Rhode Island has beautiful beaches, tasty food, and multiple popular attractions. However, rising real estate prices can make home ownership in Rhode Island difficult. Luckily, local and national programs exist that offer down payment assistance and grants to qualified applicants. Rhode Island Housing is one organization that offers such programs.
If you're thinking about purchasing a home in Rhode Island, you may have options to help with the down payment or closing costs. Read below to learn more about any program and see if it can help with your home purchase!
The Spring7500 Program, offered by Rhode Island Housing, allows eligible applicants to receive $7,500 to assist with the down payment of a home purchase. This assistance is offered in the form of a second mortgage that is forgiven after five years of residency in the home.
This program is only available in Providence, Pawtucket, Woonsocket, Warwick, Cranston, and East Providence.
Only first-time homebuyers can qualify for Spring7500. In addition, they have to fall within defined loan and income limits and have to obtain their first mortgage with a participating lender.
Properties can be 1 to 4-unit family houses or condominiums, but the applicant must plan on using the property as their primary residence. As of 2020, the loan limit is $424,100 and the income limits are $87,360 for a 1-2 person household, or $101,920 for a 3 or more person household.