First Time Homebuyers Low to Moderate Income (LMI) Down Payment Assistance (DPA)
Down Payment & Closing Costs
Deferred Second Mortgage
City of Woonsocket
$0.00
(401) 767-9228
The City of Woonsocket First Home Down Payment Assistance Program is funded by the US Department of Housing & Urban Development (HUD) through the HOME Investment Partnership Program. The program provides qualified first time homebuyers with a loan up to $5,000 to assist with down payments.
It is a no-interest loan that will be partially forgiven ($2,500 forgiven after 5 years) and partially deferred ($2,500). Repayment of the deferred loan is made at the time of sale, exchange or transfer of title. The forgivable portion may not be prorated for less than the 5 year period.
HUD guidelines apply. Applicants must be 18 years or older, first time homeowners (as defined by HUD) and household incomes must be at or below 80% of API. Property must be single family residential, meet HUD standards, and pass all City underwriting standards. Buyers must have approved FHA, VA, or conventional loan and be credit approved.
Yes
at or below 80% of AMI
Yes
Buyer(s) must * be 18 years or older * credit approved * meet income eligibility as determined by HUD * have approved FHA/VA/conventional loan * pass all City underwriting standards * be first time homeowner (HUD definition) Property must * be single family residential * pass City Standards Inspection * meet HUD property standards * not exceed HUD homeownership value limits for Providence County
Yes
Program Manager
City of Woonsocket, 169 Main Street, P.O. Box B, Woonsocket, RI 02895
4017679228
sdicolella@woonsocketri.org