Rhode Island Down Payment Assistance
Rhode Island Down Payment Assistance Programs
A guide to current down payment assistance options in Rhode Island, including the state Housing Finance Agency, well-known city and county programs, and live DPA mortgage pricing for Rhode Island homebuyers.
Rhode Island Housing Finance Agency
Rhode Island Housing (RIHousing)
RIHousing administers the primary DPA programs for Rhode Island. Program details below are current as of October 17, 2026 - confirm current terms directly with RIHousing before applying.
Statewide DPA Programs in Rhode Island
First-time Homebuyer Loan
RIHousing
Fixed-rate first mortgage for first-time homebuyers with up to 100% financing. Can be paired with RIHousing down payment assistance programs.
Paired with: Conventional, FHA, VA, USDA
- First-time homebuyer: Required
- Primary residence only
- Income: RIHousing price and income limits apply; Loan Center income limits vary by area.
- Homebuyer education required
First-time homebuyer means no principal-residence ownership in the past three years. Homebuyer education must be completed before closing.
Source: www.rihousing.com
15kDPA
RIHousing
$15,000 for down payment and/or closing costs as a 0% interest loan with no monthly payments. Due on sale or transfer, or when the home is no longer the primary residence.
- First-time homebuyer: Required
- Primary residence only
- Minimum FICO: 660
- Income: RIHousing price and income limits apply.
- Homebuyer education required
Requires a RIHousing-funded first mortgage; some RIHousing loan products may not pair with it. 1-4 family homes and condominiums.
Source: www.rihousing.com
Extra Assistance
RIHousing
Second mortgage for down payment and closing costs up to 6% of the purchase price or $20,000, whichever is lower. Interest rate typically matches the RIHousing first mortgage rate.
Paired with: Conventional, FHA, VA, USDA
- First-time homebuyer: Required
- Primary residence only
- Minimum FICO: 620
- Homebuyer education required
Must be paired with a RIHousing first mortgage. Repayable second lien with a 15-year term and no fees; not forgivable.
Source: www.rihousing.com
FirstGenHomeRI
RIHousing
Up to $25,000 in down payment and closing cost assistance for first-time, first-generation homebuyers. 0% interest, no monthly payments; forgiven after 5 years of owning and living in the home.
Paired with: Conventional, FHA, VA, USDA
- First-time homebuyer: Required
- Primary residence only
- Minimum FICO: 660
- Income: RIHousing income and purchase price limits apply.
- Homebuyer education required
Pilot program limited to Central Falls, East Providence, Pawtucket, Woonsocket, Providence (excluding 02906), and one Newport census tract. First-generation means parents or guardian never owned a home during the buyer's lifetime, or the buyer lost a home to foreclosure or short sale; former foster care residents also qualify. First mortgage must come through the RIHousing Loan Center. HUD-approved homebuyer course required. First-come, first-served.
Source: www.rihousing.com
Rhode Island Notes for Homebuyers
- Rhode Island is a small state where RIHousing programs apply statewide; there are relatively few city-level DPA programs.
- RIHousing requires first-time homebuyers to complete homebuyer education before closing.
2026 Loan Limits in Rhode Island
Conforming (Conventional)
$832,750 baseline
FHA
$541,287
Standard FHA limit, applies to most Rhode Island counties.
Live DPA Pricing for Rhode Island
Pricing below is sourced live from hundreds of wholesale lenders for a Rhode Island scenario. Edit the inputs to match your situation.
FHA Down Payment Assistance
Up to 5% assistance; repayable second at first rate + 2% over 10 years
▸Program details
- ✓Minimum credit score: 580
- ✓Non-traditional credit also possible
- ✓Assistance up to 2.5%, 3.5%, or 5% of the lesser of purchase price or appraised value
- ✓Assistance can be used for down payment, closing costs, or both
- ✓Second lien: 10-year fixed, repayable
- ✓Second lien rate is 2% higher than the first mortgage rate
- ✓No first-time homebuyer requirement
- ✓No income cap
- ✓Purchase of primary residence only
- ✓Eligible properties: 1-unit residences, PUD, 2-4 units, FHA-approved condos, manufactured (single/double-wide)
- ✓DTI per AUS and FHA manual underwriting guidelines
- ✓First lien: FHA 30-year fixed
Assistance amount
Compare DPA options for Rhode Island with live pricing
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