Table of Content
- Rhode Island First-Time Home Buying Assistance Programs & Grants for 2022
- Financing Tips for First-Time Homebuyers
- Where to find home buying help in Rhode Island
- FHA Down Payment Programs Near You
- We found down payment grants if you’re a first time home buyer in RI.
- We found more help in RI!
- Rhode Island First-Time Home Buyer Programs and Grants of 2022
Below, we’ll spotlight five of the most impactful programs. As a first time home buyer, you may be unsure whether you actually have the cash on hand to make your dreams a reality. Luckily, the Ocean State has several RI first time home buyer resources so that you can make a purchase without overextending your finances. Then you’ll need to complete Landlord-Tenant education in addition to our regular Homebuyer Education class. Learn about leasing, repairs and everything else you need to know to become a successful landlord.
If your employer allows borrowing from the 401 plan that it sponsors, you may consider taking a loan against the 401 account to help finance your home purchase. With most plans, you can borrow up to 50% of your 401 balance, up to $50,000, without incurring taxes or penalties. You pay interest on the loan, which is paid into your 401 account.
Rhode Island First-Time Home Buying Assistance Programs & Grants for 2022
That means you can’t use these loans for a vacation home or investment property. We do not offer or have any affiliation with loan modification, foreclosure prevention, payday loan, or short term loan services. Neither FHA.com nor its advertisers charge a fee or require anything other than a submission of qualifying information for comparison shopping ads. We encourage users to contact their lawyers, credit counselors, lenders, and housing counselors. Have you found the perfect piece of land for your home, but aren’t ready to build? We offer a variety of residential lot loan programs to help you obtain the affordable financing you need for the purchase of land.

Credit score requirements vary, depending on the homebuyer assistance program. For example, some of the programs offered by RIHousing require a credit score of 620. Indeed they are required for some government-sponsored loan programs. The IRS allows qualifying first-time homebuyers a one-time, penalty-free withdrawal of up to $10,000 from their IRA if the money is used to buy, build, or rebuild a home. The IRS considers anyone who has not owned a primary residence in the past three years a first-time homebuyer.
Financing Tips for First-Time Homebuyers
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. We are an independent, advertising-supported comparison service. Although Rhode Island is the smallest of the 50 states by area, its embrace of good food, history and all things nautical make it a popular place for tourists and home shoppers alike. If you’re looking to put down roots in this northeastern state, there are several programs that can help.
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Where to find home buying help in Rhode Island
Of course, there are various conditions and eligibility criteria. And you’ll need a relatively modest income to get this help. The median list price of homes in Providence was $329,900 in August 2022. That was an increase of 10.2% year-over-year, according to Realtor.com. Those figures were accurate at the time of writing in September 2022, but check back to see if they’ve changed by the time you apply.

The closing date on a purchase transaction is dictated by the purchase and sale agreement. Studies and our experience suggest that Homebuyer Education is the first step toward successful homeownership. These HUD-approved classes – taught by trusted community partners – provide an in-depth look at the responsibilities of homeownership and help buyers prepare for homeownership. Our goal is to help people buy a home and have the resources and knowledge to keep it.
FHA Down Payment Programs Near You
The loan is for just one-unit single-family homes, co-ops, condos, and planned unit developments. While the income and credit requirements are the same as for the 10KDPA program, you’ll also have to take a homebuyer’s education course to qualify for this program. Yes, you may use funds for the property’s down payment and/or mortgage closing costs. If you are purchasing the home on your own, you may be eligible for the program.

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But, if you qualify, you might be in line for a First Homes Tax Credit , which could reduce your federal tax liability. Ask a tax professional for more details on how an MCC would affect your taxes. The median home sales price in Rhode Island was $410,000 in July 2022. According to the RI Association of Realtors, statewide home prices increased 6.8% from the previous year. Type in your address below to find out (Include street #, street name, Newport, RI). Our First-time Homebuyer Loan helps buyers realize their dream of homeownership.

The USDA also directly issues loans to low- and very low-income people. For loan basics and income and property eligibility, head to this USDA site . The Home Possible mortgage is for buyers who have a credit score of at least 660. You can still qualify for a program through a participating lender, although your down payment may be slightly higher.