RI Statewide DPA Grant Program offering $17,500 grants
RIHousing has announced the launch of the new RI Statewide DPA Grant Program offering $17,500 grants to assist with down payment and/or closing cost assistance. This down payment assistance is a grant that does not need to be repaid!
The program is being funded with $30 million of the $250 million in federal American Rescue Plan Act (ARPA) State Fiscal recovery funds earmarked to address housing issues in Rhode Island. RIHousing will serve as the administrator of the program.
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
- Meet RIHousing income limits**
- 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
* 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 $112,555 (1–2-person household) or $129,438 for a (3+ person household). Note: Income limits are subject to change.
