PROVIDENCE – Rhode Island Housing, working with a network of lenders, authorized $291 million in mortgage loans to homebuyers in 2016, the highest closing volume in its history.
The loan volume represented a 35 percent increase from 2015, according to its annual report issued Tuesday.
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Altogether, the quasi-state agency had a $657 million economic impact on the Rhode Island economy, according to its tally.
Investments came in housing development, homeownership gains, rental assistance and renovation assistance for qualified applicants.
“In terms of mortgage lending, 2016 was our biggest year in more than 40 years,” wrote Barbara Fields, executive director, and Nicholas Retsinas, chairman of its board of commissioners.
“Working with 36 lender partners and the local real estate community, we helped more Rhode Islanders purchase a home than ever before.”
Among the assistance approved last year, Rhode Island granted $9.3 million in assistance to 1,465 new homeowners who received down payment assistance. Another $31 million in rehabilitation loans was issued for 177 homebuyers who purchased houses needing repairs.
The homebuying class of 2016 had some of the following characteristics:
The average age was 35. Their average credit score was 693. The median household income of homebuyers was $61,398. And 45 percent were women. The average sales price of purchased homes was $182,033. Seventy-nine percent of the owners received mortgages issued by participating lenders.
Mary MacDonald is a PBN staff writer.
