RI Housing first-time homebuyer down payment assistance
RI Housing strives to offer programs that support meeting the needs of current and future homebuyers in the State of Rhode Island. RI Housing’s First-time Homebuyers programs enable borrowers to realize their dream of homeownership by providing generous loans and grants to credit-worthy borrowers.
As an approved RI Housing lender, Mortgage Equity Partners provides access to these homebuyer programs. All our RI loan officers are available to help you find the right program and see if you qualify.
To qualify, you must:
- Be a first-time homebuyer purchasing a 1-4 family home or condominium in Rhode Island
- Have a minimum credit score of 660
- Meet RIHousing loan* and income limits**
- Complete a homebuyer education course (available online)
- Obtain a RIHousing-funded first mortgage through a Participating Lender or the RIHousing Loan Center
- Occupy the home as your primary residence
*As of 5/1/2024, the Maximum Acquisition Price Limit/Cost is $838,592
**As of 5/1/2024 The Maximum Annual Household Income: $134,320 (1 or 2 person household) and $154,468 (3+ person household).
First-Time Homebuyer Programs
15K DPA
RIHousing’s 15kDPA program provides $15,000 in assistance for down payment and/or closing costs in the form of a zero-percent (0%) interest rate loan to first-time homebuyers in Rhode Island.
FirstGenHomeRI
FirstGenHomeRI opens the doors for first-generation homebuyers with $25,000 in down payment and/or closing cost assistance.
Extra Assistance Loan (EAL)
RIHousing’s Extra Assistance Loan program provides down payment assistance to eligible first-time homebuyers in Rhode Island to finance down payment and/or closing costs up to 6% of the purchase price, or $20,000, whichever is lower.
RI Statewide DPA and Grant Program
The RI Statewide DPA program is closed as of March 5, 2024, but may receive additional funds annually. Check with your loan officer to learn more about this program and your eligibility. When active, this program provides a $17,500 DPA grant.
For more on these programs visit RIHousing or contact one of our RI loan officers.
Contact one of our Rhode Island Loan Officers to get started today!
