Renewed Homes Program

Purchase a previously foreclosed home or other eligible property and receive $20,000 toward your down payment! New applicants must produce a Uniform Residential Loan Application and a fully-executed Purchase and Sales Agreement dated on or after February 11, 2016. The Program is not available to previously-registered mortgages with Rhode Island Housing. 

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.

Contact a Participating Lender or one of our Mortgage Specialists
 
If you have questions about the Renewed Homes Program, or would like to begin the application process, contact one of our Participating Lenders or Mortgage Specialists today. 
 
Questions? 
 
Have questions about the Renewed Homes Program? You can always speak to a Participating Lender or one of our Mortgage Specialists, but we've also compiled a list of Frequently Asked Questions to get you started.