FirstGenHomeRI Down Payment Assistance

What is FirstGenHomeRI Down Payment Assistance?

FirstGenHomeRI Down Payment Assistance is a forgivable loan for homebuyers in Rhode Island, administered by RIHousing (Rhode Island Housing and Mortgage Finance Corporation).

• A pilot $25,000 forgivable DPA for first-generation, first-time buyers; 0% interest, no payments, fully forgiven after 5 years of owner-occupancy. Applicant must currently live in a targeted community.
• $25,000 for down payment/closing.
• 0% interest.
• No monthly payments.
• Forgiven after 5 years.
• First-generation buyers.
• Funding comes from State.

How much assistance does it provide?

FirstGenHomeRI Down Payment Assistance offers between $25,000 and $25,000 in assistance.

• The program can be combined with RIHousing first mortgage (Loan Center).
• Amounts are the program's published maximums, not an offer — RIHousing (Rhode Island Housing and Mortgage Finance Corporation) determines any individual award.

Do you have to pay it back?

FirstGenHomeRI Down Payment Assistance is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Not held as primary residence for 5 years (forgiven after 5 years).
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

FirstGenHomeRI Down Payment Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

FirstGenHomeRI Down Payment Assistance sets its income limit as follows: Must meet RIHousing Price & Income Limits; eligible communities defined using <80% AMI need. Max purchase price $838,592.

• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

FirstGenHomeRI Down Payment Assistance caps the purchase price at $838,592.

• Eligible property types include Single Family, Condo, and 2-4 Unit.

Is there eligibility for specific groups?

FirstGenHomeRI Down Payment Assistance names first-generation buyers among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

FirstGenHomeRI Down Payment Assistance serves buyers purchasing anywhere in Rhode Island.

How do you apply?

Applications for FirstGenHomeRI Down Payment Assistance go through RIHousing (Rhode Island Housing and Mortgage Finance Corporation), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved: Church Community Housing, NeighborWorks Blackstone Valley, PCF Development, West Elmwood HDC.

2. 2

   Contact RIHousing (Rhode Island Housing and Mortgage Finance Corporation) to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.