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.