Receive $7,500 toward an eligible home purchase with RI Housing's First Down - Down Payment Assistance
Do you wish your life were a little more predictable? In today's rental market finding an affordable place to live can be really tough. And just because you find a place that doesn't break the bank this year doesn't mean your rent won't go up once your lease is up. When you buy your own home, you can protect yourself from an out-of-control housing market and stabilize your cost of living. No more rent hikes. No more frantic searches for a decent place to live in your favorite neighborhood. It's a battle you don't have to fight anymore.
For most first time home buyers, the down payment is the biggest barrier between turning a home buying dream into reality. RIHousing’s Down Payment Assistance Program – the First Down Program – is designed to help strengthen housing demand and increase home-ownership opportunities for first-time home-buyers.
Eligibility
To qualify for the First Down Program you must:
- Be a first-time home-buyer purchasing a 1-4 family home or condominium
- Meet RIHousing loan and income limits (see below)
- Obtain a RIHousing-funded first mortgage through a Participating Lender or RIHousing
- Occupy the home as a primary residence
- Your total annual household income must be less than $93,623 (for a 1-2 person household) or $107,667 (for a 3+ person household).
Loan Limits
- The down payment assistance of $7,500 is forgivable after 5 years of owning the home, and you must maintain it as your primary residence.
- The maximum loan limit allowed is $431,250 for a one- to four-family home or eligible condominium.
Property must be located in one of these five communities: Cranston, Pawtucket, Providence, Warwick, Woonsocket
We can help you find your first home and take the unpredictability or renting out of your life. For more about the First Down Program or anything else, give us a call today.
