Eligibility
To qualify for the First Down Program you must:
- Be a first-time homebuyer purchasing a 1-4 family home or condominium
- Meet Rhode Island Housing loan and income limits (see below)
- Obtain a Rhode Island Housing-funded first mortgage through a Participating Lender or Rhode Island Housing
- Occupy the home as a primary residence
Loan Limits
The down payment assistance of $7,500 is forgivable after 5 years of owning the home, and you must maintain it as your primary residence. The maximum loan limit allowed is $424,100 for a one- to four-family home or eligible condominium.
Income limits
To be eligible for the First Down Program, your total annual household income must be less than $87,360 (for a 1-2 person household) or $101,920 (for a 3+ person household).
Availability
The First Down Program is only available in conjunction with a Rhode Island Housing first mortgage, available through our network of Participating Lenders and the Rhode Island Housing Loan Center.
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