As of March 5, 2024, the RIHousings $17.5K Statewide DPA program is closed to new applications. The success of this program is evidenced by the fact that these funds were depleted in less than two months.
Not to fear though, the RI Housing’s $15K DPA program is available. 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. There is no monthly payment required on the DPA funds. The DPA loan becomes payable only if the property is sold, conveyed, transferred, assigned, encumbered, or refinanced or if all or any portion of the title to the property becomes vested in anyone other than the borrower. Potential must secure your first mortgage through a participating lender like Mortgage Equity Partners.
To qualify, Rhode Island first-time homebuyers must be purchasing a 1-4 family home or condo anywhere in Rhode Island. The RI Housing 15K DPA program does not have a restriction on where in the state you can purchase.
First-time homebuyers in Rhode Island must have a minimum credit score of 660 to be eligible for this program. Some loan and income limit restrictions apply, and not all loan products may be paired with the RI Housing 15K DPA. Your loan officer can guide you through the program’s specifics, or you can visit RI Housing 15k DPA.
First-time homebuyers using this DPA program must take a homebuyer education course. Homebuyer education courses help prospective homebuyers understand the homebuying process. RI Housing offers these classes in person and virtually in English and Spanish.
For more information, contact one of our Rhode Island loan officers.
