Get Help as a First Time Home Buyer in RI!

(Last Updated On: January 12, 2019)

If you’re a first time home buyer in RI, you might be able to get help. There are homeownership programs available that might help you save money on your home purchase and could make it easier to get a home loan.

Get more help buying a house with low income here!

We found down payment grants if you’re a first time home buyer in RI.

first time home buyer

The Rhode Island Housing Department might provide help if you’re a first time home buyer in RI. The program has requirements for people who want to get help with their down payment program. They offer up to $7,500 for people who are qualified for the down payment program. You will need to meet their requirements for income in addition to residency requirements.

The USDA does not offer help with down payments, but your down payment could be rolled into your total mortgage with the USDA direct mortgage program. With this program, you could get 100% financing for your home. You will need to live in an area the USDA deems rural. You will also have to meet credit and income requirements. The USDA might have additional requirements for their borrowers.

Get help buying a home in RI.

The USDA’s guaranteed mortgage program might make it easier for you to purchase a home. You could get help with a guaranteed loan that’s backed by the USDA. This program helps by providing qualified borrowers with a very low interest rate and terms that are better than many other mortgage programs. You’ll need to meet the USDA’s requirements by being in a rural area, having a specific credit score and meeting their income requirements.

The Rhode Island Housing program offers loans in addition to grants. If you’re a first time home buyer in RI, you might be able to get help through the program. You could get a low-interest loan or even one that comes with terms including a deferral. The program might not always have funding available and you will need to meet the division’s requirements to get a loan to help you purchase your home.

The Habitat for Humanity provides help for people who are in need of housing but who might not be able to get affordable housing. The Habitat usually has a waiting list and you’ll have to put sweat equity into the home if you want to get help through the organization. You might also need to meet other requirements including showing how you plan to pay for the mortgage after your home is built.

The FHA helps if you’re a first time home buyer in RI and you qualify for their program. You could get a lower down payment or even get approved for a loan with a lower credit score. You might also be able to get better mortgage terms than you’d get with a traditional mortgage.

Get help before purchasing a home.

The Housing Network of Rhode Island might be able to help if you’re interested in purchasing a home but don’t know where to start. They provide free counseling and homebuyer education courses. You could even get help figuring out which mortgage option is best for you and your financial situation.

You could get help if you’re a military buyer.

Are you a military buyer entitled to benefits through the VA? You could get help purchasing a home or getting a mortgage by using the VA lending options. The VA backs loans and could make it easier for you to purchase a home if you’re entitled to this benefit. You might also be able to save money by lowering your mortgage rate. The program could help you get into a home with less income and a lower credit score than you’d need for a traditional loan. The program might also be able to help if you’re a first time home buyer in RI and can get VA benefits.

Cities in Rhode Island could help!

Your Rhode Island city might be able to help you purchase your home! If you’re a first time home buyer in RI, you could get help from your city depending on the resources they offer.

Cranston

The Cranston Community Development division offers programs if you’re a first time home buyer in RI and you need help. They offer the first time buyer program to help you with any counseling or education you need prior to purchasing your first home. You can also get $3,000 from the city if you qualify for their closing cost assistance program. The city offers $5,000 in down payment assistance if you’re trying to purchase your first home. You will need to meet their requirements which could include income and residency requirements.

Providence

Are you buying a home in Providence? There are so many programs available for first time home buyers in the city! You will need to meet the city’s requirements for the programs. Each one might have different requirements. You might be able to combine some of the programs if you qualify for two or more of them. Providence offers down payment and closing cost assistance through grants that you won’t need to pay back. They also offer a deferred loan that you might be able to use for your down payment or your closing costs. The loan is for people who might have too much money to qualify for the grant but still need help.

Providence also offers a program specific to people who have AIDS. You could get help purchasing a home through the housing opportunities for persons with AIDS program.

Woonsocket

If you’re a first time home buyer in RI and you’re buying a home in Woonsocket, you might be able to get help! The city offers down payment assistance in amounts up to $5,000 for people who qualify for that amount. The city might also be able to provide help through the HOME assistance program. You could even get a no-interest loan that’s partially forgiven after five years. The loan can then be deferred until you sell the house.

Serious about buying a house? Don’t miss these other resources!

We found more help in RI!



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