Projo 7 to 7 News Blog

The state's housing and mortgage assistance agency is offering help to people buy vacant or foreclosed houses.

Rhode Island Housing on Friday announced a loan package that would allow qualified applicants to borrow the full purchase price of the house plus money for repairs and upgrades. The money would be provided in a 30-year, fixed-rate mortgage.

The agency also urged all buyers -- especially of foreclosed and vacant houses -- to get a home inspection before buying a house.

"Not only is skipping a complete inspection a risk for individuals, it may lead to a whole new wave of buyers who are stuck in homes they cannot afford to fix. Then the houses end up back in foreclosure, a continuation of the current crisis," said Richard H. Godfrey, the agency's executive director. "Yes, there are a lot of bargain-priced homes out there, and now could be an ideal time for you to buy, but you want to do everything in your power to avoid unpleasant and costly surprises."

 Tags  foreclosure Richard H. Godfrey

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