First time home buyer programs no down payment

STEPS TO HOMEOWNERSHIP

Get Educated!

Take a Homebuyer Education class and learn everything you need to know about buying and mortgage financing.

Get pre-approved

Getting pre-approved makes you a more attractive buyer and gives you greater negotiation power.

Find a home

Work with a certified real estate professional to find the home that fits both your needs and your budget.

Sign a contract

By completing this step, you will finalize the terms of your loan and agreement.

Apply for a loan

RIHousing offers a range of mortgage options; learn more about which loan is right for you or apply now.

Close and become a homeowner!

Complete the final requirements in the closing process and enjoy your new home!

10kDPA

RIHousing’s new 10kDPA program provides a $10,000 down payment assistance loan to ﬁrst-time homebuyers in Rhode Island.

FirstGenHomeRI

FirstGenHomeRI opens the doors for first-generation homebuyers with $25,000 in down payment and/or closing cost assistance.

Extra

Assistance

RIHousing’s Extra Assistance program provides down payment assistance to eligible first-time homebuyers in Rhode Island to finance down payment and/or closing costs.

Move up

& Refinance Loans

Looking to sell your home and buy a new one?
Move Up loans require as little as 3% down!

10kDPA

RIHousing’s new 10kDPA program provides a $10,000 down payment assistance loan to ﬁrst-time homebuyers in Rhode Island.

FirstGenHomeRI

FirstGenHomeRI opens the doors for first-generation homebuyers with $25,000 in down payment and/or closing cost assistance.

Extra Assistance

RIHousing’s Extra Assistance program provides down payment assistance to eligible first-time homebuyers in Rhode Island to finance down payment and/or closing costs.

Move up & Refinance Loans

Looking to sell your home and buy a new one?

Move Up loans require as little as 3% down!

There’s a lot of competition out there today. When you find the home of your dreams, we want you to be ready. Our Homebuyer Education classes will arm you with what you need to know.

Steps to Buying a Home, including the mortgage application process
Overview of RIHousing loan programs
Financial Considerations: credit, debt and planning for the future

Homebuyer Education is available through virtual or online classes.

Customers who are first-time homebuyers are required to take a Homebuyer Education class prior to closing on a RIHousing loan.

MORTGAGE CALCULATOR

Wondering how much home you can afford? Find out now.

Ready to buy that home?

Our commitment to affordable homeownership

We're committed to helping homebuyers thrive through the power of homeownership. The Bank of America Community Homeownership Commitment® provides solutions for modest-income and first-time homebuyers, including affordable mortgages, grant programs, resources and expertise.

Affordable Loan Solution® mortgage
This mortgage offers a 3% down payment and a competitive rate.

More homebuying help

Visit the Bank of America Down Payment Center to search for programs you may be eligible for, including the America's Home Grant and Down Payment Grant programs (available in select markets) plus other programs offered by state and local agencies, nonprofits and employers.

What are LTV and CLTV?

Loan-to-value ratio (LTV) is the total amount of your mortgage compared to the home's appraised value, expressed as a percentage.

The combined loan-to-value (CLTV) ratio is the ratio of all secured loans on a property to the value of a property.

What is a high-cost area?

High cost housing markets are designated by government sponsored enterprises, Fannie Mae and Freddie Mac, and represent markets where the average cost of housing is higher than the general market.

Can I get pre approved with no down payment?

There are currently two types of government-sponsored loans that allow you to buy a home without a down payment: VA loans and USDA loans. Each loan has a very specific set of criteria you need to meet in order to qualify for a zero-down mortgage.

How can I get money for a downpayment?

Programs can help, such as the Federal Housing Administration (FHA), which offers mortgage loans through FHA-approved banks..

Look for Down Payment Assistance Programs..

Tap Into Benefits for First-Time Buyers..

Supplement Your Income With a Part-Time Job..

Sell Some of Your Belongings..

Downsize Your Lifestyle..

How do I qualify for first

To qualify for assistance, you generally must meet the following criteria:.

Be a first-time homebuyer..

Have a credit score of at least 640..

Take a homebuyer education course..

Qualify for a loan with a participating lender..

Fall below income limits in your area..

What is the best program for first

1. FHA loan. FHA loans are backed by the Federal Housing Administration and are considered more secure than conventional loans because they are backed by the US government. They're one of the easiest mortgages to get approved for if you're a first-time homebuyer with a low credit score and minimal down payment savings.