FirstGenHomeRI

Administered by: Rhode Island Housing (RIHousing) · State · Forgivable Loan

Funding status: Active

How much assistance

$25,000 (Forgivable Loan)

Zero-percent interest loan forgiven after 5 years of owner-occupancy. No monthly payments required.

Eligibility

  • Income limits: Must reside in eligible community with aggregate area of concentrated poverty below 80% AMI
  • First-time buyer required: Yes — First-generation homebuyer: parents or guardian never owned a home during the buyer's lifetime, or lost home to foreclosure/short sale and do not currently own. Foster care alumni also qualify.
  • Credit score minimum: 660
  • Geographic restrictions: Must currently reside in Central Falls, East Providence, Pawtucket, Woonsocket, Providence (excluding zip code 02906), or Newport (census tract 405 only). Property can be purchased anywhere in Rhode Island.
  • Homebuyer education required: Yes

How to Apply for FirstGenHomeRI

Step 1: Contact an RIHousing Participating Lender or the RIHousing Loan Center. Must obtain an RIHousing-funded first mortgage. Complete a free homebuyer education course.

Visit program website

Notes

Pilot program with limited funds. Eligible for 1-4 unit homes or condos anywhere in RI. Residency restriction applies to where the buyer currently lives, not where they purchase.

Available Statewide In