The Rhode Island down payment assistance programs has been initiated to make the dream of owning their own house come true for residents of the state. It is particularly beneficial for the first time home buyers as they easily qualify for the program in case they haven’t owned any property in the past three years. Others who had owned property may avail different assistance program by the state.
The amount provided as assistance to the person can be used as initial pay down or even as closing costs. It can only be used for residential or commercial loans only by the person receiving it. There are various programs that are promoted by Rhode Island State for the needy home buyers, these include many city, county, and state programs along with the nationwide charity programs.
The buyer needs to keep certain things in mind while setting out to buy a property for his family. The down payment though may exist in most cases is not an essential 20% of the total value. It has come down considerably owing to the high realty prices in several areas. Moreover the assistance program has given a leeway to several people who are capable to pay monthly installments, but were lagging when it came to arranging a payout of $10,000 or more at the start of the mortgage term. Depending on the paying capacity, present loans, assets held, and the property in question it is easy for any lender to decide on the loan request. Once you are found eligible for the loan then you can simply apply for down payment assistance.
Below is a list of Rhode Island Down Payment Assistance Programs:
- Cranston Closing Cost Assistance Program
- Housing Authority of the City of Pawtucket
- Providence Housing Authority
- Rhode Island Housing Authority
- Providence Home Buying Programs
- Beyond FirstHomes Program
- FirstHomes 100 Program
- Pawtucket Starter Home Grant Program
- Rhode Island Down Payment Assistance Programs
- Rhode Island Housing
- Woonsocket Spring Ahead Value Enterprise