Down Payment Assistance in Rhode Island
You may need far less cash to buy than you think. Rhode Island has several programs that put money toward your down payment and closing costs, some of which never have to be repaid. Here is a plain-language rundown, and we are happy to help you figure out which ones you qualify for.
Rhode Island Assistance Programs
Amounts and eligibility are set by the program sponsors and can change. Use this as a starting point, then talk to us to confirm what is available right now and what fits your situation.
RI Statewide DPA Grant
Up to $17,500A grant (not a loan) toward your down payment and closing costs. Because it is a grant, there is nothing to repay.
Who it is for: Eligible buyers purchasing a primary residence in Rhode Island.
RIHousing 15kDPA
$15,000A 0% interest second loan for down payment and closing costs, repaid when you sell, refinance, or pay off your mortgage.
Who it is for: First-time buyers using an eligible RIHousing first mortgage.
RIHousing Extra Assistance Loan
Up to $20,000A second loan that helps cover the cash you need at closing when paired with an RIHousing mortgage.
Who it is for: Buyers who need additional help beyond the standard programs.
FirstGenHomeRI
Up to $25,000 (forgivable)A forgivable grant for first-generation homebuyers, meaning your parents did not own a home. Forgivable over time if you stay in the home.
Who it is for: First-generation buyers in Central Falls, East Providence, Newport, Pawtucket, Providence, and Woonsocket.
REALTOR Foundation of RI Grant
$1,000 to $2,000A grant toward closing costs, with a larger amount available to veterans.
Who it is for: Eligible RI buyers, with enhanced support for veterans.
AnchorHomeRI
VariesA program designed to help residents put down roots and buy in Rhode Island. Terms vary, so reach out and we will confirm the current details.
Who it is for: Rhode Island buyers. Ask us whether you qualify.
How It Usually Works
- 1Get pre-approved with a lender so you know your price range and which first mortgage you can pair an assistance program with.
- 2We match you to the programs you are eligible for, including stacking more than one when the rules allow.
- 3The assistance is applied at closing toward your down payment and closing costs.
This page is a general guide, not financial advice. Programs are administered by RIHousing and other sponsors, and details change. We will help you confirm current eligibility.
Find out what you qualify for
Tell us a little about your plans and we will map out the assistance programs that fit, with no pressure.
Book a Free Consultation