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First Down Program

Rhode Island

Available Assistance

The First Down Program is available to eligible, first-time homebuyers who:Are purchasing a one- to four- family home or condominium.Meet Rhode Island Housing loan and income limits.Are financing their first mortgage through a participating lender or Rhode Island Housing.Plan to occupy the home as their primary residence.

Eligibility Requirements

The down payment assistance of $7,500 is forgivable after five years of owning the home, as long as borrowers use it as their primary residence (i.e. buyers do not need to repay the amount if they reside in the home for five years). The maximum loan limit allowed is $424,100 for a one- to four-family home or eligible condominium.

Property Guidelines

None

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