Extra Assistance
RIHousing (Rhode Island Housing and Mortgage Finance Corporation, the state's housing finance agency)
Amount: Up to 6% of the purchase price or $20,000, whichever is lower, as a second mortgage loan
Type: Second mortgage loan (not a grant) — same interest rate as the RIHousing first mortgage it's paired with, no fees or charges, 15-year term
Must be a first-time homebuyer purchasing a 1-4 family home or condominium in Rhode Island; minimum credit score of 620; must complete a homebuyer education course; must obtain a RIHousing-funded first mortgage through a participating lender or the RIHousing Loan Center; must occupy the home as primary residence; borrower must meet RIHousing's first-mortgage income/price limits (as of 6/15/2025: max household income $134,320 for 1-2 person households, $154,468 for 3+ person households; max purchase price $838,592) — verify current limits at rihousing.com as they update periodically
15kDPA
RIHousing
Amount: $15,000 for down payment and/or closing costs
Type: 0% interest deferred-payment second loan (no monthly payments); becomes due/payable if the borrower stops occupying the home as primary residence, or the property is sold, transferred, or title is conveyed to someone else
First-time homebuyer purchasing a 1-4 family home or condominium in Rhode Island; minimum credit score of 660; must complete a homebuyer education course; must obtain a RIHousing-funded first mortgage through a participating lender or the RIHousing Loan Center; must occupy home as primary residence; must meet RIHousing Price and Income Limits (same schedule as above, subject to periodic updates)
FirstGenHomeRI
RIHousing (pilot program, limited funds)
Amount: $25,000 for down payment and/or closing costs
Type: 0% interest forgivable loan — no monthly payments, and fully forgiven after 5 years of owning and occupying the home as primary residence
Must be a first-time AND first-generation homebuyer (defined as someone whose parent/guardian never owned a home during the buyer's lifetime, or lost a home to foreclosure/short sale and doesn't currently own one; former foster youth also qualify); minimum credit score of 660; must complete HUD-approved homebuyer education; must meet RIHousing Price and Income Limits; property must be located in one of the eligible areas: Central Falls, East Providence, Pawtucket, Woonsocket, Providence (excluding zip code 02906), or a specific Newport census tract; must purchase a 1-4 family home or condo and occupy as primary residence
RI REALTORS Homebuyer Grant
Realtor Foundation of Rhode Island in partnership with RIHousing (not a core year-round RIHousing product — a periodic grant round, opened again March 10, 2026, and funds can close once reserved)
Amount: $1,000 grant for eligible first-time homebuyers; $2,000 grant for eligible first-time homebuyers who are veterans or active-duty military
Type: Immediately forgivable grant — no repayment, no monthly payments; can be layered with other RIHousing DPA products
First-time homebuyer; qualifying household income must be under $92,080 (subject to change); must obtain a RIHousing-funded first mortgage through a participating lender or the RIHousing Loan Center; funds are limited and the program can close once fully reserved — check current open/closed status at rihousing.com or realtorfoundationri.org before relying on it