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The City of Cranston, Rhode Island established two programs first-time homebuyer programs to help potential applicants buy their first home.

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City of Cranston First Time Homebuyer Programs

The City of Cranston in Rhode Island was awarded $1,098,683 with the Community Development Block Grant from HUD. With these funds, the City established two programs for first-time homebuyers to assist them in purchasing a home.  

Available Assistance
The Department of Community Development offers two programs for first time income eligible home buyers purchasing a home in the City of Cranston. The assistance given at time of closing becomes a grant after homeowner has resided in the property for five years. 

Closing Cost Assistance Program  
This program is available to first time income eligible home buyers to help defray some of the fees incurred at closing. This five-year grant will provide up to $3,000 toward closing costs. 

Down Payment Assistance Program 
The Down payment assistance program provides 50% of the required down payment, not to exceed $5,000. This matching fund program is available to first time income eligible homeowners but cannot be combined with the Closing Cost Assistance Program. 

 Income Limits 
80% AMI 
1-person household: $48,450 
2-person household: $55,400 
3-person household: $62,300 
4-person household: $69,200 
5-person household: $74,750 
6-person household: $80,300 
7-person household: $85,850 
8-person household: $91,350 
  

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but states and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.          

Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information.    

First-Time Home Buyer Programs in Rhode Island

RIHousing's First-time Homebuyer Loan helps to make the mortgage process more affordable for first-time homebuyers.

The City of Cranston, Rhode Island established two programs first-time homebuyer programs to help potential applicants buy their first home.

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First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

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