RIHousing 10kDPA Program
October 15, 2020
A new down payment assistance program is now available, providing a $10,000 down payment assistance loan to first time homebuyers in the state of Rhode Island! To be eligible for this program you must meet the following requirements:
- Be a first-time homebuyer purchasing a 1-4 family home or approved condo in Rhode Island*
- Have a minimum credit score of 660
- Must meet RIHousing price and income limits**
- Complete a homebuyer education course (available online)
- Obtain a RIHousing-funded first mortgage through a Participating Lender
- Occupy the home as your primary residence
Terms and conditions for this program also apply:
- Zero percent (0%) interest
- No monthly payments due
- The loan is structured so the amount borrowed is only due when one of the following occurs:
- Borrower no longer occupies home as primary residence;
- the property is sold, conveyed, transferred, assigned, encumbered, or mortgaged; or
- if all or any portion of the title to the property becomes vested in anyone other than the Borrower.
For more program info and guidelines, please visit the RIHousing website.
*A first-time homebuyer is defined as someone who has not owned a home as their primary residence for the past 3 years. 10KDPA may be available to eligible non first-time homebuyers in targeted areas of RI only.
**As of October 2020: Maximum purchase price for select RI Housing Loan programs is $453,863 for a one- to four-family home or eligible condominium.
Maximum annual household income limits are $97,646 (1-2 person household) or $112,293 (3+ person household). Household income is defined as the total of all sources of income from borrower(s) and individuals 18 years or older who will occupy the residence.
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