First-time home buyer programs in Rhode Island

The three RIHousing assistance programs

All three programs apply to a 1-4 family home or condominium in Rhode Island that you will live in as your primary residence, and all are paired with a RIHousing-funded first mortgage.

Source: RIHousing program pages, consulted October 13, 2026.

15kDPA

The 15kDPA loan can go toward the down payment, closing costs or both. It has no monthly payments. The amount is due when the first of three things happens: you stop living in the home as your primary residence; you sell, transfer or further mortgage the property; or title passes to someone other than you. RIHousing notes that some of its first mortgage products may not be paired with 15kDPA, so ask your loan originator.

Extra Assistance

Extra Assistance is a second mortgage, so unlike 15kDPA it carries the same interest rate as your first mortgage and is repaid over 15 years. RIHousing says there are no fees or charges. The amount is capped at 6% of the purchase price or $20,000, whichever is lower. On a $300,000 home, 6% is $18,000; on a $400,000 home, 6% is $24,000, so the $20,000 cap applies (examples, not offers).

FirstGenHomeRI

FirstGenHomeRI is a pilot program with limited funds, given on a first-come, first-served basis to buyers who already have a loan commitment and a fully signed purchase and sales agreement. RIHousing defines a first-generation buyer as someone whose parents or guardian never owned a home during the buyer’s lifetime, or lost it to foreclosure or short sale, and who owns no home now. Anyone who lived in foster care also qualifies.

You must currently live in Central Falls, East Providence, Pawtucket, Woonsocket, Providence (except zip code 02906) or, for Newport, census tract 44005040500 only. The home you buy can be anywhere in Rhode Island. The assistance is a grant in effect: it does not have to be repaid if you keep the home as your primary residence for five years.

Loan limits and income limits

RIHousing’s first-time homebuyer loan offers 100% financing, with no down payment required. As of October 2026, RIHousing lists these limits:

Source: RIHousing Loan Center pages. “MRB” refers to RIHousing’s mortgage revenue bond programs.

The Providence area on RIHousing’s list covers 33 cities and towns, including Providence, Cranston, Pawtucket and Warwick. The income limits apply only to mortgages processed through the RIHousing Loan Center. RIHousing says Participating Lenders can help eligible buyers with its programs at any household income.

On October 13, 2026, the Loan Center posted a rate of 6.875% (7.684% APR) for FHA, VA and RD purchase loans and 7.500% (8.065% APR) for conventional loans, with zero points. Rates change without notice; check the current rate page before you decide.

Homebuyer education

Customers who are first-time buyers must take a homebuyer education class before closing on a RIHousing loan. With co-borrowers, only one needs to take it. RIHousing offers virtual classes and an on-demand online class for a one-time $50 fee; certificates from a Rhode Island HUD-approved counseling nonprofit are also accepted. Buyers of a home that needs repairs with an FHA 203(k) renovation loan take an additional class, for $15.

Help from the city of Providence

The City of Providence Department of Housing and Human Services currently lists two programs for homeowners: a CDBG Home Repair Program (deferred-payment, 0% loans for emergency repairs, with a waitlist for non-emergencies) and Lead Safe Providence, whose loans for owner-occupied homes are forgiven after three years. Neither helps with a purchase.

The city’s HOME Policies and Procedures Manual (June 2024) describes rules for down payment and closing cost assistance to buyers earning at most 80% of area median income, who must live in or move to Providence. For 2024 the manual lists limits of $62,950 for one person and $89,900 for four. We found no open city down payment program on the department’s page, so ask the department before counting on one: 401-680-5000, or dial 311.

How to apply

1. Pick a route. Work with the RIHousing Loan Center, in Providence, or with a Participating Lender from RIHousing’s statewide list.
2. Take the education class before closing.
3. Get preapproved for a RIHousing first mortgage, then shop within your price limit. See our guides on the steps of buying a home and FHA loans.
4. Budget for the rest. Assistance covers part of the cash needed; see closing costs in Rhode Island and home prices in Rhode Island and Providence. Our page on buying in Providence shows the local picture.

If you already own a home, RIHousing’s Move Up loans require as little as 3% down (up to 97% financing), through a Participating Lender.