RIHousing’s recently-launched First Down program is already making a huge impact, with 335 Rhode Islanders registering for the program to aid the purchase of their first home. The program provides $7,500 in down payment assistance to eligible first-time homebuyers purchasing a 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.
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.
Click here to learn more about the First Down program.