Grant Directory

Verified government funding opportunities

First-time Homebuyer Mortgage

Open

RIHousingRIFirst-Time Homeowner

Funding: RIHousings First-time Homebuyer Loan helps eligible buyers finance 100% of the purchase price when combined with down payment assistance; current maximum loan amount is $736,000 and maximum purchase price for MRB programs is $838,592.OtherRollingScope: Statewidestate

Updated: Dec 1, 2025

Summary

RIHousing’s First-time Homebuyer Mortgage is the core state-backed first-lien product that pairs low, fixed rates with optional down payment assistance so Rhode Islanders can finance up to 100% of a reasonably priced home.

Benefits

Affordable mortgageFirst-time homebuyer

Who Can Apply

Individual

Eligible Locations

First-time homebuyers purchasing eligible homes in Rhode Island using a RIHousing first-time homebuyer mortgage.

Eligibility

First-time homebuyers purchasing an owner-occupied home in Rhode Island who meet RIHousing income and purchase-price limits (with example thresholds around $137,160 for 1–2 person households and $160,020 for 3+), qualify under conventional, FHA, VA, or other program underwriting, and work with a Participating Lender or the RIHousing Loan Center to obtain financing, often coupled with Extra Assistance or other DPA options.

Full Description

The First-time Homebuyer Mortgage page frames RIHousing’s first-lien loan as the foundation of its buyer assistance ecosystem. The program offers 30-year fixed-rate loans with maximum loan and purchase-price limits high enough to support a broad range of modest to mid-priced homes across the state, while still tying eligibility to household income caps to keep the focus on low- and moderate-income buyers. When layered with programs like Extra Assistance or 15kDPA, borrowers can effectively finance the entire purchase price and much of the closing costs, making it realistic for well-qualified renters with limited savings to become homeowners. The page highlights that RIHousing works through a network of Participating Lenders and its own Loan Center to match buyers to the right mix of conventional, FHA, VA, or other insured products, and encourages those under the published income thresholds to contact the Loan Center directly for tailored guidance. Overall, the program functions as an affordable, government-related first mortgage that unlocks RIHousing’s suite of grants and second-mortgage DPA tools.

Verification & Details

Complexity: Moderate
Status: Open
Source: rihousing.com
Official source → rihousing.com
Apply on official siteUpdated Dec 1, 2025

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More statewide programs

Explore additional grants available throughout Rhode Island that complement this opportunity.

Providence Down Payment Assistance Program

Rolling

City of Providence & Housing Network of Rhode IslandRIFirst-Time Homeowner

Updated: Nov 29, 2025

The Providence Down Payment Assistance Program offers income-eligible first-time buyers in Providence a forgivable, zero-interest loan of up to $20,000 to cover down payment and closing costs, making urban homeownership far more attainable.

Eligible for: First-time homebuyers purchasing a 1–3 unit home or condo in the City of Providence whose household income is at or below 80% of Area Median…

View details →

15kDPA

Open

RIHousingRIFirst-Time HomeownerDeferred loan

Updated: Dec 1, 2025

RIHousing’s 15kDPA program gives first-time Rhode Island buyers a flat $15,000 boost toward down payment and closing costs, structured as a silent 0% loan that sits behind a RIHousing first mortgage.

Eligible for: First-time homebuyers purchasing a 1–4 family home or condominium anywhere in Rhode Island with a minimum 660 credit score who meet RIHousin…

Funding: Provides $15,000 in assistance for down payment and/or closing costs as a zero-percent interest deferred loan to first-time homebuyers in Rhode Island.RollingStatewideIndividualDown payment assistanceClosing cost assistance
View details →

FirstGenHomeRI

Open

RIHousingRIFirst-Time HomeownerOther

Updated: Dec 1, 2025

FirstGenHomeRI is a pilot initiative that targets first-generation buyers in a handful of Rhode Island’s most housing-stressed communities, offering a generous $25,000 in forgivable assistance to close the down payment and closing-cost gap.

Eligible for: First-generation, first-time homebuyers currently living in Central Falls, East Providence, Pawtucket, Woonsocket, Providence (excluding zip…

Funding: FirstGenHomeRI provides $25,000 in down payment and/or closing cost assistance for eligible first-generation, first-time homebuyers.Until funds exhaustedStatewideIndividualDown payment assistanceClosing cost assistance
View details →

Extra Assistance

Open

RIHousingRIFirst-Time HomeownerDeferred loan

Updated: Dec 1, 2025

Extra Assistance is RIHousing’s flexible second-mortgage product that can add up to 6% of the purchase price (capped at $20,000) on top of a RIHousing loan to cover down payment and closing costs.

Eligible for: First-time homebuyers purchasing a 1–4 family home or condominium in Rhode Island who have at least a 620–660 credit score, meet RIHousing i…

Funding: Provides up to 6% of the purchase price, or $20,000 (whichever is lower), in down payment assistance as a second mortgage loan for eligible first-time homebuyers in Rhode Island.RollingStatewideIndividualDown payment assistanceClosing cost assistance
View details →