Watch Here to Learn More!
Watch Here to Learn More!
Hey, did you know that Rhode Island wants to give you $17,500 toward the purchase of your new home? It's true!
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Now, let's talk about Rhode Island's DPA Grant. In January of 2023 the State of Rhode Island partnered with RI Housing to administer a new statewide grant that gives eligible first time home buyers a $17,500 grant for downpayment assistance. Why am I putting ridiculous emphasis on the word "grant?" Because it's free. You don't have to pay this back. It is not a loan. You are not required to pay back this amount when and if you sell this house in the future.
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Now, that doesn't mean there aren't a couple of restrictions or requirements.
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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
Income Limits
Contact our Loan Center directly if your annual household income is less than $112,555 (1-2 person household) or $129,438 (3+ person household).
Purchase Price
Maximum purchase price through the RIHousing Loan Center: $546,752 for a one- to four-family home or eligible condominium.
I'm Sandi Warner with Warner Realty Group, making the complex simple.