Explore the FirstGenHomeRI program, Extra Assistance options, and $15,000 DPA to make your homeownership dreams a reality.
Verify Your Rhode Island Homebuyer Assistance Eligibility
The Extra Assistance Program offers up to 6% of the purchase price or $20,000, whichever is less, to help with your down payment. This is a second mortgage loan with no fees, and in most cases, the interest rate matches the rate of your first RIHousing mortgage.
To qualify, you must get a RIHousing-funded first mortgage through an approved lender, meet income and purchase price limits, and complete a homebuyer education course.
This program offers up to $15,000 in down payment and closing cost assistance to first-time homebuyers in Rhode Island. It’s a forgivable loan, meaning you don’t have to pay it back if you stay in your home for at least five years.
To qualify, you need to meet specific income limits and purchase a home as your primary residence.
FirstGenHomeRI is for first-generation homebuyers—those whose parents didn’t own a home. It provides up to $25,000 in down payment and closing cost assistance.
The program is perfect for individuals looking to break into homeownership and create generational wealth. To qualify, you need to meet income limits, complete a homebuyer education course, and buy a home in Rhode Island.
All three programs provide:
Financial assistance to reduce the upfront cost of homeownership.
Support for down payment and/or closing costs.
Options tailored to meet the needs of first-time homebuyers in Rhode Island.
Affordable loan terms, including forgivable and low-interest options.
Access to homebuyer education programs to guide you through the process.
Each program may have additional unique benefits. Verify your eligibility online today to find the program that’s right for you.
To qualify for any of these programs, you must:
Be a first-time homebuyer.
Purchase a 1-4 family home or condominium in Rhode Island.
Occupy the home as your primary residence.
Meet specific income and purchase price limits.
Complete a homebuyer education course.
Rhode Island Down Payment Assistance Calculator - Use our simple eligibility calculator to find out which programs you qualify for and take the first step toward owning your home in Rhode Island.
Each program has specific loan terms to help you achieve homeownership. Review the details below for clarity.
This program provides up to six percent (6%) of the purchase price or $20,000, whichever is less. The loan has zero percent (0%) interest or, in most cases, the same interest rate as your RIHousing first mortgage.
It is secured as a second mortgage lien and requires repayment if you sell, transfer, or mortgage the property, or fail to meet the terms of your first mortgage.
This program offers a zero percent (0%) interest loan with no monthly payments. The loan must be repaid if you stop using the home as your primary residence, sell or transfer the property, or if the title is vested in someone other than you.
The loan is secured by a lien on the property until it is fully repaid.
The FirstGenHomeRI loan is a zero percent (0%) interest loan with no monthly payments and is forgivable after five (5) years if you maintain the home as your primary residence.
If you sell or move out before the five-year period is over, the full loan amount becomes due.
Yes, you may be eligible to combine certain programs, but it depends on the specific terms and conditions of each program. We recommend speaking with a participating lender or RIHousing representative to explore your options.
No, you don’t need perfect credit, but there are minimum credit score requirements. For example, the Extra Assistance program requires a credit score of at least 660. Each program may have its own credit criteria.
If you refinance your home, repayment may be required depending on the program. For instance, the $15,000 DPA loan becomes due if the property is encumbered with another mortgage. Be sure to review the specific terms of your program.
The programs are ongoing, but availability may depend on funding. It’s best to apply as soon as you’re ready to ensure you can take advantage of the assistance.
Yes, you can use these programs for a 1-4 family home, as long as you plan to live in one of the units as your primary residence.
You’ll need to complete a homebuyer education course, which is typically available through RIHousing. These courses help prepare you for the responsibilities of homeownership and may be completed online or in person.
Not necessarily. Each program has specific income limits, but many are designed to help moderate-income buyers as well. The limits are based on household size and vary by program.
Yes, all three programs allow funds to be used for down payment and closing costs. This flexibility helps cover some of the biggest financial hurdles to buying a home.
Each program is tailored to different needs. For example, the FirstGenHomeRI program is ideal for first-generation buyers, while the Extra Assistance program is great for those who qualify for RIHousing-funded loans. You can verify your eligibility online or consult a participating lender to find the best fit.
Start by verifying your eligibility online, then connect with a participating lender or RIHousing Loan Center to begin the application process. They’ll guide you through the next steps and help match you with the right program.
When it comes to buying your first home in Rhode Island, experience matters. We specialize in helping Rhode Island homebuyers access first-time down payment assistance programs that make homeownership achievable.
Our deep understanding of the local market ensures we can guide you through every step with confidence and ease.
With over a billion dollars in residential financing successfully closed, we’ve earned the trust of thousands of homebuyers just like you.
Our proven track record, combined with our commitment to exceptional service, makes us the trusted partner you need on your journey to homeownership.
Let us help you navigate the process, secure the right assistance program, and achieve your dream of owning a home in Rhode Island.
