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:
Click
here to learn more about the First Down Program.
