Rhode Island First-Time Home Buyer Guide 2026
How first-time buyers in Rhode Island can use RIHousing: the First-time Homebuyer Loan with 100% financing available, the $15,000 15kDPA, Extra Assistance up to $20,000, FirstGenHomeRI, and the price and income limits that decide who qualifies.
The RIHousing First-time Homebuyer Loan
RIHousing, the Rhode Island Housing and Mortgage Finance Corporation, is the state’s housing finance agency. Its First-time Homebuyer Loan offers 100% financing, meaning no down payment is required, and can be paired with down payment and closing cost assistance.
| Requirement | First-time Homebuyer Loan |
|---|---|
| Down payment | 100% financing available |
| Maximum loan, conventional | $832,750 |
| Maximum purchase price, MRB programs | $915,883 |
| Homebuyer education | Required for first-time buyers before closing on a RIHousing loan |
| Where to apply | RIHousing Loan Center or a RIHousing Participating Lender |
Confirm current terms with RIHousing.
RIHousing Down Payment Assistance
RIHousing’s two statewide assistance programs for first-time buyers work differently: one is a deferred loan you repay later, the other is a second mortgage you pay monthly.
| Feature | 15kDPA | Extra Assistance |
|---|---|---|
| Amount | $15,000 | Up to 6% of the purchase price or $20,000, whichever is lower |
| Interest rate | 0% | Same rate as your RIHousing first mortgage |
| Payments | None monthly; repaid when you sell, refinance, transfer title or stop living in the home | Monthly, over a 15-year term |
| Minimum credit score | 660 | 620 |
| Price and income limits | Must meet RIHousing limits | See RIHousing |
Details: 15kDPA and Extra Assistance. RIHousing notes there may be restrictions on which of its loan products can be paired with 15kDPA, so ask your loan originator.
FirstGenHomeRI and Other Programs
| Program | Who It Is For | Key Terms |
|---|---|---|
| FirstGenHomeRI | First-generation buyers who currently live in Central Falls, East Providence, Pawtucket, Woonsocket, Providence (excluding ZIP code 02906) or an eligible Newport census tract | $25,000 at 0% with no monthly payments, forgivable after five years of owning and living in the home. Pilot program with limited funds, first come, first served; RIHousing Loan Center only; minimum credit score 660 |
| Homebuyer Renovation Loans – 203(k) | Buyers purchasing a home that needs renovations | Combines the purchase and renovation costs in one mortgage; 100% financing available; closing cost assistance available |
| RI REALTORS® Homebuyer Grant | — | Currently closed |
The RI REALTORS® Homebuyer Grant is currently closed. RIHousing reports that all available grant funds have been reserved. Grant funding is limited, so check RIHousing for current availability before planning around it.
FirstGenHomeRI defines a first-generation homebuyer as someone whose parents or guardian never owned a home during the buyer’s lifetime, or lost the home to foreclosure or short sale, and who does not own a home now. Anyone who lived in foster care also qualifies. Details: FirstGenHomeRI.
RIHousing Price and Income Limits
RIHousing publishes income limits by where the home is located. These limits apply to mortgages processed through the RIHousing Loan Center; RIHousing’s Participating Lenders can help eligible buyers with its mortgage programs at any household income. The 15kDPA and FirstGenHomeRI programs separately require buyers to meet RIHousing price and income limits.
| County or Area | Purchase Price Limit | Income, 1–2 People | Income, 3 or More |
|---|---|---|---|
| Providence Area | $915,883 (MRB programs) | $134,520 | $156,940 |
| Newport Area (Middletown, Newport, Portsmouth) | $915,883 (MRB programs) | $149,042 | $171,398 |
| Westerly Area (Hopkinton, New Shoreham, Westerly) | $915,883 (MRB programs) | $150,782 | $173,399 |
Who Qualifies in Rhode Island
| Requirement | Detail |
|---|---|
| First-time buyer | Required for 15kDPA, Extra Assistance and FirstGenHomeRI |
| Property | A one- to four-family home or condominium in Rhode Island |
| Occupancy | You must live in the home as your primary residence |
| Credit score | 620 for Extra Assistance; 660 for 15kDPA and FirstGenHomeRI |
| Education | A homebuyer education course; FirstGenHomeRI requires a HUD-approved course |
| First mortgage | A RIHousing-funded first mortgage |
Buying Your First Home in Rhode Island
| Step | What Happens |
|---|---|
| 1. Take homebuyer education | RIHousing requires first-time buyers to complete a class before closing; it is available online or virtually. |
| 2. Choose a lender | Work with the RIHousing Loan Center or one of its Participating Lenders. FirstGenHomeRI is only available through the Loan Center. |
| 3. Check your limits | Compare your household income and target price with RIHousing’s limits for the area where you are buying. |
| 4. Pick your assistance | Decide between 15kDPA and Extra Assistance, or FirstGenHomeRI if you qualify, with your loan originator. |
| 5. Budget for closing | Review the Rhode Island closing costs guide so you know which fees the buyer usually pays. |
