About the Program

FirstGenHomeRI opens the doors for first-generation homebuyers with $25,000 in down payment and/or closing cost assistance.

The FirstGenHomeRI program is a pilot program with limited funds. The funds will be extended on a first come, first-served basis to qualified homebuyers who have a Loan Commitment and a fully-executed purchase and sales agreement.

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Eligibility

• Qualify as a first-generation homebuyer:
  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 does not own a home now. Anyone who lived in foster care also qualifies as a first-generation home buyer.
• Currently reside in:
  Central Falls, East Providence, Pawtucket, Woonsocket, Providence (excluding residents in zip code 02906), Newport (residents in census tract 44005040500 only)**
• Be a first-time homebuyer purchasing a 1-4 family home or condominium anywhere in Rhode Island
• Minimum credit score: 660
• Meet RIHousing Price and Income Limits
• Complete a HUD-approved first-time homebuyer education course
• Obtain a RIHousing-funded first mortgage through RIHousing’s Loan Center
• Purchase and occupy the home as your primary residence.

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Terms and Conditions

• Zero percent (0%) interest
• No monthly payments
• Forgivable after 5 years of owning and residing in the home***

*** 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.

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Explore Communities Across Rhode Island

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