Financials You Should Know

2016 Rhode Island Income Limits for Low and Moderate Income Households
Municipalities: Burriville, Coventry, Cranston, Cumberland, East Greenwich, Foster, Glocester, Lincoln, North Smithfield, Smithfield, Warwick, West Warwick, West Greenwich, Woonsocket

Family Size            1                      2                      3                      4                      5                      6

Maximum    $48,750            $55,700         $62,650         $69,600         $75,200          $80,750
* maximum income guidelines is set annually by HUD.  The rates listed here are based on 80% of the local Median Area Income (AMI)

Estimated Monthly Payments*   

Taxes:                                                     $290
Ground Lease Fee:                              $ 35
Insurance:                                             $120
Principal Payment:                             $315
Interest on Loan:                                 $   0.  
Association dues:                               
Sewer Assessments:
Monthly Total:                                      $760
*  These are just estimated costs and for illustration purposes only.  The sales price is based on the FMV Appraisal value done prior to closing. Each house and homeowner will be different. All homeowners will pay their closing costs of about 1% at time of closing.  It is suggested that each family should have about $2500-$3000 for closing costs which include 2 months of taxes and insurance.

Depending on where you live, there are exemptions or tax reductions for Veterans and the Elderly. We encourage you to look up the town that you live in or looking to live in to see if any apply to you.