First-time homebuyer loans | Rhode Island Housing Loans
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First-time homebuyer loans

FirstHomes100 loans help many first-time homebuyers realize the dream of homeownership.

Our FirstHomes100 mortgage is a flexible, dependable loan that will help you buy – and keep – the home that is right for you and your family.

FirstHomes100 loans offer:

  • 100% financing (no down payment required)
  • Down payment and closing cost assistance
  • No Mortgage Insurance required for qualified borrowers (resulting in lower monthly payments)
  • 100% personal, local service and support for the life of the loan

Many first-time homebuyers may also be eligible for our FirstHomes Tax Credit – a federal tax credit that could save you as much as $2,000 a year for the life of your mortgage.

100% financing: down payment assistance
FirstHomes100, combined with our down payment assistance, allows you to finance 100% of the purchase price of your home.

Closing cost assistance
We offer assistance to help qualified customers pay for closing costs, including low-interest loans that can be paid back in up to 15 years.

No mortgage insurance
Some well-qualified borrowers will not be required to have mortgage insurance for their loan. This results in lower monthly costs and overall savings to the homeowner.

FirstHomes Tax Credit
Our FirstHomes Tax Credit is a great way to receive an additional tax benefit on a new home purchase. If you’re an eligible buyer purchasing your first home, you could receive a tax credit worth up to $2,000 a year for the life of your mortgage. This tax credit is available for select loan products.

Purchase Price 
The maximum purchase price allowed through the RIHousing Loan Center is $454,258 for a one- to four-family home or eligible condominium.

Income limits
Please contact our Loan Center directly if your annual household income is less than $95,948 (for a 1-2 person household) or $110,341 (for a 3+ person household). 

Participating Lenders can assist you with our loan programs at any income level.


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.

FirstHomes Tax Credit
Learn more about how you may be eligible to receive a federal tax credit worth up to $2,000 a year.

Contact a Mortgage Originator or Participating Lender
If you have questions about pre-approval or are ready to apply for a loan, contact one of our Mortgage Originators or Participating Lenders today.