers

Washington Trust Bank is excited to help you fulfill your dream of homeownership. There are many benefits to owning a home and many things to consider before making the decision to buy. Wherever you are in the process, a Washington Trust loan officer can help answer your questions and guide you through the process.





Loans for first-time homebuyers.

A Washington Trust Bank loan officer will explain your financing options and help you decide which loan is right for you. Keep in mind your income, debt, credit history, and the amount of money you have saved for a down payment when determining which loan is the best fit.*

Government loans.

The Federal Housing Administration (FHA) lets you finance up to 96.5% of home purchases and the Veterans Administration (VA) allows up to 100%.

State bond loans.
First-time homebuyers with low to moderate incomes may obtain down payment assistance and benefit from expanded program guidelines designed to encourage homeownership.


USDA rural housing loans.
The United States Department of Agriculture (USDA) offers up to 100% financing for low- to moderate-income borrowers in designated rural areas.






























Ready to apply?

Apply for a home loan online, call Priority Service at 800.788.4578, or visit a Washington Trust Bank location near you.

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First-time homebuyer classes.

These classes are free and open to the public. Members of our mortgage loan team will lead you through the ins and outs of the homebuying process. Come ready with questions and get advice from the experts.
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Down payment assistance programs and resources.


Are you ready for homeownership?

Use the calculators below to see what homeownership may look like for you.
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a calculator with a coin above it.

a calculator with a coin above it.













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Ready to get started?

Connect with a loan officer.



Common first-time homebuyer questions.


You may be able to get into a new home with as little as 3.5% of the purchase price for your down payment. You may even qualify for a down payment assistance program.
Yes, ask a Washington Trust loan officer about these programs and resources:

Your credit history is not the sole deciding factor in the loan qualification process, but it is important. It’ll affect the interest rate you’re given on your loan, and it will determine the type of loan program you can be offered. While your score certainly doesn’t need to be perfect, it’s important to try to maintain a good credit score.

Help improve your credit history by taking the following steps:
  1. Get a copy of your credit report and review it carefully. You can access a copy of your report through the Federal Trade Commission.
  2. Correct or dispute any errors on your credit report at ftc.gov.
  3. Maintain a good credit history going forward. Make sure you’re paying your bills on time and paying down your debt as much as possible. We recommend making more than minimum payments on your credit cards whenever possible.
  4. Check your credit report once a year at a minimum to make sure you know where you stand and can correct any errors.
You can receive additional credit counseling in a couple of ways:







































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Important information:

*Subject to credit approval and must meet eligibility requirements.