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 April 23, 2026 - confirm current terms directly with RIHousing before applying.
Statewide DPA Programs in Rhode Island
FirstHomes
RIHousing
Fixed-rate first mortgage for first-time homebuyers. Can be paired with RIHousing down payment assistance programs.
Paired with: Conventional, FHA, VA, USDA
- First-time homebuyer: Required
- Primary residence only
- Income: RIHousing FirstHomes income and purchase price limits apply.
- Homebuyer education required
First-time homebuyer means no principal-residence ownership in the past three years.
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
- Primary residence only
- Homebuyer education required
Must be paired with a RIHousing first mortgage. Amortizing second lien (repayable), not forgivable.
Source: www.rihousing.com
FirstGenHomeRI
RIHousing
$25,000 in down payment and closing cost assistance for first-time, first-generation homebuyers.
Paired with: Conventional, FHA, VA, USDA
- First-time homebuyer: Required
- Primary residence only
- Minimum FICO: 660
- Income: RIHousing income and purchase price limits; must purchase in eligible communities.
- Homebuyer education required
First-generation defined as a borrower whose parents never owned a home or lost a home to foreclosure or short sale; applicants who lived in foster care also qualify. Must have a first mortgage through RIHousing. Subject to funding availability.
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.
- All RIHousing programs require homebuyer education.
2026 Loan Limits in Rhode Island
Conforming (Conventional)
$806,500 baseline
FHA
$524,225 floor
Most Rhode Island counties use the FHA floor limit.
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
Rate Direct pairs down payment assistance with live first-lien pricing so you see the combined monthly payment up front.