First Time Homebuyer Programs in Rhode Island
Rhode Island provides a range of first-time homebuyer programs through Rhode Island Housing to make homeownership more accessible. These programs offer financial assistance, competitive mortgage options, and valuable resources for new buyers.
FirstHomes100 Program
The FirstHomes100 Program offers low-interest mortgages for eligible first-time buyers.
- Provides 30-year fixed-rate loans with competitive interest rates.
- No private mortgage insurance (PMI) required, lowering monthly costs.
- Income and purchase price limits apply based on household size and location.
Extra Assistance Program
The Extra Assistance Program provides financial support for upfront costs.
- Offers up to $15,000 in down payment and closing cost assistance.
- Structured as a forgivable loan after five years of homeownership.
- Must be used with a Rhode Island Housing mortgage product.
Mortgage Credit Certificate (MCC) Program
The MCC Program provides significant tax savings for first-time homebuyers.
- Offers a federal tax credit equal to 20-30% of the annual mortgage interest paid.
- Can be combined with other Rhode Island Housing programs.
- Eligibility includes income and purchase price limits.
Rhode Island’s first-time homebuyer programs are designed to make homeownership more affordable and achievable. Explore these options to find the right fit for your needs and take the first step toward owning your dream home in the Ocean State.