Today's mortgage rate effective January 18, 2019 is 4.625% with an Annual Percentage Rate of 4.861% (servicing released). You may qualify for lower rates. Rates are subject to change without notice.
First Time Homebuyer
Washington Trust Bank is excited to help you fulfill your dream of home ownership. There are many benefits to owning a home and many things to consider before making the decision to purchase your first home.
First Time Homebuyer Classes
These free classes, open to the public, are designed to help you better understand the home buying process, as well as answer any questions you may have. Contact a Loan Officer for the class schedule and to find out more.
loan types available to first time homebuyers
A Washington Trust Bank loan officer will explain all of your financing options and help you decide which loan is right for you. Keep in mind your 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 for you!
Down payments are low; the FHA (Federal Housing Administration) lets you finance up to 96.5% of home purchases, and the VA (Veterans Administration) 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
100% financing may be available for low-to-moderate income borrowers in "designated rural areas."
Down Payment Assistance Program & Resources
- Down payment assistance
- Housing counseling agencies
- Low-interest loan programs
- Affordable homeownership opportunities
- Washington State Housing Finance Commission
- Washington State Housing Finance Commission Downpayment Assistance
- US Housing & Urban Development
Common First Time Homebuyer Questions
How do I know which loan best fits my needs?
A Washington Trust Bank loan officer will explain all of your financing options and help you decide which loan is right for you.
Can the seller pay for my down payment?
No, the seller can’t pay your down payment. However, it can be negotiated to have the seller pay your closing costs.
How much of a down payment do I need to have?
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. Plus, if the seller is willing to pay the closing costs, you may be able to get into your home without paying anything upfront.
What if I don’t have perfect credit?
You don’t need to have perfect credit. It must be good, but it doesn't have to be perfect. We understand that sometimes in life circumstances arise that can affect your credit score. Your credit history is not the sole deciding factor in the loan qualification process, but it’s important. It will affect the interest rate you are given on your loan and it will determine the type of loan program you can be offered.
Help to improve your credit history by taking the following steps below:
- Read your credit report—You can access a copy of your credit report at www.ftc.gov/bcp/menus/consumer/credit.shtm.
- Correct or dispute any errors on your credit report at www.ftc.gov/bcp/edu/pubs/consumer/credit/cre21.shtm.
- Maintain a good credit history going forward.
- Check your credit report once a year, at a minimum.
For Credit Repair and Counseling, contact:
- The Homeownership Hotline sponsored by WSHFC-1-877-894-HOME (4663).
- For a list of counselors visit