The Best Mortgage Lenders in Pawtucket, RI
Compare verified mortgage lenders serving Pawtucket, Rhode Island. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Pawtucket
Featured Mortgage Lenders
Michael DeRobbio
People's Credit Union
People's Credit Union stands out as one of Rhode Island's most trusted mortgage lenders with deep roots in the Pawtucket community. As a local credit union, they offer highly competitive rates and personalized service that larger national banks can't match. Their mortgage team, led by experienced professionals like Michael DeRobbio, specializes in guiding first-time homebuyers through the entire process while offering a comprehensive range of loan products. Members consistently praise their responsive communication, local decision-making, and commitment to finding the right mortgage solution for each borrower's unique situation.
Loan Types:
John Sousa
Supreme Lending
Supreme Lending's Pawtucket office has built an exceptional reputation for mortgage expertise and outstanding customer service throughout Rhode Island. Under John Sousa's leadership, this locally-operated branch combines the resources of a national lender with personalized, community-focused service. They excel at complex loan scenarios, construction financing, and helping borrowers with unique financial situations. Their high rating reflects consistent praise for transparent communication, efficient processing, and their ability to secure competitive rates even for challenging loan applications.
Loan Types:
David Gervais
CrossCountry Mortgage
CrossCountry Mortgage brings national lending power with strong local expertise through their Pawtucket-based team led by David Gervais. With nearly two decades of experience, they offer an extensive portfolio of loan products and particularly excel in jumbo loans and investment property financing. Their streamlined digital process combined with personalized guidance makes them a top choice for both purchase and refinance transactions. Customers consistently highlight their responsiveness, thorough explanations of complex mortgage terms, and ability to close loans efficiently while maintaining competitive rates.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Pawtucket, RI
Are there any special first-time homebuyer programs or grants available specifically for purchasing a home in Pawtucket, RI?
Yes, Pawtucket homebuyers can access Rhode Island Housing's FirstHomes program, which offers competitive interest rates, down payment assistance, and a Mortgage Credit Certificate (MCC) for federal tax savings. Additionally, the City of Pawtucket occasionally administers its own down payment assistance grants for income-eligible buyers, so it's wise to check with the Pawtucket Department of Planning & Redevelopment for current local offerings.
How do property taxes in Pawtucket impact my mortgage payments and affordability?
Pawtucket has a property tax rate of approximately $24.98 per $1,000 of assessed value (as of 2023), which is higher than many surrounding areas. Lenders will calculate this into your total monthly payment via an escrow account, significantly affecting your debt-to-income ratio. When getting pre-approved, ensure your lender uses accurate local tax estimates, as a high tax bill can reduce the loan amount you qualify for compared to a city with lower rates.
What should I know about getting a mortgage for a multi-family home in Pawtucket, given the number of two- and three-family properties?
Financing a multi-family (2-4 unit) property in Pawtucket is common and can be done with conventional, FHA, or VA loans, allowing you to use projected rental income from the other units to help qualify. However, lenders will require a market rent analysis, and properties must meet specific FHA/VA safety and occupancy standards, which can be a consideration for Pawtucket's older housing stock. This can be a great strategy for house-hacking and building equity.
Are there specific mortgage considerations for buying in Pawtucket's historic neighborhoods or for older homes?
Absolutely. Many Pawtucket homes are historic or built before 1978, which may require specialized loan products like a FHA 203(k) renovation loan to finance both purchase and repairs. Lenders will also require thorough inspections for older systems (plumbing, electrical, roofing) and may mandate lead paint disclosures. An appraiser familiar with historic properties in Rhode Island is crucial for an accurate valuation.
How competitive is the mortgage lending environment in Pawtucket, and are local credit unions a good option?
The lending environment is competitive, with both national banks and strong local Rhode Island credit unions (like Pawtucket Credit Union, Navigant Credit Union) actively offering mortgages. Local institutions often have deeper knowledge of Pawtucket's market, may offer flexible underwriting for unique properties, and sometimes provide special rate discounts or programs for city employees or long-term residents, making them excellent options to consult.
Nearby Cities
Explore mortgage lenders in cities near Pawtucket, RI
Why Choose a Mortgage Lender in Pawtucket?
Local Market Knowledge
Lenders who understand Pawtucket's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Rhode Island.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Pawtucket and get competitive rates on your home loan.