BayCoast Bank Joins RI AnchorHome Making Homeownership Affordable

This innovative program is designed to make purchasing a home more affordable, while strengthening communities across the State of Rhode Island. Eligible first-time homebuyers can access a traditional 30-year fixed-rate mortgage at a lower rate, with no private mortgage insurance (PMI).

RI AnchorHome provides a new way to help Rhode Islanders achieve the American Dream while keeping lending decisions at the local level. Through the strategic use of State deposits, RI AnchorHome makes it possible for participating lenders, including BayCoast, to offer more affordable mortgage options without the State acting as the lender.

Key benefits include:

• Eligible first-time homebuyers purchasing a primary residence in Rhode Island.
• Qualifying borrowers receive a low, 3.99% 30-year fixed-rate mortgage
• No private mortgage insurance (PMI) is required
• Up to 100% LTV Financing

Maximum purchase price is $525,000 for single-family homes and $575,000 for two-family homes. Warrantable condominiums are also eligible. Household income is capped at 110% of statewide income limits and borrowers may not own other residential properties at the time of closing. Homeownership counseling is required.

"We are excited to partner with RI AnchorHome to help make homeownership a reality for more families," said Marie Pellegrino, President of BayCoast Bank. "Buying your first home is an important milestone. We're here to help you take that next step with confidence."

"We understand that for many first-time buyers, getting the home of their dreams can often feel out of reach," said Shawn L. Rioux, Co-President of BayCoast Mortgage. "Through RI AnchorHome, we're proud to help remove some of those barriers and give more Rhode Islanders the opportunity to put down roots."

"Homeownership has the power to strengthen families and communities for generations," said Heather Francis, Co-President of BayCoast Mortgage. "RI AnchorHome is creating meaningful opportunities for more Rhode Islanders to take that important step, and we're proud to be part of a program that invests in their future."

RI AnchorHome represents an inspired approach to addressing one of the biggest challenges facing aspiring homeowners: affordability. The program aims to help more working Rhode Islanders put down roots, build financial stability and become part of the communities they call home.

Westerly Community Credit Union and Bristol County Savings Bank are also participants in the program.

*Loans offered through BayCoast Mortgage Company, a wholly-owned subsidiary of BayCoast Bank. For example, a 30-year $525,000 first-lien loan on a primary residence with an interest rate of 3.99% (4.032% APR) as of 10/1/2026 will have 360 monthly principal and interest payments of $2,503.40. Payments do not include amounts for taxes and insurance premiums or any applicable HOA fees, and the actual payment obligation will be greater. Example loan reflects a loan-to-value of 100% and a borrower FICO score of 670. All loans are subject to credit approval, RI AnchorHome loan program eligibility, and availability of program funding. Loan terms may vary. Rhode Island Licensed Lender. Equal Housing Opportunity. NMLS # 1082048.