RIHousing 15kDPA

How do you pay back RIHousing 15kDPA?

Deferred loan: a 0% loan. Sell, refinance, move out or give the house to someone else, and you repay it.

Monthly cost is zero on a deferred loan; the entire amount must be paid if you sell, refinance or finish paying the first mortgage.

Which buyers can qualify for RIHousing 15kDPA?

• RIHousing Price and Income Limits must be met.
• First-time buyers only (this usually means you haven't owned a home in the last three years).
• A credit score that's 660 or above.
• You must complete a homebuyer education course before the purchase.
• You get a first mortgage that is RIHousing-funded, either from a Participating Lender or from the RIHousing Loan Center.
• The price has to fit RIHousing Price Limits.

Your county and household size set the exact income limit, which you'll find on the agency's income chart. To see your area's median income, use our HUD income limits lookup.

Applying for RIHousing 15kDPA

1. Rhode Island Housing sends this help through its approved lenders, so you apply through one of them at the same time as your home loan.
2. Your lender compares your income, credit and the home to the program's rules, then sets the money aside for you.
3. At closing, the money goes toward your down payment and closing costs.

For the full rules and current application status, see Rhode Island Housing's page for 15kDPA; to choose a lender, use the agency's lender list.

Other Rhode Island programs for first-time buyers

• RIHousing Extra Assistance:

  up to 6% of the price, capped at $20,000, as a repayable loan.

• RIHousing FirstGenHomeRI:

  up to $25,000, as a forgivable loan.

Every Rhode Island first-time buyer program · Down payment assistance in every state