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RIHousing 10kDPA Program

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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