Eligibility: Targets first-time homebuyers (no homeownership in the past three years) or buyers in targeted areas.
Benefits: Offers up to $15,000 as a 0% interest deferred loan (repayable upon sale, refinance, or after 30 years) for down payment and closing costs; available with Rhode Island Housing mortgages.
Description: Provides a $10,000 non-repayable grant for down payment and closing costs; targets first-time buyers with incomes below 80% AMI in specific communities like Providence and Woonsocket.
Description: Offers up to $15,000 as a 0% interest, silent second loan for down payment and/or closing costs; new in 2025.
Description: Provides up to $25,000 in down payment assistance for first-generation buyers in select RI cities (Providence, Pawtucket, etc.).
Description: New grant program launched Jan 21, 2025, provides funds to eligible first-time buyers; funds limited.
Providence First-Time Homebuyer Program: Offers up to $20,000 as a deferred loan (0% interest, due upon sale or refinance) for down payment and closing costs; income must be at or below 80% AMI (e.g., $74,000 for a family of four).
Cranston Down Payment Assistance: Provides up to $12,000 as a forgivable loan (forgiven after 10 years) for down payment and closing costs; income capped at 80% AMI; targets revitalization areas.
Warwick Homebuyer Assistance: Offers up to $10,000 as a 0% interest deferred loan (repayable upon sale) for down payment and closing costs; income must be below 80% AMI.
Rhode Island Housing Programs:
FirstHomes Program:
Offerings: Provides a 30-year fixed-rate mortgage (FHA, VA, USDA, or conventional) with competitive rates; can be paired with down payment assistance.
Requirements:
First Down Program:
Eligibility: Must use a Rhode Island Housing first mortgage; income and purchase price limits apply (same as FirstHomes).
10k DPA Program:
Requirements: Income capped at 80% AMI (e.g., $74,000 for a family of four in Providence County); must pair with a Rhode Island Housing mortgage; limited funding.
15kDPA Program:
Eligibility: First-time buyers using an RI Housing first mortgage; credit score ≥ 620.
FirstGenHomeRI Program:
Eligibility: Neither buyer nor parents have owned a home; homebuyer education course required.
RI REALTOR® Homebuyer Grant:
Action: Contact the RI Housing Loan Center or a participating lender for reservation.
Local Programs:
Providence
Cranston
Warwick
Additional Information:
View First-Time Home Buyer Programs for: South Carolina