RI 10kDPA funds have depleted for 2024 but MEP Advantage DPA is still live.
Fill out the form to see if you qualify or contact one of our qualified loan officers to learn more!
Update: No funds remain for RI 10kDPA
One of the most challenging parts of buying a home in Rhode Island today is coming up with the money for the down payment and closing costs. A great way to make that more affordable is by using a down payment assistance program (DPA). These programs provide eligible homebuyers assistance to purchase a new home. The funds can be in the form of a grant, low-interest mortgage loan, or other incentives to help a buyer purchase a home.
Mortgage Equity Partners has partnered with Essex Mortgage, a company that has helped thousands of homeowners since 2009 get the down payment assistance they need to purchase a new home. Essex works with The National Homebuyer’s Fund (NHF), a DPA non-profit public benefit corporation and an instrumentality of the government under IRS Code Section 115 that never runs out of funds to provide this generous program to our borrowers.
$10k Down Payment Assistance Program!
RI Housing provides a $10,000 down payment assistance loan to first-time homebuyers in Rhode Island. The 10KDPA Program is designed to help eligible first-time homebuyers with what is often the biggest hurdle to homeownership: the down payment. Combined with down payment assistance, this loan allows homebuyers to finance 100% of the purchase price of their home. As a participating lender, Mortgage Equity Partners can help you get started. Fill out the form or contact one of our experienced loan officers!
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 Mortgage Equity Partners 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)
