How RI Home Buyers Can Receive A $17,500 Down Payment Grant

On Wednesday, January 25th, 2023, Governor Dan McKee and RIHousing announced the launch of the new RI Statewide DPA Grant Program. Qualified first-time home buyers can receive up to $17,500 in financial assistance and can be used to purchase primary residences of single-family homes, condos, and up to 4-unit multi-family homes. Because it is a grant, no re-payment is required, even on re-sale!
Find out if you qualify!
You can use the money for:
- Down payment
- Closing costs
- Escrow funds
- Points
- Prepaying mortgage insurance
The program is being funded through the federal American Rescue Plan Act, with $30 million being earmarked to address housing issues in Rhode Island.
Now it’s important to mention that once these funds are gone, the program ends. Massachusetts ran their version of this program last September. Funds were expected to last 6 months and they were depleted in 11 weeks. So if you’re interested, please reach out to me and I would love to help you.
If you would like to learn more or would like to chat about your scenario, please book an appointment with me: