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Get Matched Free →Homebuyer Programs in Warwick, RI (2026)
Warwick is the second-largest city in Rhode Island and the county seat of Kent County, with a median home price of approximately $425,000. While Warwick does not currently offer a city-funded down payment assistance program, buyers here benefit from strong state-level programs through RIHousing. The 15kDPA provides $15,000 as a deferred loan, Extra Assistance offers up to $20,000 in forgivable assistance, and the Spring7500 program provides $7,500 specifically for Warwick as one of six eligible communities. The RI Realtors Homebuyer Grant adds $1,000 to $2,000 in immediately forgivable grants. House of Hope CDC also offers affordable homeownership opportunities for families at or below 80% AMI. By stacking state programs, eligible Warwick buyers could access over $20,000 in combined assistance.
Top Homebuyer Programs in Warwick
| 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 → |
| FHLBA Community Partners Product | Forgivable Loan | Up to $20,000 in home purchase assistance for down payment and closing costs | No | View → |
| FHLBA First Time Homebuyer Product | Forgivable Loan | Up to $17,500 in home purchase assistance for down payment and closing costs | Yes | View → |
| FHLBA Workforce Housing Plus+ | Forgivable Loan | Up to $15,000 in home purchase assistance for down payment and closing costs | 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 → |
| House of Hope CDC Affordable Homeownership Program | Zero-Interest Loan | Below-market pricing on homes built or renovated by House of Hope CDC | No | View → |
| 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:
- 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:
- Forgivable Loan
- Amount:
- Up to $20,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $17,500 in home purchase assistance for down payment and closing costs
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $15,000 in home purchase assistance for down payment and closing costs
- 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
- Type:
- Zero-Interest Loan
- Amount:
- Below-market pricing on homes built or renovated by House of Hope CDC
- First-time only:
- No
- 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
How to Apply
- Step 1:
Check your eligibility. RIHousing state programs generally allow household income up to $134,320 for 1-2 person households and $154,468 for 3+ person households. Most programs require first-time buyer status.
- Step 2:
Complete homebuyer education. RIHousing programs require completion of an approved homebuyer education course, available online or in person. Contact the RIHousing Loan Center at (401) 450-1327 for course options.
- Step 3:
Get pre-approved with an RIHousing Participating Lender. Most state DPA programs require an RIHousing-funded first mortgage. Wave Federal Credit Union in Warwick specializes in first-time homebuyer loans and is a good local option.
- Step 4:
Explore stacking options. Ask your lender about combining the Spring7500, 15kDPA, Extra Assistance, and the RI Realtors Homebuyer Grant. Warwick is one of six communities eligible for the Spring7500 forgivable loan.
- Step 5:
Consider nonprofit options. House of Hope CDC at 3188 Post Road in Warwick builds and renovates affordable homes for families at or below 80% AMI. Contact them to learn about available properties.
- Step 6:
Find a home within program limits. The RIHousing purchase price limit is $838,592. The property must be a 1-4 family home or condominium in Rhode Island that will be your primary residence.
- Step 7:
Submit your applications and close. Work with your lender to finalize all state program applications. Allow extra time for processing if combining multiple assistance programs.