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
- Obtain a RIHousing-funded first mortgage* through a Participating Lender or the RIHousing Loan Center
- Occupy the home as your primary residence
*There may be restrictions to the RIHousing loan products that can be paired with the 15kDPA Program. Discuss with your loan originator for more information.
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
- Obtain a RIHousing-funded first mortgage* through a Participating Lender or the RIHousing Loan Center
- Occupy the home as your primary residence
*There may be restrictions to the RIHousing loan products that can be paired with the 15kDPA Program. Discuss with your loan originator for more information.
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
- 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.
