Updated 1/23/2026

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

I've included all of the links and contact info needed to do this on your own, the form is meant to make it easier.

Connect with a DPA team

How Down Payment Assistance Works

I need to give a quick overview of how down payment assistance works. After that, the programs are listed.

With down payment assistance, you'll run into two different types:

  • A grant

  • A loan

A Grant

If we meet the qualifications up front, then it's money that does not need to be repaid.

A Loan

If the down payment assistance comes in the form of a loan, then pay attention to the three different types:

  • Repayable

  • Deferred

  • Forgivable

Repayable is just as most imagine. It charges interest over a certain amount of time, with monthly payments until it's paid off.

Deferred loans usually don't require a monthly payment, and typically don't charge interest. It's due in full when you refinance, sell the home, or when it ceases to be your primary residence.

Forgivable loans will disappear if you meet the criteria, which usually comes down to keeping the home as your primary residence for a specific amount of time.

Okay with that, here are the programs!

Rhode Island

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

RIHousing 15kDPA Program

  • Assistance: Provides $15,000 for down payment and closing costs.

  • Terms: 0% interest deferred loan. No monthly payments are required. You must repay the loan when you sell the home, refinance, or transfer the title.

  • Eligibility: First-time homebuyers with a minimum credit score of 660.

  • More Information: RIHousing 15kDPA

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

RI AnchorHome

  • Assistance: Not a direct cash grant, but a partnership where the State deposits funds with local lenders to lower your costs.

  • Benefits: often eliminates the need for Private Mortgage Insurance (PMI) and offers lower interest rates.

  • Eligibility: First-time homebuyers meeting income limits (approx. 110% AMI).

  • More Information: RI AnchorHome

City of Woonsocket First Home Program

  • Assistance: Provides up to $7,500 for down payment and closing costs.

  • Terms: Deferred 0% interest loan. Repaid upon sale, transfer, or refinance (unless specific forgiveness terms are met based on updated HUD guidelines).

  • Eligibility: First-time homebuyers purchasing a 1-4 unit property in Woonsocket.

  • More Information: Woonsocket Housing & Community Development

City of Cranston Down Payment Assistance Program

  • Assistance: Matches 50% of your down payment, up to a maximum grant of $5,000.

  • Terms: Forgivable lien. You must remain in the home for 5 years to avoid repayment.

  • Eligibility: First-time homebuyers purchasing in Cranston. Household income must be at or below 80% AMI.

  • More Information: Cranston Homebuyer Assistance

Updated 1/23/2026

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

I've included all of the links and contact info needed to do this on your own, the form is meant to make it easier.