Rhode Island First Time Home Buyer Programs

Rhode Island Down Payment Assistance

Extra Assistance Program

Are you concerned about saving for the down payment? RIHousing offers down payment assistance for down payment and closing costs.

  • Up to $15,000 in assistance for down payment offered as a 15 year fixed 2nd mortgage
  • Entire state of Rhode Island eligible
  • Maximum income llmit is $97,646 for 1-2 person households and $112,293 for 3 or more person households 
  • 30-year low fixed rate mortgage
Chenoa Fund

Chenoa Down Payment Assistance Program

Chenoa offers help with down payment and closing costs.

  • Up to 3.5% assistance for down payment & closing costs offered as a 10 year second mortgage
  • Entire state of Rhode Island eligible
  • 640 minimum credit score
  • Home Ready Program eligible
  • Lower mortgage insurance
Rhode Island Housing Authority

Rhode Island
Housing Program

FHAl loan which makes buying a home more affordable for first time home buyers.

  • 3.5% Down Payment
  • $10,000 Down Payment Assistance
  • 0% interest rate and no monthly payments 
  • 660 minimum credit score
  • 30 year low fixed rate program
FHA Home Loans

FHA Loan

Government loan program which assists buyers to purchase a home with less-than-perfect credit.

  • 3.5% Down Payment
  • Down Payment Assistance Eligible
  • 580 minimum credit score
USDA Home Loan Program

USDA Home Loan

Program for first home buyers looking to buy a house in small town or rural area.

  • Zero Down Payment
  • 600 minimum credit score
  • Seller can pay closing costs
VA Home Loans

VA Loan

Government loan program which assists members of military to purchase a home.

  • Zero Down Payment
  • 550 minimum credit score
  • Low 30 Year Fixed Rate Mortgage

Rhode Island Real Estate Market

The median value of a home in Rhode Island is about $278,000 and current appreciation rate is about 5% per year. The average rent is about $1,375 per month and you can buy a $278,000 home using HomeReady 3% Down Payment Program and your payment would be approximately $1,914* per month. Try our rent versus own calculator and you may find out buying a home is better than renting when you factor in home appreciation and paydown of principal on every loan payment.

Resources & Tools

Mortgage Calculators

Calculate loan payments, determine if it better to rent or buy, find out your price range, and figure out your debt ratios to see what programs you may qualify for.

Try Our Mortgage Calculators

Ultimate First Time Home Buyer Guide

10 Steps To Buying Your First Home

We will guide you through the home buying process, assist you with financing, and connect you to a Realtor to Find the Perfect Home.

Download Book

Homes For Sale

Get property listings of homes for sale in Rhode Island. View photos and property details. Contact local real estate agent and set up showings.

Search For Perfect Home

*278,000 purchase price, $8,340 down payment, $269,660 loan amount, HomeReady 30 year fixed loan paid in equal and consecutive monthly installment payments of $1,366.33 plus taxes and insurance, 4.50% rate(4.55% APR).