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Home > RI

Extra Assistance Program

First Time Homebuyers Down Payment Assistance

Type Of Program

Down Payment

Program distribution

Forgivable Second Mortgage

Program Originator

RIHousing

Amount

$0.00

Contact

Online contact form

Blocks

Location
Nationwide
Description

RIHousing's Extra Assistance program helps eligible first-time homebuyers in Rhode Island with downpayment assistance in the form of a second mortgage lien.


Eligibility & Terms

  • First-time buyer
  • 1-4 family home or condo in Rhode Island 
  • Buyer must occupy the property as their primary residence
  • Minimum credit score of 620
  • Complete homebuyer education source (available in-person or online through RIHousing)
  • Obtain a RIHousing funded first mortgage (participating lender or RIHousing loan center) 
  • Up to 6% of the purchase price, or $15,000, whichever is lower
  • Interest is usually the same rate as first mortgage
  • There are no fees or charges
  • Assistance is a second mortgage lien on the property






AMI Limit

No

AMI

Employer Participation Required

No

Must Earn Counseling Certificate

Yes

Eligibility Limitations

* First time buyer * 1-4 family home or condo in Rhode Island * Minimum credit score of 660 * Meet riHousing price and income limits * Complete homebuyer education source (available online * Obtain a riHousing funded first mortgage (participating lender or riHousing loan center) * Buyer occupy property as primary residence

Cash Sale Permitted

No

Cosigner Permitted

No

Owner Financing Permitted

No

Must be Primary Residence

Yes

Program Provider's Contact Name

Program Provider's Address

44 Washington Street • Providence, RI 02903

Program Provider's Phone

8004275560

Program Provider's Email

online contact form

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