Down payment assistance for first time home buyers in Rhode Island.
There is currently a new down payment assistance program available to first time home buyers in Rhode Island available through RI Housing or through a participating lender in their network.
There is 2.7 million available from the US department of treasury's hardest hit fund and for a qualified buyer and property there is up to $20,000.
Income limits for the first time home buyer are $89,280 for 1-2 borrowers and the income limit for 3 or more is set at $104,160.
For a property to qualify it has to be in one of the approved towns or cities and the property has to have had one of the following qualifying events... Been in foreclosure, receivership, transferred by deed in lieu of foreclosure or had been approved by short sale by a mortgage lender.
The loan is set up as a second mortgage and is basically a shadow second, meaning that over a period of 5 years a portion of the outstanding balance is forgivable and at the end of the 5th year the loan is completely forgiven.
Availble property types can be 1-4 units and must be owner occupied. Loan limits up to $417,000.
Great news is that 10 communities in Rhode Island qualify.
Central Falls, Cranston, East Providence, Johnston, North Providence, Pawtucket, Providence, Warwick, West Warwick and Woonsocket.
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