Renewed Homes Program

NOTE:  As of September 26, 2016, we have suspended new applications for the program.   

The Renewed Homes Program is helping to strengthen housing demand and stabilize communities that were affected by the housing crisis and is structured as a forgivable loan secured by a second mortgage. Buyers who remain in homes purchased with the assistance for at least 5 years are not required to repay the loan. If the buyer sells, refinances, or no longer uses the home as their primary residence within the first 5 years after closing, a portion of the loan would need to be repaid.

The property must: 

• Be in one of the targeted communities: Central Falls, Cranston, East Providence, Johnston, North Providence, Pawtucket, Providence, Warwick, West Warwick, Woonsocket 

• Have been the subject of a "Qualifying Event," which can be any of the following: 

  • foreclosure, 
  • receivership, 
  • transfer by deed in lieu of foreclosure, 
  • or approval for short sale by a mortgage lender 

Contact your local real estate professional (or Realtor) for help finding a home which may be eligible for the Renewed Homes program.

Eligibility

To qualify for the Renewed Homes Program you must: 

• Be a first-time homebuyer purchasing a 1-4 family home or condominium (For the purposes of this program, a "first-time homebuyer" is defined as someone who has never owned residential real estate.)

• Obtain a Rhode Island Housing first mortgage through a Participating Lender or Rhode Island Housing 

• Meet income and purchase price limits, as well as all first mortgage requirements* 

• Occupy the home as a primary residence and be the first to occupy the property after the "Qualifying Event"

Income Limits*

To be eligible for the Renewed Homes 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 down payment assistance of $20,000 is forgivable after 5 years of owning a home, and you must maintain 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.

Availability

The Renewed Homes Program is only available in conjunction with a Rhode Island Housing first mortgage, available through our network of Participating Lenders and Rhode Island Housing.

TAKE THE NEXT STEP  

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.