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

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

RI Housing First Time Homebuyer Loan

RIHousing’s First-time Homebuyer Loan helps first-time homebuyers realize their dream of homeownership by offering a number of ways to help offset the cost. Combined with down payment assistance, and tax credits, this loan allows borrowers to finance 100% of the purchase price of their new home.

Available Assistance
The First Homes Tax Credit allows first-time homebuyers to receive tax savings. It reduces a borrower’s federal tax liability and can be claimed each year for the life of the mortgage. The program also offers a 15-year, fixed second mortgage to finance the down payment and/or closing costs.

Property Requirements
The maximum purchase price through the RIHousing Loan Center is $454,258 for a 1- to 4-person home or eligible condominium.

Income Limits
1 or 2-person household: $95,948
3 or more-person household: $110,341
 
Note: All information mentioned above was 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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