Low to Moderate Income (LMI) Down Payment Assistance Closing Costs
Down Payment & Closing Costs
Forgivable Second Mortgage
City of Providence /Housing Network of Rhode Island
http://www.housingnetworkri.org/our-programs/down-payment-and-closing-cost-assistance-program/
$0.00
Working with the City of Providence, the Housing Network of Rhode Island provides down payment and closing cost assistance to income eligible homebuyers in the City of Providence. Applicants muyst have a household income at or below 80% of the area median income (AMI), be purchasing a 1-3 family home in the City of Providence, and live in the home as their primary residence. Minimum assistance provided is $2,500 and based on need goes up to a maximum of $20,000 (applicants with household incomes at or below 70% of AMI) or $10,000 (applicants with household incomes above 70% of AMI but below 80% of AMI). Assitance is given as a no interest, forgiveable loan if the property is held for the duration of the restriciton (5-10 years based on amount of assitance).
Yes
At or below 80% AMI
*have a household income at or below 80 percent of area median income (AMI); * be purchasing a 1-3 family home in the City of Providence; * Applicants receiving Down Payment and Closing Cost Assistance must satisfy HUD’s current underwriting requirements for front (33%) – and back- end (43%) ratios. The “Down Payment Assistance Underwriting Template” will be utilized to evaluate sustainability and affordability.
Yes
1070 Main Street Pawtucket RI 02860
4017215680