Ocean State Grad Grant Program

NOTE: As of September 30, 2016, we have suspended new applications for the program. 

Graduate to your first home! The Ocean State Grad Grant is now available for new mortgage applications.

If you're purchasing a home in Rhode Island, you could receive up to $7,000 toward your down payment!

Congratulations graduate and best wishes on your next adventure! If that adventure includes owning your first home, we have the tools and incentives to help. Our Ocean State Grad Grant program was developed to help you make Rhode Island your home.

The Ocean State Grad Grant is helping college graduates make Rhode Island home by offering a special first-time homebuying grant.

The Ocean State Grad Grant:

  • is available to qualified borrowers who have graduated within the last 36 months from an accredited academic institution
  • up to $7,000 in down payment assistance
  • can be combined with our closing cost assistance


To qualify for the Ocean State Grad Grant you must:

  • Be a new mortgage applicant
  • Be a first-time homebuyer purchasing a 1-4 family home or condominium
  • Meet income and purchase price limits (see below)
  • Close on your mortgage and grant simultaneously within 36 months of graduating from a program recognized by the U.S. Department of Education, having earned an associate’s, bachelor’s, master’s or doctoral degree 
  • Obtain a mortgage through a Rhode Island Housing Participating Lender or Rhode Island Housing
  • Complete a homebuyer education course (offered through Rhode Island Housing)

Income Limits

To be eligible for the Ocean State Grad Grant program, your total annual household income must be less than $89,280 (for a 1-2 person household) or $104,160 (for a 3+ person household). 

Purchase Price

The forgivable down payment grant of up to $7,000 is available for 3.5% of a home’s purchase price. Grant is forgivable after 5 years of owning the home and maintaining it as your primary residence. The maximum purchase price allowed through the Rhode Island Housing Loan Center is $407,195 for a one- to four-family home or eligible condominium. The maximum loan amount for a FirstHomes loan through our Participating Lenders is $417,000.


The Ocean State Grad Grant is available in conjunction with a Rhode Island Housing first mortgage, available through our network of Participating Lenders and Rhode Island Housing.


Contact one of our Participating Lenders or Mortgage Specialists today to find out more about other program offerings such as the FirstHomes Tax Credit, a great option to help new homebuyers save a little extra money.

Take a Homebuyer Education class
Our Homebuyer Education classes are a perfect resource to help first-time homebuyers learn everything there is to know about buying a home. We offer both in-person and online classes to meet the unique needs of each homebuyer. You can register online or contact us for more information.

Contact a Participating Lender or one of our Mortgage Specialists
Once you have taken some time to look through the options available to you as a first-time homebuyer, and are ready to discuss the next step on your path to homeownership, contact one of our Participating Lenders or Mortgage Specialists today.