RIHousing 15kDPA Down Payment Assistance

What is RIHousing 15kDPA Down Payment Assistance?

RIHousing 15kDPA Down Payment Assistance is a deferred second loan for homebuyers in Rhode Island, administered by RIHousing (Rhode Island Housing and Mortgage Finance Corporation).

• RIHousing flat $15,000 DPA: a 0% interest second mortgage with no monthly payments, due on sale, transfer, refinance, or non-occupancy; paired with a RIHousing first mortgage.
• $15,000 for down payment/closing.
• 0% interest.
• No monthly payments.
• Deferred until sale/transfer/non-occupancy.
• Funding comes from State.

How much assistance does it provide?

RIHousing 15kDPA Down Payment Assistance offers between $15,000 and $15,000 in assistance.

• The program can be combined with RIHousing first mortgage and RI REALTORS Homebuyer Grant.
• 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?

RIHousing 15kDPA Down Payment Assistance is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by No longer primary residence, Sale/transfer, and Refinance.
• 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?

RIHousing 15kDPA 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?

RIHousing 15kDPA Down Payment Assistance sets its income limit as follows: Must meet RIHousing Price & Income Limits (Loan Center contact if income <$137,160 1-2 person / <$160,020 3+); 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?

RIHousing 15kDPA Down Payment Assistance caps the purchase price at $838,592.

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

Where does it apply?

RIHousing 15kDPA Down Payment Assistance serves buyers purchasing anywhere in Rhode Island.

How do you apply?

Applications for RIHousing 15kDPA 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 RIHousing homebuyer education course.

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.