FirstGenHomeRI opens the doors for first-generation homebuyers with $25,000 in down payment and/or closing cost assistance.
The pilot program targets first-generation buyers by removing one of the biggest barriers to homeownership – the down payment – while boosting the long-term, economic outlook for families who have historically not pursued homeownership. The down payment assistance is a grant that does not need to be repaid if the homeowner keeps their home for five years as their primary residence.
To qualify, you must:
• Qualify as a first-generation homebuyer*
• Currently reside in the following communities: Central Falls, East Providence, Pawtucket, Woonsocket, Providence (excluding residents in zip code 02906), Newport (residents in census tract 44005040500 only) ** • 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 loan and income limits***
• Complete a HUD-approved first-time homebuyer education course
• Obtain a RIHousing-funded first mortgage through RIHousing’s Loan Center
• Occupy the home as your primary residence
* A first-generation homebuyer is defined as any person whose parents or guardian never owned a home during the homebuyer’s lifetime or lost the home to a foreclosure or short sale and does not own a home now. Anyone who lived in foster care also qualifies as a first-generation home buyer.