Buying in Providence or Woonsocket?

$7,500* down payment for your first home!

FIRST DOWN PROGRAM

 

RIHousing’s First Down Program provides up to $7,500 in down payment assistance to eligible first-time homebuyers purchasing in Providence or Woonsocket.

*Amount may be lower than $7,500 if Hardest Hit Funds were previously received.

Eligibility

  • First-time homebuyer purchasing a 1-4 family home or condominium in Providence or Woonsocket
  • Minimum credit score of 660
  • Complete a RIHousing homebuyer education course
  • Obtain a RIHousing first mortgage through a Participating Lender or the Loan Center
  • Occupy the home as your primary residence
  • Income limits: $97,646 for 1-2 person and $112,293 for a 3+ person household. Limits may change without prior notice

Eligibility

  • First-time homebuyer purchasing a 1-4 family home or condominium in Providence or Woonsocket
  • Minimum credit score of 660
  • Complete a RIHousing homebuyer education course
  • Obtain a RIHousing first mortgage through a Participating Lender or the Loan Center
  • Occupy the home as your primary residence
  • Income limits: $95,948 for 1-2 person and $11,341 for a 3+ person household. Limits may change without prior notice

Terms and Conditions

  • Zero percent (0%) interest
  • No monthly payments due
  • No fees or charges 
  • Forgivable 5 year loan with 20% forgiven each calendar year from original closing date

Terms and Conditions

  • Zero percent (0%) interest
  • No monthly payments due
  • No fees or charges
  • Forgivable 5 year loan with 20% forgiven each calendar year from original closing date

Availability

  • The First Down Program is available for properties purchased in Providence and Woonsocket, only
  • The Program is only available in conjunction with a RIHousing first mortgage, available through our network of Participating Lenders and the Loan Center
  • The Purchase and Sales Agreement and Loan Registration must be dated on or after February 24, 2020
  • All First Down Program loans must close by November 25, 2020

Ready to buy that home?

PARTICIPATING LENDERS

Our network of approved Participating Lenders know our programs and can help you choose a loan that’s right for you.

RIHOUSING LOAN CENTER

Not sure where to begin? Contact one of our Mortgage Originators today to get started.