Rhode Island Housing's Extra Assistance Program
Financial Assistance for Homebuyers in Rhode Island
With the Extra Assistance program, eligible applicants can receive up to 6% of the purchase price, or $15,000, whichever is lower, in the form of a second mortgage. In most cases, the interest rate on an Extra Assistance loan will be the same as the interest rate on the applicant’s RIHousing first mortgage. There are no fees or charges
To be considered eligible for RIHousing’s Extra Assistance program, all applicants must:
- Be a first-time homebuyer purchasing a 1-4 family home or condominium in Rhode Island.
- Have a minimum credit score of 620.
- Complete a homebuyer education course (available in-person or online through RIHousing).
- Obtain a RIHousing-funded first mortgage through a Participating Lender or the RIHousing Loan Center.
- Occupy the home as your primary residence.
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but State and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.
Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Rhode Island
Rhode Island Housing (RIH) established the Spring7500 Program, a forgivable loan secured by a second mortgage that targets the six Rhode Island communities most affected by the foreclosure crisis: Providence, Pawtucket, Woonsocket, Warwick, Cranston, and East Providence.
The RIHousing Extra Assistance program provides down payment assistance to eligible first-time homebuyers in Rhode Island. The program is designed to help homebuyers with what is often the biggest hurdle to homeownership: the down payment.
Do you know what's on your credit report?
Learn what your score means.