A new pilot program is aiming to open the door to homeownership for first-time buyers by offering $25K in down payment and/or closing cost assistance. The FirstGenHomeRI program targets first-generation buyers by addressing inequities and barriers to homeownership while boosting the long-term, economic outlook for families who have historically not pursued homeownership.
“Access to homeownership opportunities has significant implications for family outcomes,” said Governor McKee. “Down payment assistance programs targeted at opening the doors to homeownership to first-generation buyers can help reduce the racial wealth gap and are a down payment on our future: the future of Rhode Island families and their ability to live and thrive in our state.”
The program is only open to Rhode Island residents currently living in specific areas of the state including Central Falls, East Providence, Pawtucket, Woonsocket, Providence (excluding residents in zip code 02906), and select areas in Newport.
Eligibility
To be considered for the program, applicants must be first-generation and first-time homebuyers and meet loan, income, and credit score guidelines.
- Qualify as a first-generation homebuyer*
- Currently reside in the following communities:
Central Falls, East Providence, Pawtucket, Woonsocket, Providence (excluding residents in zip code 02906), Newport (residents in census tract 44005040500 only)** - Be a first-time homebuyer purchasing a 1-4 family home or condominium in Rhode Island
- Have a minimum credit score of 660
- Meet RIHousing Price and Income Limits
- Complete a HUD-approved first-time homebuyer education course (see below)
- Obtain a RIHousing-funded first mortgage through RIHousing’s Loan Center
- Purchase and occupy the home as your primary residence
*A first-generation homebuyer is defined as any person whose parents or guardian never owned a home during the homebuyer’s lifetime or lost the home to a foreclosure or short sale and does not own a home now. Anyone who lived in foster care also qualifies as a first-generation home buyer.
**Are you a Newport resident? Click here to check whether your current residence is located within an eligible census tract.