Home Bank Loan Rhode Island First-Time Homebuyer Applications

Rhode Island First-Time Homebuyer Applications

Rhode Island First-Time Homebuyer Applications


Get Pre-Approved for a Mortgage and Check Rates



RIHousing’s 10kDPA program provides a $10,000 down payment assistance loan to first-time home buyers in Rhode Island. The program is designed to help eligible first-time homebuyers with what is often the biggest hurdle to homeownership: the down payment. Read more



  • First-time homebuyer (have not owned a home within the last 3 years)
  • Purchasing a 1-4 family home or condominium in Rhode Island
  • 660 credit score
  • Meet RIHousing Price and Income Limits
  • Complete a homebuyer education course
  • Occupy the home as your primary residence

Terms and Conditions

  • 0% interest
  • No monthly payments
  • The loan is structured so the amount borrowed is only due when the first of the following occurs:
    • Borrower no longer occupies the home as their primary residence; OR
    • the property is sold, conveyed, transferred, assigned, encumbered, mortgaged; OR
    • if all or any portion of the title to the property becomes vested in anyone other than the Borrower.



FirstGenHomeRI provides first-generation homebuyers with $25,000 in down payment and/or closing cost assistance. The funds will be extended on a first-come, first-served basis to qualified homebuyers who have a Loan Commitment and a fully-executed purchase and sales agreement. Read more


  • Qualify as a first-generation homebuyer*
  • Currently reside in the following communities:
    Central Falls, East Providence, Pawtucket, Woonsocket, Providence (excluding residents in zip code 02906), Newport (residents in census tract 44005040500 only)**
  • Purchasing a 1-4 family home or condominium in Rhode Island
  • 660 credit score
  • Meet RIHousing Price and Income Limits
  • Complete a HUD-approved first-time homebuyer education course
  • Obtain a RIHousing-funded first mortgage through RIHousing’s Loan Center
  • Occupy the home as your primary residence

*A first-generation homebuyer is defined as any person whose parents or guardian never owned a home during the homebuyer’s lifetime or lost the home to a foreclosure or short sale and does not own a home now. Anyone who lived in foster care also qualifies as a first-generation home buyer.

Terms and Conditions

  • Zero percent (0%) interest
  • No monthly payments
  • Forgivable after 5 years of owning and residing in the home***

*** The down payment assistance is a grant that does not need to be repaid if the homeowner keeps their home for five years as their primary residence.


RIHousing’s Extra Assistance program provides down payment assistance to eligible first-time homebuyers in Rhode Island. The program is designed to help homebuyers with the down payment. Read more


Terms and Conditions

  • Up to 6% of the purchase price, or $15,000, whichever is lower
  • In most cases, the interest rate on an Extra Assistance loan will be the same as the interest rate on your RIHousing first mortgage
  • No fees or charges
  • An Extra Assistance loan is a second mortgage lien on your home.


Move up and Refinance Loans

If you’re already a homeowner in Rhode Island you may qualify for the Move Up or Refinance Loan to purchase a new home or refinance your current one. Read more

Loan Amount

  • Up to $506,000 for a one- to four-family home or eligible condominium.
Move Up Loans

  • Up to 97% financing (3% down payment required)
  • Conventional FHA, RD, and VA loans are available

Refinance Loans

  • Up to 97% financing
  • 100% personal, local service for the life of the loan


National First-Time Homebuyer Loan Programs

  • FHA LoansFHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
  • Conventional LoansConventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down, mortgage insurance will not be required.
  • USDA LoansUSDA mortgage loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
  • VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
  • HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.


Helpful Resources

Statewide and Regional Programs

Programs by City/Town

Getting Started

Buying a Home

Owning and Maintaining Your Home

Other Rhode Island Resources



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