Planning to buy your first home in RI? Rhode Island first-time homebuyers can benefit from a new down payment assistance (DPA) program. This limited-time RI statewide homebuyer DPA grant is available on a first-come, first-served basis and provides $17,500 in assistance.
In this post, our team at Your Home Sold Guaranteed Realty — The Nathan Clark Team will discuss the requirements behind the DPA grant and how it can benefit first-time homebuyers as they navigate the current Rhode Island housing market.
$17,500 DPA Grant For Rhode Island First-Time Homebuyers
The RI statewide homebuyer DPA grant is available statewide to all Rhode Island first-time homebuyers. It provides $17,500 to be used towards the down payment and/or closing costs of an eligible home, with no need to repay any of the grant amount.
The program defines a first-time homebuyer as someone who has not owned a home as their primary residence for at least three years. Eligible homes are defined as one to four-unit family homes or condominiums.
There are several income and financial requirements needed to qualify for the RI Statewide DPA Grant. First, all applicants will need a credit score of at least 660 or higher. For actual income, one to two-person households will need to make less than $112,555. For three or more person households, the limit is $129,438.
Aside from the financial requirements, there are several other steps first-time homebuyers must take in order to receive the DPA assistance grant. These include:
- Completing a homebuyer education course through RIHousing
- Getting a loan funded through RIHousing or the RIHousing Loan Center
- Using the home as your primary residence
In addition, any co-borrowers listed on the application must also be first-time homebuyers.
How Can First-Time Homebuyers Benefit From The RI Statewide Homebuyer DPA Grant?
The main benefit of the RI Statewide DPA Grant is that it does not need to be repaid. The funds are immediately forgiven, so homebuyers don’t have to worry about making any additional monthly payments on top of their mortgage.
There are also no geographical restrictions– the grant is applicable for any qualifying home in the state of Rhode Island.
This grant is a valuable opportunity for first-time homebuyers trying to enter Rhode Island’s competitive housing markets. Down payments often act as a barrier to first-time buyers, who struggle to save up enough money while simultaneously paying rent or other expenses.
The RI statewide homebuyer DPA Grant gives first-time homebuyers a leg up in Rhode Island’s current housing market conditions.
So far in 2023, there are 50% fewer single-family homes listed on the market compared to the previous year. Such low levels of inventory mean home sellers have more power to control how much their homes sell for.
On top of that, home prices have continued to increase, despite rising interest rates. Currently, the most common price range for Rhode Island first-time homebuyers is between $400,000 and $500,000.
With this grant program, more homebuyers can be incentivized to enter the market despite such challenging conditions. Buyers can feel more confident about affording a decent home without worrying about an expensive down payment or closing costs.
We Specialize in Helping Rhode Island First-Time Homebuyers
Your Home Sold Guaranteed Realty — The Nathan Clark Team specializes in helping first-time buyers in Rhode Island. We’ve been serving the New England area for 21 years and during that time, we’ve gained an in-depth knowledge of the housing market.
Our experience is one reason we’re experts at helping first-time homebuyers find their dream homes at a great deal. In fact, we have our own First Time Buyer Hotlist filled with the best properties for new homebuyers.
This list is continually updated with new properties as they hit the market, so you’ll increase your chances of beating other buyers and being the first to make an offer.
Buying a home with our real estate team means you’ll also benefit from our unique buyer’s guarantees, like our Exclusive Buyer Protection Plan and Buy It Back Guarantee.
To learn more about working with The Nathan Clark Team, give us a call at 401-288-3557 or fill out the form below for more information.
Listen to Nathan Clark on WPRO – AM – On The Tara Granahan Show – Thurs 1 – 26 – 2023 here:
