• Menu
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

NewHomeSource

  • Learning Center
  • Just For You
    • First Time Home Buyers
    • 55 Plus
    • International Buyers
    • For The Military
    • Single Women
  • Home Types
    • Custom Homes
    • Condos & Townhomes
    • Luxury Homes
    • Tiny Houses
    • Manufactured Homes
  • Resources
    • Home Buying Tools
    • Mortgage Calculator
    • Home Affordability Calculator
    • Trustbuilder Ratings & Reviews
  • Learning Center
  • Just For You
    • First Time Home Buyers
    • 55 Plus
    • International Buyers
    • For The Military
    • Single Women
  • Home Types
    • Custom Homes
    • Condos & Townhomes
    • Luxury Homes
    • Tiny Houses
    • Manufactured Homes
  • Resources
    • Home Buying Tools
    • Mortgage Calculator
    • Home Affordability Calculator
    • Trustbuilder Ratings & Reviews
Home » First-Time Buyers » First-Time Homebuyer Programs in Rhode Island

First-Time Homebuyer Programs in Rhode Island

Rose Island Lighthouse, Rhode Island

Although Rhode Island is the smallest of the 50 states by area, its embrace of good food, history and all things nautical make it a popular place for tourists and home shoppers alike. If you’re looking to put down roots in this northeastern state, there are several programs that can help.

Who Qualifies as a First-Time Homebuyer in Rhode Island?

Like most states, Rhode Island adheres to the federal designation that a first-time homebuyer is anyone who has not owned a property within the last three years. This means even previous owners can apply for financial assistance as first-time buyers if enough time has elapsed since selling the property.

Statewide First-Time Homebuyer Programs

10kDPA

This fairly new program from Rhode Island Housing (RIHousing) awards approved borrowers with $10,000 in down payment assistance in the form of a forgivable loan. The loan accrues no interest and requires no monthly payments, and as long as the home is your primary residence for the lifetime of the loan, the full amount is able to be forgiven. Learn about more about this exciting program on the 10kDPA website.

Extra Assistance Program

If the only thing standing between you and your new home in Rhode Island is the down payment, you definitely want to look into RIHousing’s Extra Assistance Program. This program grants up to 6 percent of the purchase price, or $12,000 (whichever is lower), toward down payment expenses. First-time homebuyers who meet the credit score and income limits must also complete a homebuyer education course. Visit RIHousing’s website for more details.

FirstHomes Tax Credit

Plenty of states have a tax credit option for first-time homebuyers, and Rhode Island is no exception. Approved applicants can claim a tax credit equal to 20 percent of the total mortgage interest paid, or up to $2,000 per year. This money-saving program can be applied every year for the lifetime of the mortgage, helping first-time homebuyers keep their finances balanced after making the big move. To learn about the purchase price and income limits, visit the FirstHomes Tax Credit page on the RIHousing site.

Homebuyer Programs by Location

Cranston

Just south of Providence sits Cranston, the second largest city in the state. Cranston offers two first-time homebuyer programs: a down payment assistance program and a closing cost assistance program. The down payment program provides up to 50 percent of the required down payment amount, not to exceed $5,000.

The closing cost program provides up to $3,000 toward closing costs in the form of a loan that becomes a grant after five years. This means as long as you occupy the home as your primary residence for at least five years after purchase, the entirety of the loan is forgivable.

Of note: The programs cannot be combined. Applicants are approved for one or the other. Visit Cranston’s website to get more information on how to apply.

Providence

Through the federal HOME Investment Partnership Program, the city of Providence offers first-time homebuyers down payment assistance. The amount is determined based on credit score, purchasing price and income limits; to apply, visit Providence’s Housing & Community Development website.

Woonsocket

Similar to Providence, the city of Woonsocket offers down payment assistance through the federally mandated HOME Investment Partnership Program. Up to $5,000 can be awarded to approved borrowers. Half of the amount is deferred, and the other half becomes a grant after five years of living in the home as a primary residence. To apply, visit Woonsocket’s Housing Assistance Programs webpage.

Ready to Move to Rhode Island?

The Ocean State is the perfect place to settle down for everyone from new parents to retirees. Enjoy beautiful scenery and thriving social scenes all across the state. No matter where you end up in Rhode Island, there are first-time homebuyer programs to help you out.

The links on this site were researched by NewHomeSource. This is as cohesive a list as possible. Individual homebuyers should contact entities to fully understand requirements and processes.

Other Rhode Island Resources

10 Best State Parks in Rhode Island
2022 Healthiest States to Live In
How to Build a House in Rhode Island
Your Guide to Closing Costs in Rhode Island
2022 Most Affordable Cities in Rhode Island
2021 Best Places to Retire in Rhode Island
10 Safest Cities in Rhode Island
Personal leaning against a colorful mural, smiling and looking at the camera.
Mia Zozobrado

Mia Zozobrado joined Builders Digital Experience (BDX) in 2019 as a content writer. A graduate of Southwestern University with a degree in English, Mia is passionate about the written word and making connections. Outside of work, Mia also serves on the Board of Directors for the Writers’ League of Texas.

Get our FREE guide on how the home construction process works

By downloading our guide, you can also look forward to receiving our New Home 101 short email series. You may opt out of this subscription any time you wish.

Previous Post: «A sign made to look like a potato that reads "Idaho Potato Museum, Blackfoot, Idaho." First-Time Homebuyer Programs in Idaho
Next Post: Designing Your Dream Kitchen A man stands in his kitchen, holding his smartphone and looking at an app that can connect to his kitchen appliances.»

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Search new homes

New Home 101

  • The Basics of Newly Built Homes
  • Why Buy a Newly Built Home
  • Shopping for Your New Home
  • Building Your New Home
  • Designing Your Dream Home
  • Buying Your New Home
  • Moving Into Your New Home
  • New Home Glossary

Footer

Quick Links

  • 55+ Communities
  • Condos & Townhomes
  • Custom Home Buyers
  • First-Time Buyers
  • Luxury Homes
  • Manufactured Homes

Related Sites & Resources

  • Learning Center
  • CasasNuevasAqui.com
  • HomLuv.com
  • Real Estate Professionals
  • NewHomeSource App
  • Trust Builder Ratings & Reviews

Helpful Links

  • About Us
  • Contact Us
  • Builders: List your homes!
  • Unsubscribe
  • Terms of Use
  • Privacy & Cookies
  • Do Not Sell My Personal Information

Copyright © 2023 · Builders Digital Experience, LLC. All rights reserved. NewHomeSource.com is a trademark of Builders Digital Experience, LLC and all other marks are either trademarks or registered trademarks of their respective owners.