Programs For 1st Time Buyers In RI
First time home buyers in Rhode Island have many options available to them for help in purchasing their first residence. In addition to their statewide down payment assistance program, Rhode Island Housing (RIH) provides some very beneficial programs for residents of RI seeking to purchase their first home.
Here are some highlights:
Loans for first-time homebuyers
Rhode Island Housing offers two loan options for first-time homebuyers: FirstHomes100 and FirstHomes100+. These mortgages are flexible, dependable loans to help you buy and keep the home that is right for you and your family. Whether you are looking to purchase a home that is in move-in condition or one in need of renovation these fixed rate, low interest loans are the best option for first-time homebuyers. 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.
First-time homebuyer loans
If you’re buying your first home, then the FirstHomes100 loan is perfect for you. This loan offers low, fixed rate 30-year mortgages with options for no money down and closing cost assistance.
For complete details on these programs, including contact information and instructions on how to apply, please visit this Rhode Island Housing program page.
More Rhode Island First Time Buyer Programs
In addition to the above homebuyer programs offered by RIH, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to 1st time property buyers as well. To determine if there any near you, please visit local first time home buyer programs in RI.