These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Rhode Island

Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

RIHousing Extra Assistance Program

  • Assistance: Provides up to $17,500 in down payment and closing cost assistance.

  • Terms: Forgivable after five years if the buyer remains in the home.

  • Eligibility: First-time homebuyers using an RIHousing mortgage program; income limits vary by county and household size.

  • More Information: RIHousing Extra Assistance

FirstGen Homebuyer Program

  • Assistance: Provides grants up to $25,000 for first-generation homebuyers.

  • Terms: No repayment required.

  • Eligibility: First-time homebuyers who are the first in their families to own a home; income limits based on HUD guidelines.

  • More Information: FirstGen Homebuyer Program

City of Providence – Homebuyer Assistance Program

  • Assistance: Provides up to $20,000 in down payment and closing cost assistance.

  • Terms: Forgivable loan after five years.

  • Eligibility: Homebuyers purchasing within Providence city limits; income limits based on HUD guidelines.

  • More Information: Providence Homebuyer Assistance

City of Cranston – Down Payment Assistance Program

  • Assistance: Provides 50% of the required down payment, up to a maximum of $5,000.

  • Terms: Matching fund program to assist with initial home purchase costs.

  • Eligibility: Eligible first-time homebuyers purchasing within Cranston.

  • More Information: Cranston Homebuyer Assistance

Program availability and terms can change, so it's essential to verify the most current information directly with the administering agencies.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.