State agency offers loans to buy foreclosed houses
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By Paul Edward Parker 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." 
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