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"
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).
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.
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.