RIHousing: New Down Payment Assistance Program for First Generation Homebuyers
FirstGenHomeRI opens the doors for first-generation homebuyers with $25,000 in down payment and/or closing cost assistance. The Pilot program targets first-generation buyers by removing one of the biggest barriers to homeownership - the down payment - while boosting the long-term, economic outlook for families who have historically not pursued homeownership
To qualify, you must:
The down payment assistance is a grant that does not need to be repaid if the homeowner keeps their home for five years as their primary residence.
Visit www.FirstGenHomeRI.com for more information.
*A first-generation homebuyer is defined as any person whose parents or guardian never owned a home during the homebuyer's lifetime or lost the home to a foreclosure or short sale and do not own a home now. Anyone who lived in foster care also qualifies as a first-generation homebuyer.
**Newport residents can check online at www.FirstGenHomeRI.com
*** Loan limits: $453,863; Income limits: $99,730 (1-2-person household) and $114,689 (3+ person household).
Courtesy of RIHousing