Rhode Island FirstHomes100 Program Guide

Guide to the Rhode Island FirstHomes100 Program

The Rhode Island FirstHomes100 Program provides 100% financing options for eligible homebuyers, eliminating the need for a down payment. This program offers affordable fixed-rate mortgages, making homeownership more accessible to first-time buyers and others meeting the program criteria. Below is a detailed guide to the program’s features, eligibility requirements, and application process for 2025.

1. Program Overview:

• Purpose: The FirstHomes100 Program is designed to help buyers achieve homeownership by providing mortgages with no down payment requirement.
• Loan Terms: The program offers 30-year fixed-rate mortgages, ensuring stable and predictable monthly payments.
• Additional Benefits: Buyers may pair this program with other Rhode Island Housing assistance options, such as down payment and closing cost assistance, to further reduce upfront expenses.

2. Eligibility Requirements for 2025:

To qualify for the Rhode Island FirstHomes100 Program, applicants must meet the following criteria:

• First-Time Homebuyer: The program is primarily for first-time buyers, defined as individuals who have not owned a home in the past three years. Exceptions may apply for buyers in targeted areas.
• Income Limits: Household income must fall within program limits, which vary based on location and household size. These limits are adjusted annually.
• Credit Score: A minimum credit score of 660 is required for most applicants. Additional underwriting guidelines may apply depending on the lender.
• Property Requirements: Eligible properties must be located in Rhode Island and used as the buyer’s primary residence. Properties must meet the program’s purchase price limits and other eligibility criteria.
• Loan Insurance: Mortgage insurance may be required as part of the program’s terms, depending on the specific loan structure.

3. How to Apply:

Follow these steps to apply for the Rhode Island FirstHomes100 Program:

• Contact a Participating Lender: Reach out to a Rhode Island Housing-approved lender who will help determine your eligibility and guide you through the application process.
• Prepare Documentation: Gather necessary documents, including proof of income, tax returns, credit history, and property details.
• Submit Your Application: Work with your lender to complete and submit your application. The lender will verify your eligibility and notify you of approval status.

4. Homebuyer Education Course:

• Mandatory Requirement: All applicants must complete a homebuyer education course to ensure they are prepared for the financial and practical responsibilities of homeownership.
• Course Availability: The course is available online or in person. Upon completion, participants will receive a certificate to include with their application.

5. Key Features of the FirstHomes100 Program:

• No Down Payment: The program offers 100% financing, allowing buyers to secure a home without a down payment.
• Affordable Fixed Rates: With a 30-year fixed-rate mortgage, buyers benefit from predictable monthly payments and long-term affordability.
• Flexibility with Other Programs: Buyers can combine this program with other Rhode Island Housing assistance options for even greater affordability.

6. Finalizing the Loan:

• Loan Approval: Once your application is approved, your lender will guide you through the final steps, including reviewing loan terms, signing documents, and preparing for closing.
• Closing Costs: While the program eliminates the down payment, buyers may still need to cover certain closing costs. Your lender will provide a detailed breakdown of these expenses.

The Rhode Island FirstHomes100 Program is an excellent choice for buyers seeking to eliminate the upfront cost of a down payment while enjoying affordable financing. With fixed-rate mortgages and flexible eligibility requirements, this program makes homeownership more achievable for Rhode Island residents. Start your journey toward homeownership with the Rhode Island FirstHomes100 Program in 2025.