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)
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).
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.