PROVIDENCE – A new pilot homeownership program launched Tuesday aims to expand access to affordable mortgage options for first-time buyers in Rhode Island with the backing of state deposits, General Treasurer James A. Diossa announced.

RI AnchorHome is a “community deposit” program designed to back qualifying mortgages issued by Navigant Credit Union, Centreville Bank and BankNewport with matching deposits from a state investment fund. PBN Branded Content

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With those deposits, the lenders pledge to offer qualified first-time homebuyers a starting interest rate of 3.99% (subject to market conditions) on a fixed-rate 30-year mortgage,

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