RIHousing First-time Homebuyer Loan (First Mortgage)

What is 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.

Do you have to pay it back?

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.

Who qualifies?

RIHousing First-time Homebuyer Loan (First Mortgage) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

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.