Rhode Island homebuyers can access up to $17,500 in down payment assistance through the Rhode Island Housing (RIHousing). On the state's $462,600 median home price, that covers roughly 19% of a standard 20% down payment.
Primary Program: RI Extra Assistance
maximum assistance
Forgiven after 5 years if you remain in the home as your primary residence.
- Administering Agency
- Rhode Island Housing (RIHousing)
- Purchase Price Cap
- $726,200
- Forgiveness Term
- 5 years
How Down Payment Assistance Works
Most state DPA programs are layered on top of a first mortgage — you apply through an approved lender who originates both the primary loan and the DPA second lien at the same closing. The DPA funds reduce the cash you need upfront.
Grants
Free money — no repayment ever. Typically the smallest amounts but highest value.
Forgivable Loans
Balance forgiven after a set period (usually 3–15 years) if you stay in the home. Selling early triggers repayment.
Deferred Loans
No monthly payments. Balance due when you sell, refinance, or pay off your mortgage.
Down Payment Calculator
Down Payment Planner
Rhode Island median pre-loaded
Your Savings Plan
Timeline
15.5 yrs
saving $500/mo
No PMI at 20% down
20% or more avoids private mortgage insurance entirely.
Estimate only — does not include investment returns on savings.
Full Calculator →Frequently Asked Questions
What down payment assistance is available in Rhode Island?
Rhode Island's primary DPA program is the RI Extra Assistance, administered by the Rhode Island Housing (RIHousing). It provides up to $17,500 as a forgivable loan. Forgiven after 5 years if you remain in the home as your primary residence.
How much down payment do I need in Rhode Island after using DPA?
On a $462,600 home (Rhode Island median), a 20% down payment is $92,520. With the RI Extra Assistance covering $17,500, your remaining gap would be $75,020. Many buyers combine DPA with a 3–5% conventional or FHA loan to reduce their cash needed further.
Do I have to repay Rhode Island down payment assistance?
Forgiven after 5 years if you remain in the home as your primary residence.
Can I combine Rhode Island DPA with other assistance programs?
Yes — Rhode Island's DPA programs can generally be combined ("stacked") with local city and county assistance programs, employer homebuyer benefits, and federal programs. Check with an approved lender or HUD-approved counselor to identify all programs you qualify for.
What are the income limits for Rhode Island down payment assistance?
The RI Extra Assistance uses a dollar-based income limit rather than a percentage of AMI. Check the Rhode Island Housing (RIHousing) website for current limits in your area.
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