RIHousing recently launched its First Down program, which provides $7,500 in down payment assistance to eligible first-time homebuyers purchasing any home in one of six Rhode Island communities.
The First Down program is structured as a forgivable loan and targets the six communities most affected by the foreclosure crisis: Cranston, East Providence, Pawtucket, Providence, Warwick and Woonsocket..
“For many prospective homebuyers, the biggest challenge is saving for a down payment,” said Barbara Fields, Executive Director of RIHousing. “This forgivable loan eliminates yet another barrier to homeownership for working Rhode Islanders. We’re thrilled to launch the First Down program, which continues our work to strengthen Rhode Island’s economy.”
The down payment assistance is available to first-time homebuyers purchasing a one- to four-family home or condominium. The property must be the buyer’s primary residence, and buyers must obtain a RIHousing first mortgage through one of 35 participating lenders or RIHousing.
RIHousing estimates that more than 530 homeowners will be served through this program, which is funded by the U.S. Department of the Treasury.
Fields recently sat down with the Rhode Show to discuss the new program and who may be eligible. Watch the full interview here: