In partnership with the State of Rhode Island, RIHousing’s new state program will allow eligible first-time homebuyers to qualify for a $17,500 grant to assist with the down payment and closing costs.
The Program offers down payment and closing cost assistance to help first-time homebuyers address rising housing costs in today’s competitive market. The down payment assistance is a grant that does not need to be repaid.
Eligibility
- 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 income limits**
- Complete a homebuyer education course (available online or virtually through RIHousing)***
- Obtain a RIHousing-funded first mortgage through a Participating Lender or the RIHousing Loan Center
- Occupy the home as your 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 are subject to change.
***Certificates obtained through a RI-based, non-profit, HUD counseling approved organization are also accepted.
For more info, go to their website