RI Statewide DPA Grant Program offering $15,000 grants
RIHousing has renewed the RI Statewide DPA Grant Program offering $15,000 grants to assist with down payment and/or closing cost assistance. RI Housing’s 15K DPA provides $15,000 in assistance for down payment and closing costs through a zero percent (0%) interest rate loan to first-time homebuyers located statewide.
This program aims to put homeownership opportunities in reach of first-time homebuyers who face increased challenges due to rising housing costs by addressing one of the biggest barriers to owning a home in today’s competitive market: the down payment. Contact one of our Rhode Island experienced loan officers to get started!
To qualify, you must:
- Be a first-time homebuyer* purchasing a 1-4 family home or condominium in RI
- Have a minimum credit score of 660
- Do not exceed maximum annual household income**
- Complete a homebuyer education course (offered online or virtually through RIHousing or through a RI-based, non-profit, HUD-approved counseling organization)
- Obtain a RIHousing-funded first mortgage through Mortgage Equity Partners or RIHousing’s Loan Center
- Occupy the home as the primary residence
Purchase Price
The maximum purchase price through RI Housing is $838,592.
* A first-time homebuyer is defined as an applicant who has not owned a home as their primary residence in the past three years
**Income limits: currently $134,320 (1–2-person household) or $154,468 (3+ person household). Note: Income limits are subject to change.
