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Here’s a comprehensive guide to the best programs for a Rhode Island first time homebuyer and programs specific to Providence, Cranston, and Woonsocket. FHA.com is a privately-owned website that is not affiliated with the U.S. government. They insure the FHA loans that we can assist you in getting.
The closing cost program provides up to $3,000 toward closing costs in the form of a loan that becomes a grant after five years. This means as long as you occupy the home as your primary residence for at least five years after purchase, the entirety of the loan is forgivable. N eligible first-time homebuyers’ annual household income must fall under the minimum of $87,360 for a 1-2 person household, or $101,920 for a 3+ person household.
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Individual homebuyers should contact entities to fully understand requirements and processes. If you are buying a home in Woonsocket, you can qualify for first time homebuyer down payment assistance of up to $7,500. The assistance comes in the form of a 0% interest loan that is partially forgiven and partially deferred. Half of the loan is forgiven after five years and the remainder is deferred and must be repaid when the home is sold or title is transferred.
Participating Lenders can assist you with our loan programs at any income level. Contact our Loan Center directly if your annual household income is less than $112,555 (1-2 person household) or $129,438 (3+ person household). Complete details and information on how to apply is available online at/FirstGenHomeRI. The FirstGenHomeRI program was developed to address multi-generational inequities in access to homeownership and create equity in the housing market by narrowing homeownership and wealth gaps in the state.
Rhode Island first-time homebuyer loan programs
Eligible communities are those with some of the highest levels of need for increased homeownership opportunities. The 10kDPA is the newest of the first time homebuyer programs in Rhode Island. Launched in 2020, it offers up to $10,000 in down payment assistance for qualifying first-time buyers. The City of Providence runs a down payment assistance program in conjunction with the Housing Network of Rhode Island. It looks more attractive than the one offered by RIHousing.
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$10,000 in down payment assistance available to eligible homebuyers
Also, a lower down payment will make it harder for you to build equity in your home. And equity is something you may want to borrow against at some point in time. Given that home prices are way up these days, you may not be able to put down 30% or 40% of your home's value when you sign your mortgage. Down payment assistance is a matching fund program that provides 50% of the down payment you need up to $5,000.
You do not need to be a first-time homebuyer, but you cannot have owned a home in the last 12 months. Rhode Island Housing offers a first mortgage for first time homebuyers in Rhode Island. This popular program allows 100% financing when combined with down payment assistance.
REFINANCELOANS
This can be your starting point as you search for the right program for your family. Available to Rhode Island residents currently living in specific areas of the state, the pilot program offers $25,000 for down payment and closing costs. Providence, RI – RIHousing today announced a new down payment assistance program for first-time homebuyers. The “10kDPA” program provides a $10,000 down payment assistance loan to eligible homebuyers in Rhode Island. But Rhode Island offers special mortgages and education courses that can be a big help for first-time home buyers.
To qualify, the purchase price must be no more than $492,201 for a condo or home. The income limit is $99,730 for a household with one or two people or $114,689 for a household with 3+ people. This program differs from the Extra Assistance program because the down payment assistance does not have interest or monthly payments. The grant only needs to be repaid when the home is no longer your primary residence, sold, or any portion of the title is vested to anyone else. Many people who can afford the monthly mortgage payments and have reasonable credit will qualify. Browse through our frequent homebuyer questions to learn the ins and outs of this government backed loan program.
Along with RIHousing’s programs, first-time homebuyers in Rhode Island might also qualify for other types of affordable mortgages, including FHA, VA or USDA loans. These can be ideal if you don’t have a substantial down payment or have a lower credit score. There are also specialized programs geared towards certain types of borrowers, such as teachers or police offers. Head over to Bankrate’s guide to first-time homebuyer loans and programs to see what options might be available to you.
City of Providence HOME funds are offered as a 0% interest loan. This is the most popular first time homebuyer loan in Rhode Island. You need a down payment of just 3.5% but you will pay annual and upfront mortgage insurance premiums .
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This fairly new program from Rhode Island Housing awards approved borrowers with $10,000 in down payment assistance in the form of a forgivable loan. The loan accrues no interest and requires no monthly payments, and as long as the home is your primary residence for the lifetime of the loan, the full amount is able to be forgiven. Learn about more about this exciting program on the10kDPA website.
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