RIHousing First-time Homebuyer Loan (First Mortgage)

RIHousing First-time Homebuyer Loan (First Mortgage) is a first mortgage for homebuyers in Rhode Island, administered by RIHousing (Rhode Island Housing and Mortgage Finance Corporation). RIHousing affordable first mortgage offering up to 100% financing; the required underlying first mortgage for all RIHousing DPA products. Max purchase price $838,592. 100% financing available (no down payment). DPA/closing assistance available. Pairs with all RIHousing DPA. 203(k) renovation option. Funding comes from State.

RIHousing First-time Homebuyer Loan (First Mortgage) is a first mortgage and is repaid under the terms set by RIHousing (Rhode Island Housing and Mortgage Finance Corporation). The assistance is recorded in 1st Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

RIHousing First-time Homebuyer Loan (First Mortgage) 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. A homebuyer education course is required, through RIHousing homebuyer education course. Residency requirement: Property must be in Rhode Island. First-time buyers complete RIHousing homebuyer education before closing; primary residence.

RIHousing First-time Homebuyer Loan (First Mortgage) sets its income limit as follows: Loan Center contact if income <$137,160 (1-2 person) / <$160,020 (3+). Participating Lenders assist at any income. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

RIHousing First-time Homebuyer Loan (First Mortgage) caps the purchase price at $838,592. Eligible property types include Single Family, Condo, and 2-4 Unit. New construction is eligible.

RIHousing First-time Homebuyer Loan (First Mortgage) serves homebuyers purchasing anywhere in Rhode Island.

Applications for RIHousing First-time Homebuyer Loan (First Mortgage) 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.