The RI Statewide DPA Grant offers a $17,500 grant to first-time homebuyers in Rhode Island.
The Program offers down payment and closing cost assistance to help first-time homebuyers address rising housing costs in today’s competitive market. The down payment assistance is a grant that does not need to be repaid.
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 income limits**
- Complete a homebuyer education course (available online or virtually through RIHousing)***
- Obtain a RIHousing-funded first mortgage through a Participating Lender or the RIHousing Loan Center
- Occupy the home as your primary residence
* A first-time homebuyer is defined as an applicant who has not owned a home as their primary residence in the past three years
**Income limits are subject to change.
***Certificates obtained through a RI-based, non-profit, HUD counseling approved organization are also accepted.
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 income limits**
- Complete a homebuyer education course (available online or virtually through RIHousing)***
- Obtain a RIHousing-funded first mortgage through a Participating Lender or the RIHousing Loan Center
- Occupy the home as your primary residence
* A first-time homebuyer is defined as an applicant who has not owed a home as their primary residence in the past three years
**Income limits are subject to change.
***Certificates obtained through a RI-based, non-profit, HUD counseling approved organization are also accepted.
Terms and Conditions
- No monthly payments due; immediately forgivable
- All first mortgage requirements apply
Terms and Conditions
- No monthly payments due; immediately forgivable
- All first mortgage requirements apply
Ready to buy that home?
Frequently Asked Questions
Is this grant assistance different than the grant assistance available through the FirstGenHomesRI program?
Yes, this product differs from other secondary financing options as it is immediately forgivable, does not have geographic restrictions, and extends $17,500 to the applicant for down payment and/or closing costs.
If I am a first-time homebuyer and my co-borrower is not, do we qualify for the program?
If the co-borrower is on your mortgage loan, you will not be eligible as all applicants must be first-time homebuyers.
Are there restrictions on how I use program funds?
Yes, you may only use funds for down payment and/or mortgage closing costs.
Where can I take RIHousing’s Homebuyer Education class?
You may visit our Homebuyer Education class website to sign up for a live virtual class or an on-demand version of the class. Certificates obtained through a RI-based, non-profit, HUD-approved counseling organization are also accepted.
If you are purchasing a multi-family property or purchasing through our Homebuyer Renovation 203(k) Loan, you must also complete the Landlord-Tenant or the 203k Homebuyer Education required by the loans. Click here to learn more about those classes.
If I have recently purchased my home using other RIHousing first-time homebuyer programs such as 10KDPA, am I eligible to receive additional assistance from this program?
Funding received from the RI Statewide DPA Grant cannot be combined with other RIHousing programs or products.
This project is being supported, in whole or in part, by the State Fiscal Recovery Fund (federal award number SLFRP0136) awarded to the State of Rhode Island by the U.S. Department of the Treasury.
