RIHousing FirstGenHomeRI

How is RIHousing FirstGenHomeRI paid back?

Forgivable loan: 0% interest and no monthly payments. RIHousing calls it a grant, and it is forgiven once you have owned and lived in the home for five years.

A forgivable loan is written off once you have kept the home and its first mortgage for the years the program sets.

Who qualifies for RIHousing FirstGenHomeRI?

• Only for first-generation homebuyers currently living in Central Falls, East Providence, Pawtucket, Woonsocket, parts of Providence (not 02906) or one Newport census tract.
• RIHousing Loan Center limits by location, for example $134,520 for 1 or 2 people and $156,940 for 3 or more in the Providence area.
• 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 RIHousing's 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 FirstGenHomeRI

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 FirstGenHomeRI, 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 15kDPA: up to $15,000, deferred loan.

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