{"id":6796,"date":"2023-07-20T19:11:58","date_gmt":"2023-07-20T23:11:58","guid":{"rendered":"https:\/\/mortgageequitypartners.com\/providence-ri\/?page_id=6796"},"modified":"2025-06-23T14:47:59","modified_gmt":"2025-06-23T18:47:59","slug":"ri-housing-down-payment-assistance","status":"publish","type":"page","link":"https:\/\/mortgageequitypartners.com\/providence-ri\/loan-programs\/ri-housing-down-payment-assistance\/","title":{"rendered":"RI Housing down payment assistance"},"content":{"rendered":"<div class=\"gca-column one-half first\"><h2>RI Housing first-time homebuyer down payment assistance<\/h2>\n<p>RI Housing strives to offer programs that support meeting the needs of current and future homebuyers in the State of Rhode Island. RI Housing\u2019s First-time Homebuyers programs enable borrowers to realize their dream of homeownership by providing generous loans and grants to credit-worthy borrowers.<\/p>\n<p>As an approved RI Housing lender, Mortgage Equity Partners provides access to these homebuyer programs. All our <a href=\"https:\/\/mortgageequitypartners.com\/providence-ri\/our-team\/\">RI loan officers<\/a> are available to help you find the right program and see if you qualify.<br \/><\/div><div class=\"gca-column one-half\"><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\nvar gform;gform||(document.addEventListener(\"gform_main_scripts_loaded\",function(){gform.scriptsLoaded=!0}),document.addEventListener(\"gform\/theme\/scripts_loaded\",function(){gform.themeScriptsLoaded=!0}),window.addEventListener(\"DOMContentLoaded\",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,themeScriptsLoaded:!1,isFormEditor:()=>\"function\"==typeof InitializeEditor,callIfLoaded:function(o){return!(!gform.domLoaded||!gform.scriptsLoaded||!gform.themeScriptsLoaded&&!gform.isFormEditor()||(gform.isFormEditor()&&console.warn(\"The use of gform.initializeOnLoaded() is deprecated in the form editor context and will be removed in Gravity Forms 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name='input_1.3' id='input_4_1_3' value=''   aria-required='true'   placeholder='First'  \/>\n                                                    <label for='input_4_1_3' class='gform-field-label gform-field-label--type-sub hidden_sub_label screen-reader-text'>First<\/label>\n                                                <\/span>\n                            \n                            <span id='input_4_1_6_container' class='name_last gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_1.6' id='input_4_1_6' value=''   aria-required='true'   placeholder='Last'  \/>\n                                                    <label for='input_4_1_6' class='gform-field-label gform-field-label--type-sub hidden_sub_label screen-reader-text'>Last<\/label>\n                                                <\/span>\n                            \n                        <\/div><\/fieldset><div id=\"field_4_2\" 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gfield_required_asterisk\">*<\/span><\/span><\/label><div class='ginput_container ginput_container_phone'><input name='input_3' id='input_4_3' type='tel' value='' class='large'   aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><fieldset id=\"field_4_5\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >Are you currently working with a Loan Officer?<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_4_5'><div class='gchoice gchoice_4_5_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_5.1' type='checkbox'  value='Yes'  id='choice_4_5_1'   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       } else {            triggerPostRender();        }    } );} ); \n\/* ]]> *\/\n<\/script>\n<\/div><div class=\"gca-utility clearfix\"><\/div>\n<p><strong>To qualify, you must:<\/strong><\/p>\n<ul>\n<li>Be a first-time homebuyer purchasing a 1-4 family home or condominium in Rhode Island<\/li>\n<li>Have a minimum credit score of 660<\/li>\n<li>Meet RIHousing loan* and income limits**<\/li>\n<li>Complete a homebuyer education course (available online)<\/li>\n<li>Obtain a RIHousing-funded first mortgage through a Participating Lender or the RIHousing Loan Center<\/li>\n<li>Occupy the home as your primary residence<\/li>\n<\/ul>\n<p><em>*As of 6\/15\/2025, the Maximum Purchase Price Limit is $838,592<br \/>\n<\/em><em>*As of 6\/15\/2025, the Maximum Loan Amount is $736,000<\/em><br \/>\n<em>**As of 6\/15\/2025 the Maximum Annual Household Income: $134,320 (1 or 2 person household) and $154,468 (3+ person household)<\/em>.<\/p>\n<h3>First-Time Homebuyer Programs<\/h3>\n<p><strong>15K DPA<\/strong><\/p>\n<p>RIHousing\u2019s 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.<\/p>\n<p><strong>FirstGenHomeRI<\/strong><\/p>\n<p>FirstGenHomeRI opens the doors for first-generation homebuyers with $25,000 in down payment and\/or closing cost assistance.<\/p>\n<p><strong>Extra Assistance Loan (EAL)<\/strong><\/p>\n<p>RIHousing\u2019s 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,\u00a0<em>whichever is lower.<\/em><\/p>\n<p><strong>RI Statewide DPA and Grant Program<\/strong><\/p>\n<p>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.<\/p>\n<p>For more on these programs visit <a href=\"https:\/\/www.rihousing.com\/buyers\/#programs\" target=\"_blank\" rel=\"noopener\">RIHousing<\/a> or contact one of our <a href=\"https:\/\/mortgageequitypartners.com\/providence-ri\/our-team\/\">RI loan officers<\/a>.<\/p>\n<p>Contact one of our <a href=\"https:\/\/mortgageequitypartners.com\/providence-ri\/our-team\/\">Rhode Island Loan Officers<\/a> to get started today!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6560,"parent":4882,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"class_list":{"0":"post-6796","1":"page","2":"type-page","3":"status-publish","4":"has-post-thumbnail","6":"entry"},"_links":{"self":[{"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/pages\/6796","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/comments?post=6796"}],"version-history":[{"count":0,"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/pages\/6796\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/pages\/4882"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/media\/6560"}],"wp:attachment":[{"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/media?parent=6796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}