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.
