Rhode Island First Time Home Buyer Grants and Loan Programs





Rhode Island first time home buyer grants and loan programs - The Rhode Island Housing Authority (formerly known as RIMHFC) offers several programs for first time home buyers.

Rhode Island Housing offers low interest loans and buyer education programs to qualified first time home buyers. They offer several loan programs, including home loans/mortgages for up to 40 years.

To qualify for the Rhode Island Housing programs, there are buyer income limits and also limits of the purchase price of the home.

Some of the above requirements may not be applicable to buyers that purchase homes in these cities/towns - Central Falls, Pawtucket, Newport, Woonsocket and Providence.

Rhode Island Housing also offers downpayment assistance to qualified applicants.

Rhode Island Housing is now offering the FirstHomes100 and FirstHomes100+ programs. FirstHomes100 offers low, fixed-rate mortgages for 30 years for single family home buyers. FirstHomes100+ is a special loan program that provides rehab and purchase money to upgrade and buy a home.

Check out the RI Housing website for more details. Or, call Rhode Island Housing at 1-401-450-1344.

Special Programs for Woonsocket Residents

The City of Woonsocket also offers programs for first time home buyers through the City of Woonsocket’s Housing and Community Development Division of the Department of Planning and Development.

The Woonsocket program has been expanded to meet the HUD household income guidelines, which are $42,350 for a single person; $48,400 for a two-member household; $54,450 for three; $60,500 for four; $65,350 for five; $70,200 for six; $75,050 for seven; and $79,900 for eight.

Homeowners must occupy the properties purchased and meet minimum housing and lead paint standards. For more information and an application, call the Department of Planning & Development, Woonsocket City Hall at 1-401-767-9228.

Additional details can also be found via the following address, fax or phone:

Paulette Miller
Deputy Director of Housing & Community Development
Woonsocket City Hall
169 Main Street
Woonsocket, RI 02895
phone: 1-401-767-9232
fax: 1-401-766-9312

Or, you can check the City's website for updates about these programs.

Special Program for Cranston Residents

The City of Cranston also offers programs for first time home buyers through the City of Cranston’s Community Development Division.

The programs include housing rehab, closing cost and downpayment assistance programs.

Additional details can also be found via the following email or phone number:

Fran Falcone
Cranston City Hall
phone: 1-401-461-1000, ext #7205
email: ffalcone@cranstonri.org

Or, you can check the City's website for updates about these programs.

FirstHomes Tax Credit Program

Effective July 1, 2014, RI Housing started offering the FirstHomes Tax Credit Program.

The program allows eligible homeowners to claim a $2000 federal tax credit each year, for the life of the loan.

For more information, review the FirstHomes website.




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