Rhode Island Has Real Money Waiting for First-Time Buyers
RIHousing offers up to $25,000 in down payment and closing cost help, 0% interest assistance loans, and rehab financing. Here's what each program does — and how Cheryl helps you actually use one.
Questions about down payment help? Ask Cheryl.
No lender pressure, no obligation — just a straight answer about your situation.
The programs Northern RI buyers use most
RIHousing is Rhode Island’s state housing finance agency. Their programs are the single biggest reason a renter in Woonsocket, Burrillville or North Providence can become an owner without 20% saved. Every card below links straight to the official RIHousing page.
FirstGenHomeRI
For first-generation buyers
Down payment and/or closing cost assistance for buyers whose parents have not owned a home. It is a pilot program with limited funding, awarded first come, first served.
- Requires a loan commitment and a fully executed purchase & sales agreement
- Limited funds — timing matters, so get pre-approved before you shop
- Can be the difference between renting and owning in Woonsocket or Burrillville
15kDPA
Down payment assistance
A 0% interest loan for down payment and/or closing costs for first-time buyers purchasing in Rhode Island.
- 1–4 family home or condominium anywhere in Rhode Island
- Minimum 660 credit score, plus RIHousing price and income limits
- Homebuyer education course required
Extra Assistance
Second-mortgage help
Additional down payment assistance for eligible first-time buyers, designed for the hurdle that stops most people: cash to close.
- Pairs with an RIHousing first mortgage
- Eligibility based on income, purchase price and credit
- Useful when you have income but thin savings
RIHousing Loan Center
Mortgages built for first-timers
RIHousing lends directly and through a statewide network of approved lenders, with rates published daily on their site.
- Get pre-approved directly through the Loan Center or an approved lender
- Compare the RIHousing rate against a local bank or credit union
- Cheryl will introduce you to lenders she has closed deals with
FHA 203(k) Purchase Rehab
Buy it and fix it with one loan
Finance the purchase and the renovation together. This is how many Northern RI buyers get into an older, dated home for less than a turnkey one.
- Perfect for the 1950s ranches and mill-town colonials in our area
- Cheryl has renovated and flipped homes here — she can scope the work realistically
- Requires contractor bids and lender-approved draws
Homebuyer Education
Required for most assistance
RIHousing offers homebuyer education courses and one-on-one counseling. Completing one is a condition of most down payment assistance programs.
- Take it early — do not let a certificate hold up your closing
- Covers budgeting, credit, the mortgage process and closing
- Counselors are free to talk to before you commit to anything
Funding levels, income limits, purchase price caps and credit requirements change — sometimes mid-year, and pilot programs can run out of money. Confirm current terms on RIHousing’s site or with an approved lender before you plan around a number.
What $15,000–$25,000 of help actually changes
On a $350,000 home in Northern Rhode Island, an FHA loan needs about $12,250 down plus roughly $9,000–$15,000 in closing costs. That is the wall most renters hit. Assistance money is aimed squarely at that wall — it can cover the down payment, the closing costs, or both.
The other half of the equation is the house itself. Cheryl spent years buying, renovating and reselling homes in these towns, so she can tell you which listings are realistic for a program purchase and which ones will fail an appraisal or inspection condition.
Get program-friendly listings first
New Northern RI homes in your price range, emailed the day they list.
What can I afford in Rhode Island?
You could look at homes around
$376,047
Roughly $2,804 per month including taxes and insurance.
Estimate only, based on a 43% debt-to-income ratio and a 30-year fixed loan with taxes and insurance assumed at about 22% of the payment. Your real number depends on credit, loan program, and the town's tax rate — Cheryl can connect you with a local lender for an exact figure.
Get a Real Number From a Local LenderCheck your eligibility in 60 seconds
Answer a few questions and Cheryl will review them with an RIHousing-approved lender, then come back with the specific programs that fit your income, credit and timeline — plus what your realistic monthly payment looks like in the towns you want.
- No credit pull and no obligation
- A real person reviews it, not an auto-responder
- Includes a lender introduction if you want one
See What You May Qualify For
Rhode Island down payment assistance FAQs
Ready to find out if you can buy this year?
Call or text Cheryl — she'll tell you honestly where you stand and what to do next.