Eligibility
- Be a first-time homebuyer purchasing a 1-4 family home or condominium in Rhode Island
- Have a minimum credit score of 660
- Must meet RIHousing Price and Income Limits
- Complete a homebuyer education course (available online)
- Obtain a RIHousing-funded first mortgage through a Participating Lender or the RIHousing Loan Center
- Occupy the home as your primary residence
Eligibility
- Be a first-time homebuyer purchasing a 1-4 family home or condominium in Rhode Island
- Have a minimum credit score of 660
- Purchase price of the home and your income must be within RIHousing Price and Income Limits
- Complete a homebuyer education course (available online)
- Obtain a RIHousing-funded first mortgage through a Participating Lender or the RIHousing Loan Center
- Occupy the home as your primary residence
Terms and Conditions
- Zero percent (0%) interest
- No monthly payments due
- The loan is structured so the amount borrowed is only due when the first of the following occurs:
- Borrower no longer occupies home as primary residence;
- the property is sold, conveyed, transferred, assigned, encumbered, or mortgaged; or
- if all or any portion of the title to the property becomes vested in anyone other than the Borrower.
Terms and Conditions
- Zero percent (0%) interest
- No monthly payments due
- No fees or charges (including application, housing counseling, or recording fees)
- The loan is structured so the amount borrowed is only due when the first of the following occurs:
- Borrower no longer occupies home as primary residence;
- the property is sold, conveyed, transferred, assigned, encumbered, or mortgaged; or
- if all or any portion of the title to the property becomes vested in anyone other than the Borrower.
