Spring7500 Available Statewide

Limited Funds – Act Now

RIHousing’s new Spring7500 Program provides a $7,500 down payment assistance loan to eligible first-time homebuyers in Rhode Island. The program is designed to help homebuyers with what is often the biggest hurdle to homeownership: the down payment.

Eligibility

  • Be a first-time homebuyer purchasing a 1-4 family home or condominium in Rhode Island
  • Have a minimum credit score of 660
  • Meet RIHousing loan and income limits
  • Complete a homebuyer education course (available in-person or online through RIHousing)
  • Obtain a RIHousing-funded first mortgage through a Participating Lender or the RIHousing Loan Center
  • Occupy the home as your primary residence
  • Purchase price of the home and your income must be within RIHousing Price and Income Limits

Eligibility

  • Be a first-time homebuyer purchasing a 1-4 family home or condominium in Rhode Island
  • Have a minimum credit score of 660
  • Meet RIHousing loan and income limits*
  • Complete a homebuyer education course (available in-person or online through RIHousing)
  • Obtain a RIHousing-funded first mortgage through a Participating Lender or the RIHousing Loan Center
  • Occupy the home as your primary residence
  • Purchase price of the home and your income must be within RIHousing Price and Income Limits.

Terms and Conditions

  • Zero percent (0%) interest
  • No monthly payments due
  • No fees or charges (including settlement, 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.

Terms and Conditions

  • Zero percent (0%) interest
  • No monthly payments due
  • No fees or charges (including settlement, 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.

Availability

  • The Spring7500 Program is only available in conjunction with a RIHousing first mortgage, available through our network of Participating Lenders and the RIHousing Loan Center.
  • The Purchase and Sales agreement and RIHousing Loan Registration may not be dated prior to March 18, 2019.