Apply For DPA Programs Available To You
First time home buyers in Rhode Island have many options available to them for help in purchasing their first residence. If you feel that saving enough for a down payment will forever prevent you from buying your first residence, here’s some great news. Rhode Island Housing (RIH), offers down payment assistance for 1st time buyers in RI.
Rhode Island DPA Details
Help coming up with the needed down payment is perhaps the greatest resource that you can tap into as a first time home buyer. Here are some details from the RIH website:
FirstHomes100 loans help many first-time homebuyers realize the dream of homeownership.
Our FirstHomes100 mortgage is a flexible, dependable loan that will help you buy – and keep – the home that is right for you and your family.
FirstHomes100 loans offer:
- 100% financing (no down payment required)
- Down payment and closing cost assistance
- No Mortgage Insurance required for qualified borrowers (resulting in lower monthly payments)
- 100% personal, local service and support for the life of the loan
Many first-time homebuyers may also be eligible for our FirstHomes Tax Credit – a federal tax credit that could save you as much as $2,000 a year for the life of your mortgage.
100% financing: down payment assistance
FirstHomes100, combined with our down payment assistance, allows you to finance 100% of the purchase price of your home.
Closing cost assistance
We offer assistance to help qualified customers pay for closing costs, including low-interest loans that can be paid back in up to 15 years.
To get complete program details, including income limits as well as how to get the application process started, please visit this RIH DPA page.
More Down Payment Assistance In RI
In addition to the above DPA program offered by RIH, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to prospective 1st time property buyers as well. To find out about additional down payment assistance available near you, please visit local programs in RI for 1st time buyers.