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First-time home buyer programs in Westerly, RI

Quick answer

First-time buyers in Westerly, RI can use 3%-down conventional loans (up to the $832,750 Washington County conforming limit), 3.5%-down FHA, or VA and USDA where eligible, plus 1 verified city, county or statewide assistance program. On the $400,200 median home, 3% down is about $12,006 and the estimated payment is $3,430/month at 7.18%.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsData last updated

Median household income: $82,333; value-to-income ratio 4.86. Westerly ranks 3 by home value and 9 by population among 15 places in our RI dataset.

What does a first-time buyer loan cost on a typical Westerly home?

ItemWesterly
Median home value (Census ACS)$400,200
Rhode Island median home value$368,800
Down payment (3%)$12,006
Loan amount$388,194
Estimated monthly payment (PITI + MI)$3,430
Income needed (28% / 36%)$148,000 / $115,000
Washington County 2026 conforming limit (1 unit)$832,750
Max purchase price at the limit$858,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Payment includes Rhode Island's 1.32% effective property tax rate (Census ACS), $2,396/yr homeowners insurance (NAIC state average) and an estimated 0.5% PMI.

What is the 2026 conforming loan limit in Westerly?

Westerly is in Washington County. Conventional 3%-down loans go up to the $832,750 conforming limit (price ≈ $858,000); FHA loans go up to $787,750.

The Westerly median home value of $400,200 is 9% above the Rhode Island median, and within what the county limit supports.

Which down payment assistance programs can Westerly buyers use?

First-time buyer loans in nearby cities

NewportNewport EastWarwickCranstonProvidenceEast Providence

First-time buyer loan FAQs for Westerly

On the $400,200 median: 3% conventional ≈ $12,006, 3.5% FHA ≈ $14,007, and 0% for eligible VA or USDA buyers. Conventional loans above $832,750 in Washington County become jumbo loans.

At the $400,200 median value (above the Rhode Island median of $368,800), the estimated payment of $3,430/month at 7.18% needs about $148,000 a year under the 28% housing guideline, or $115,000 if your total debts stay under 36%.

0 city-level, 0 county-level and 1 statewide programs are verified for this city (1 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.