Local Program
Rhode Island County-Level Housing Programs | Rhode Island...
Rhode Island County-Level Housing Programs combines affordable financing with varies to help Rhode Islanders buy or improve homes.
Program Details
**Rhode Island County-Level Housing Programs** is administered by the local housing office to help Rhode
Islanders overcome the most common barriers to homeownership, maintenance, or energy‑efficiency upgrades. The
program pairs affordable fixed‑rate financing with varies to reduce upfront costs or fund critical repairs.
Applicants complete HUD‑approved homebuyer education and benefit from one‑on‑one counseling provided by
RIHousing partner agencies. Funds are limited and released on a first‑come, first‑served basis through
participating lenders statewide. Borrowers may layer assistance with federal Mortgage Credit Certificates,
local grant programs, or weatherization rebates to maximize savings. Homes must meet RIHousing
health‑and‑safety standards, and contractors are vetted through a bid process to ensure quality renovation
work. The program is especially valuable in high‑cost coastal counties where median home prices often exceed
$400,000.
Islanders overcome the most common barriers to homeownership, maintenance, or energy‑efficiency upgrades. The
program pairs affordable fixed‑rate financing with varies to reduce upfront costs or fund critical repairs.
Applicants complete HUD‑approved homebuyer education and benefit from one‑on‑one counseling provided by
RIHousing partner agencies. Funds are limited and released on a first‑come, first‑served basis through
participating lenders statewide. Borrowers may layer assistance with federal Mortgage Credit Certificates,
local grant programs, or weatherization rebates to maximize savings. Homes must meet RIHousing
health‑and‑safety standards, and contractors are vetted through a bid process to ensure quality renovation
work. The program is especially valuable in high‑cost coastal counties where median home prices often exceed
$400,000.
Eligibility Requirements
- U.S. citizen, permanent resident, or qualifying non‑citizen.
- Household income ≤ RIHousing limits (e.g., $112,555 for a 2‑person household in Providence County, 2025).
- Purchase price ≤ $546,752 (single‑family) or FHA county limit, whichever is lower.
- Minimum 620 credit score (680 for conventional loans).
- Debt‑to‑income ratio ≤ 45 % (manual underwriting up to 50 % with compensating factors).
- Completion of 8‑hour HUD‑approved homebuyer education and RIHousing post‑purchase counseling.
- Owner‑occupancy within 60 days of closing; no short‑term rentals allowed.
- Household income ≤ RIHousing limits (e.g., $112,555 for a 2‑person household in Providence County, 2025).
- Purchase price ≤ $546,752 (single‑family) or FHA county limit, whichever is lower.
- Minimum 620 credit score (680 for conventional loans).
- Debt‑to‑income ratio ≤ 45 % (manual underwriting up to 50 % with compensating factors).
- Completion of 8‑hour HUD‑approved homebuyer education and RIHousing post‑purchase counseling.
- Owner‑occupancy within 60 days of closing; no short‑term rentals allowed.
Program Benefits
- **Varies** applied toward down payment, closing costs, or qualified repairs.
- 30‑year fixed‑rate mortgage at or below market.
- No prepayment penalty or recapture tax after 10 years.
- Eligible for Mortgage Credit Certificate tax savings.
- Free post‑closing budget coaching and foreclosure‑prevention hotline.
- 30‑year fixed‑rate mortgage at or below market.
- No prepayment penalty or recapture tax after 10 years.
- Eligible for Mortgage Credit Certificate tax savings.
- Free post‑closing budget coaching and foreclosure‑prevention hotline.
How to Apply
1. **Pre‑qualify** with an RIHousing‑approved lender; provide pay stubs, W‑2s, and bank statements.
2. **Education & counseling** – complete a HUD‑certified course and obtain a certificate.
3. **Loan reservation** – lender locks rate and reserves assistance funds via the RIHousing portal.
4. **Appraisal & inspection** – property must meet FHA/USDA standards; rehab bids collected if applicable.
5. **Closing** – sign first‑mortgage and subordinate lien documents; assistance funds disbursed.
6. **Post‑purchase** – occupy the home within 60 days; comply with periodic verification if using grant forgiveness.
2. **Education & counseling** – complete a HUD‑certified course and obtain a certificate.
3. **Loan reservation** – lender locks rate and reserves assistance funds via the RIHousing portal.
4. **Appraisal & inspection** – property must meet FHA/USDA standards; rehab bids collected if applicable.
5. **Closing** – sign first‑mortgage and subordinate lien documents; assistance funds disbursed.
6. **Post‑purchase** – occupy the home within 60 days; comply with periodic verification if using grant forgiveness.
Program Overview
Category
Local Program
Official Program Website
Information about this program is provided as a resource and may be subject to change. Always verify details with the official program website.
Important Note
Program availability, terms, and requirements may vary by lender and location. Additionally, programs are subject to change based on policy updates and market conditions. Always consult with a mortgage professional for the most current information and to determine eligibility for specific programs.