Spring7500 Program | Rhode Island Housing Loans
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Spring7500


RIHousing’s new Spring7500 Program is designed to help eligible first-time homebuyers with what is often the biggest hurdle to homeownership: the down payment. The program is available statewide.

Eligibility

To qualify for the Spring7500 Program you must:

  • Be a first-time homebuyer purchasing a 1-4 family home or condominium in Rhode Island
  • Have a minimum credit score of 660
  • Meet RIHousing loan and income limits*
  • Complete a homebuyer education course (available in-person or online through RIHousing)
  • Obtain a RIHousing-funded first mortgage through a Participating Lender or the RIHousing Loan Center
  • Occupy the home as your primary residence

Loan Limits

The maximum loan limit allowed is $454,250 for a one- to four-family home or eligible condominium.

Income limits

To be eligible for the Spring7500 Program, your total annual household income must be less than $95,948 (for a 1-2 person household) or $110,341 (for a 3+ person household).

Terms and Conditions

  • Zero percent (0%) interest
  • No monthly payments due
  • No fees or charges (including settlement, application, housing counseling, or recording fees)
  • The loan is structured so the amount borrowed is only due when the first of the following occurs:
    • Borrower no longer occupies home as primary residence;
    • the property is sold, conveyed, transferred, assigned, encumbered, or mortgaged; or
    • if all or any portion of the title to the property becomes vested in anyone other than the Borrower.

Availability 

  • The Spring7500 Program is only available in conjunction with a RIHousing first mortgage, available through our network of Participating Lenders and the RIHousing Loan Center.
  • The Purchase and Sales agreement and RIHousing Loan Registration may not be dated prior to March 18, 2019. 

Limited Funds - Act Now

TAKE THE NEXT STEP  

Contact one of our Participating Lenders or Mortgage Originators today to find out more about other program offerings such as the FirstHomes Tax Credit, a great option to help new homebuyers save a little extra money.

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.

Contact a Participating Lender or one of our Mortgage Originators
Once you have taken some time to look through the options available to you as a first-time homebuyer, and are ready to discuss the next step on your path to homeownership, contact one of our Participating Lenders or Mortgage Originators today.