To qualify for the First Down Program you must:
- Be a first-time homebuyer purchasing a 1-4 family home or condominium
- Meet RIHousing loan and income limits (see below)
- Obtain a RIHousing-funded first mortgage through a Participating Lender or RIHousing
- Occupy the home as a primary residence
The down payment assistance of $7,500 is forgivable after 5 years of owning the home, and you must maintain it as your primary residence. The maximum loan limit allowed is $454,250 for a one- to four-family home or eligible condominium.
To be eligible for the First Down Program, your total annual household income must be less than $93,623 (for a 1-2 person household) or $107,667 (for a 3+ person household).
The First Down Program is only available in conjunction with a RIHousing first mortgage, available through our network of Participating Lenders and the RIHousing Loan Center.
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