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Homestar Mortgage Tops the List of Lenders Helping First-time Homebuyers

Providence, RI (April 28, 2010) – Providence-based Homestar Mortgage has been named Rhode Island Housing’s top partner lender for 2009 and the first quarter of 2010. Homestar Mortgage tops the …

Providence, RI (April 28, 2010) – Providence-based Homestar Mortgage has been named Rhode Island Housing’s top partner lender for 2009 and the first quarter of 2010. Homestar Mortgage tops the list of 37 partner lenders and brokers who offer Rhode Island Housing’s safe, low-interest FirstHomes100 mortgages. Designed for first-time homebuyers, FirstHomes100 features 100 percent financing, 100 percent local service and 100 percent support for the life of the loan.

“By continuously looking out for our customers’ best interests, Homestar Mortgage has helped hundreds of families safely buy a home that fits their needs and budget through Rhode Island Housing’s FirstHomes100 product line,” said Richard Godfrey, Executive Director of Rhode Island Housing. “Thanks to our partners, like Homestar, Rhode Island Housing can continue our mission to ensure that all Rhode Islanders have a safe, healthy home that they can afford to keep.”

A partner lender since 2006, the Homestar Mortgage team firmly supports Rhode Island Housing’s buy smart philosophy, which encourages buyers to always be aware of what they are buying and fully understand the terms of their mortgage agreement before signing anything. Homestar Mortgage often recommends Rhode Island Housing’s FirstHomes100+ purchase rehab loan to families considering purchasing a home in need of repair. This special loan provides all the benefits of Rhode Island Housing’s FirstHomes100 mortgage PLUS all the funds to complete repairs and upgrades to the home, and a consultant to help the homebuyer through the renovation – in one low-interest, fixed-rate loan. This eliminates the need to re-apply for a home repair loan later, which would likely have a higher rate and bigger payments. Under the terms of a FirstHomes100+ loan, homebuyers receive a clear assessment of the condition of the home, minimizing the risk of expensive or even dangerous surprises.

“FirstHomes100 and 100+ are wonderful tools for first-time homebuyers and Homestar is happy to be able to offer these loans to our customers,” said Stephen Tetzner, Principal of Homestar Mortgage. “These low-interest loans are safe and dependable and allow the homebuyer to wrap the purchase price and renovation costs into one monthly payment. It helps to ensure that the homebuyer has all of the funds needed to make their purchase and make any necessary repairs to the home, avoiding additional and unexpected expenses.”

For more information on FirstHomes100 and FirstHomes100+, and for a list of 100 Things to Know Before You Buy a Home, visit www.rhodeislandhousing.org or call 401 457-1234.

Rhode Island Housing is a self-sustaining public agency, which generates its own operating income, without state funding. Everything the agency earns is reinvested to meet the needs of the state. Together with its partners, the agency works to ensure that all people who live and work in Rhode Island can afford a safe, healthy home that meets their needs. Rhode Island Housing provides low-interest loans, grants, education, advocacy and consumer counseling to help its customers rent, buy and retain their homes. It also offers special programs to ensure that these homes are safe and healthy.

Homestar Mortgage is one of Rhode Islands largest independent mortgage lenders, offering home loans, construction loans, reverse mortgages, refinance programs, FHA, VA, jumbo and Rhode Island Housing programs. With offices in both Providence and Wakefield, Homestar is a licensed mortgage lender in RI, MA, CT and FL. Homestar was founded by Carl and Stephen Tetzner, who combined have over 60 years of mortgage expertise and are backed by a team of over 20 loan officers.

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