See programs you qualify for
Get Matched Free →By Tyler Thompson · Licensed Real Estate Agent · Updated April 3, 2026
Homebuyer Programs in Newport, RI (2026)
Newport is a historic coastal city on Aquidneck Island in Newport County, Rhode Island, known for its Gilded Age mansions, vibrant waterfront, and strong tourism economy. With a median home price around $812,000, Newport is one of Rhode Island's most expensive housing markets. First-time buyers can access significant state-level assistance through RIHousing programs including the 15kDPA program offering $15,000, the Extra Assistance program providing up to 6% of the purchase price or $20,000, and the Spring7500 grant of $7,500. Residents of Newport's census tract 405 may also qualify for the FirstGenHomeRI program, which provides $25,000 in forgivable down payment assistance for first-generation homebuyers. Locally, Church Community Housing Corporation offers zero-interest down payment loans and operates Rhode Island's first community land trust with permanently affordable homes. By stacking state and nonprofit programs, eligible Newport buyers could potentially access over $40,000 in combined assistance.
State Programs in Rhode Island
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| FirstGenHomeRI | Forgivable Loan | $25,000 | Yes | View → |
| RI AnchorHome | Zero-Interest Loan | Varies — state deposits matching funds to participating lender to enable more affordable mortgage products | Yes | View → |
| RI Realtors Homebuyer Grant | Grant | $1,000 grant ($2,000 for veterans or active military) | Yes | View → |
| RI Statewide DPA Grant | Grant | $17,500 | Yes | View → |
| RIHousing 15kDPA | Deferred Loan | $15,000 | Yes | View → |
| RIHousing Extra Assistance | Forgivable Loan | Up to 6% of purchase price or $20,000, whichever is lower | Yes | View → |
| RIHousing Spring7500 | Forgivable Loan | $7,500 | Yes | View → |
- Type:
- Forgivable Loan
- Amount:
- $25,000
- First-time only:
- Yes
- Type:
- Zero-Interest Loan
- Amount:
- Varies — state deposits matching funds to participating lender to enable more affordable mortgage products
- First-time only:
- Yes
- Type:
- Grant
- Amount:
- $1,000 grant ($2,000 for veterans or active military)
- First-time only:
- Yes
- Type:
- Grant
- Amount:
- $17,500
- First-time only:
- Yes
- Type:
- Deferred Loan
- Amount:
- $15,000
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to 6% of purchase price or $20,000, whichever is lower
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- $7,500
- First-time only:
- Yes
Federal Programs
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| FHA Loans | Government-Insured Mortgage | Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026) | No | View → |
| Good Neighbor Next Door (HUD) | Government Property Sale Program | 50% discount off the list price of HUD-owned homes | Yes | View → |
| Home Possible Mortgage (Freddie Mac) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HomeReady Mortgage (Fannie Mae) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HUD $100 Down Program | FHA-Financed HUD REO Purchase | Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs. | No | View → |
| USDA Rural Development Loans | Government-Guaranteed Mortgage | 100% financing (no down payment required); loan amount up to appraised value | No | View → |
| VA Loans | Government-Guaranteed Mortgage | No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026) | No | View → |
- Type:
- Government-Insured Mortgage
- Amount:
- Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
- First-time only:
- No
- Type:
- Government Property Sale Program
- Amount:
- 50% discount off the list price of HUD-owned homes
- First-time only:
- Yes
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- FHA-Financed HUD REO Purchase
- Amount:
- Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- 100% financing (no down payment required); loan amount up to appraised value
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
- First-time only:
- No
Nonprofit Programs
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| CCHC Community Land Trust | Deferred Loan | Below-market home prices (buyer purchases improvements, CCHC retains land ownership) | Yes | View → |
| CCHC Homeownership Assistance Loan | Zero-Interest Loan | Varies by household | Yes | View → |
- Type:
- Deferred Loan
- Amount:
- Below-market home prices (buyer purchases improvements, CCHC retains land ownership)
- First-time only:
- Yes
- Type:
- Zero-Interest Loan
- Amount:
- Varies by household
- First-time only:
- Yes
How to Apply
Step 1: Check your eligibility. Most RIHousing programs require household income at or below 80% AMI for Newport County. The FirstGenHomeRI program is limited to residents of Newport census tract 405 whose parents never owned a home.
Step 2: Complete homebuyer education. Take the Housing Network of Rhode Island's HUD-approved homebuyer education course, available in person, virtually, or online. Contact them at 401-721-5680. CCHC also offers homebuyer training locally.
Step 3: Contact Church Community Housing Corporation (CCHC). CCHC provides zero-interest down payment assistance loans and operates a community land trust with affordable homes in Newport County. Reach them at 401-846-5114 ext. 111 or homebuyers@cchcnewport.org.
Step 4: Get pre-approved through an RIHousing-approved lender. To access state DPA programs like the 15kDPA ($15,000) or Extra Assistance (up to 6% of purchase price), you must use a participating RIHousing lender.
Step 5: Find a home within program guidelines. RIHousing programs have purchase price limits that vary by county. Work with your lender to confirm the current limits for Newport County.
Step 6: Submit your application and close. Your RIHousing-approved lender will package the DPA alongside your first mortgage. DPA funds are typically disbursed at closing as a second mortgage or forgivable loan.
Frequently Asked Questions
How much down payment assistance can I get in Newport?+−
Do I have to be a first-time homebuyer to qualify?+−
What is the maximum home price I can pay using these programs?+−
What homebuyer education is required?+−
What is the CCHC Community Land Trust and how does it work?+−
What are the estimated closing costs for buying a home in Newport?+−
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