RIHousing 15kDPA

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

Funding status: Active

How much assistance

$15,000 (Deferred Loan)

Zero-percent interest with no monthly payments. Repayment of the original $15,000 is due only upon sale, refinance, transfer of ownership, or when the home is no longer the primary residence.

Eligibility

  • Income limits: Up to $134,320 for 1-2 person household; up to $154,468 for 3+ person household
  • Purchase price limit: $838,592
  • First-time buyer required: Yes — Must not have owned a home in the past 3 years.
  • Credit score minimum: 660
  • Geographic restrictions: Must purchase a 1-4 family home or condominium in Rhode Island.
  • Homebuyer education required: Yes

How to Apply for RIHousing 15kDPA

Step 1: Contact an RIHousing Participating Lender or the RIHousing Loan Center. Must obtain an RIHousing-funded first mortgage. At least one borrower must complete a homebuyer education course before closing.

Visit program website

Notes

Structured as a 0% interest second mortgage with no monthly payments.

Available Statewide In