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.

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.

FirstGenHomeRI Down Payment Assistance is forgiven after 5 years, so a homebuyer 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.

FirstGenHomeRI Down Payment Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. The program lists a minimum credit score of 660. A homebuyer education course is required, through HUD-approved: Church Community Housing, NeighborWorks Blackstone Valley, PCF Development, West Elmwood HDC. Residency requirement: Applicant must currently reside in an eligible community (Central Falls, East Providence, Pawtucket, Woonsocket, Providence excl 02906, or Newport tract 44005040500); may buy anywhere in RI. First-generation + first-time buyer; reside in an eligible community; RIHousing Loan Center first mortgage; HUD-approved education. Limited pilot funds.

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.

FirstGenHomeRI Down Payment Assistance caps the purchase price at $838,592. Eligible property types include Single Family, Condo, and 2-4 Unit.

FirstGenHomeRI Down Payment Assistance names first-generation homebuyers 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.

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

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