RIHousing 15kDPA

How is RIHousing 15kDPA paid back?

Deferred loan: 0% loan. You repay it when you sell, refinance, give the home to someone else or stop living there.

A deferred loan costs nothing each month, but the whole amount is due when you sell, refinance or pay off the first mortgage.

Who qualifies for RIHousing 15kDPA?

• You must meet RIHousing Price and Income Limits.
• Only for first-time buyers (usually no home owned in the past three years).
• A credit score of 660 or higher.
• A homebuyer education course before you buy.
• It comes with a RIHousing-funded first mortgage through a Participating Lender or the RIHousing Loan Center.
• Price limit: must meet RIHousing Price Limits.

The exact income limit for your county and household size is on the agency's income chart. Our HUD income limits lookup shows your area's median income.

How to apply for RIHousing 15kDPA

1. Rhode Island Housing pays this help out through its approved lenders, so you apply with one of them, together with your home loan.
2. The lender checks your income, credit and the home against the program's rules and reserves the money for you.
3. The help is paid at closing, toward your down payment and closing costs.

Read the full rules and whether it is taking applications on Rhode Island Housing's page for 15kDPA, or pick a lender from the agency's list of participating lenders.

Other first-time buyer programs in Rhode Island

• RIHousing Extra Assistance: up to 6% of the price, at most $20,000, repayable loan.
• RIHousing FirstGenHomeRI: up to $25,000, forgivable loan.

All Rhode Island first-time home buyer programs · Down payment assistance in every state