Bootcamp For Buyers

Rhode Island FirstHomes100 Program

The Rhode Island FirstHomes100 Program, administered by Rhode Island Housing, is designed to help first-time homebuyers achieve affordable homeownership. This program offers fixed-rate mortgages with no down payment requirement, making it easier for eligible residents to purchase their first home.

Benefits

  • Offers 100% financing with no down payment required, reducing upfront costs for buyers.
  • Provides 30-year fixed-rate mortgages with competitive interest rates, ensuring predictable and stable monthly payments.
  • Supports first-time homebuyers and those purchasing in federally designated targeted areas.
  • Includes options for reduced private mortgage insurance (PMI), lowering overall monthly housing expenses.
  • Can be paired with other Rhode Island Housing programs for additional financial support and flexibility.

Eligibility Requirements

  • Applicants must be first-time homebuyers or individuals who have not owned a home in the past three years, unless purchasing in targeted areas.
  • Income limits apply and vary based on household size and the location of the property within Rhode Island.
  • The property must be located in Rhode Island and used as the buyer’s primary residence.
  • A minimum credit score of 660 is typically required, with lender-specific underwriting criteria also applicable.
  • Participants must complete a Rhode Island Housing-approved homebuyer education course to prepare for the responsibilities of owning a home.

Additional Information

The Rhode Island FirstHomes100 Program is an essential resource for first-time homebuyers seeking to reduce upfront costs and achieve stable housing. By offering 100% financing and affordable mortgage options, this program empowers eligible buyers to invest in their futures and build long-term equity. Administered by Rhode Island Housing, the initiative promotes sustainable homeownership and strengthens communities across the state.

Frequently Asked Questions About Our Program

What is the Rhode Island FirstHomes100 Program?

The FirstHomes100 Program offers 100% financing options for eligible first-time homebuyers in Rhode Island, allowing them to purchase a home with no down payment.

Who qualifies for the FirstHomes100 Program?

Eligibility is open to first-time homebuyers or those who have not owned a home in the past three years. Applicants must meet income, credit, and property requirements and use the home as their primary residence.

Does the program require a down payment?

No, the FirstHomes100 Program provides 100% financing, eliminating the need for a down payment for eligible buyers.

What is the minimum credit score required for the program?

A minimum credit score of 660 is generally required, although higher scores may improve eligibility and loan terms.

Are there income limits for the FirstHomes100 Program?

Yes, income limits apply and vary based on household size and location. These limits are updated annually to reflect current market conditions.

What types of properties are eligible for the program?

Eligible properties include single-family homes, condominiums, and multi-family properties with up to four units. All properties must meet program guidelines and be used as the buyer’s primary residence.

Can the program be used for newly constructed homes?

Yes, newly built homes are eligible as long as they meet program guidelines and will serve as the buyer’s primary residence.

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Is homebuyer education required for the FirstHomes100 Program?

Yes, completing a homebuyer education course is mandatory to ensure buyers are well-prepared for the financial responsibilities of homeownership.

What is the maximum purchase price allowed under the program?

The maximum purchase price varies based on the property’s location and whether it is in a targeted or non-targeted area, typically ranging up to $500,000.

Does the program include assistance for closing costs?

While the program covers 100% of the purchase price, buyers may need to cover closing costs unless they qualify for additional assistance programs.

Can the FirstHomes100 Program be combined with other assistance programs?

Yes, the program can be combined with other local or state assistance programs to help cover additional costs like closing fees.

Are there debt-to-income (DTI) ratio limits for the program?

Yes, the program typically allows a maximum DTI ratio of 45%, though exceptions may apply depending on other financial qualifications.

What fees are associated with the FirstHomes100 Program?

Standard loan-related fees, such as origination, appraisal, and closing costs, may apply. Borrowers should confirm these costs with their lender.

What happens if I sell or refinance my home after using the FirstHomes100 Program?

There are no penalties for selling or refinancing your home, but specific terms of any additional assistance paired with the program may require repayment.

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Can the program be used to refinance an existing home?

No, the FirstHomes100 Program is designed specifically for purchasing a primary residence and does not apply to refinancing.

Are there reserve requirements for the program?

No specific reserve requirements are mandated, but having financial reserves may strengthen an applicant’s overall loan profile.

Are there location restrictions for the program?

Yes, the property must be located in Rhode Island, and additional guidelines may apply depending on whether the home is in a targeted or non-targeted area.

What are the benefits of the FirstHomes100 Program?

The program provides 100% financing, eliminating the need for a down payment, and offers affordable fixed-rate mortgages to make homeownership more accessible.

How do I apply for the FirstHomes100 Program?

Applicants must meet eligibility requirements and work with a program-approved lender who will guide them through the application process.

What is the loan term for the FirstHomes100 Program?

The program offers a 30-year fixed-rate mortgage, ensuring predictable monthly payments and long-term affordability for homebuyers.

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