Breaking Down Barriers to Homeownership with RIHousing's Extra Assistance Program

Breaking Down Barriers to Homeownership with RIHousing's Extra Assistance Program

Becoming a homeowner is a dream for many, but for some, the journey can feel daunting, particularly when faced with the hurdle of a down payment. In Rhode Island, however, RIHousing is stepping in to help turn that dream into a reality with its Extra Assistance program.

RIHousing's Extra Assistance program is designed to provide down payment assistance to eligible first-time homebuyers in the state. This initiative recognizes that the down payment often poses the most significant challenge to individuals or families striving to purchase their first home. By offering financial support in this critical area, Extra Assistance aims to make homeownership more accessible and achievable for Rhode Islanders.

The program targets first-time homebuyers who meet certain criteria:

1.First-Time Homebuyer Status: Applicants must be first-time homebuyers looking to purchase a 1-4 family home or condominium in Rhode Island.

2. Minimum Credit Score: A minimum credit score of 620 is required to qualify for Extra Assistance.

3. Homebuyer Education Course: Completion of a homebuyer education course, available through RIHousing, is mandatory. This educational component ensures that participants are equipped with the knowledge and skills necessary to navigate the homebuying process successfully.

4. RIHousing-Funded First Mortgage: Eligible candidates must obtain a RIHousing-funded first mortgage through Total Mortgage, a Participating Lender, or the RIHousing Loan Center.

5. Primary Residence Occupancy: Recipients of Extra Assistance must occupy the purchased home as their primary residence.

What are the Terms and Conditions?

Extra Assistance offers the following terms and conditions:

Financial Assistance: Participants can receive up to 6% of the purchase price, capped at $15,000, whichever is lower. For 3 or 4 unit properties, the limit is $9,000, and funds may only be applied to closing costs.

Interest Rate: In most cases, the interest rate on an Extra Assistance loan will match that of the RIHousing first mortgage.

No Fees or Charges: There are no additional fees or charges associated with obtaining Extra Assistance.

Second Mortgage Lien: It's important to note that an Extra Assistance loan represents a second mortgage lien on the purchased home.

Breaking Down Barriers, Building Brighter Futures.

RIHousing's Extra Assistance program serves as a beacon of hope for aspiring homeowners in Rhode Island. Partnering with real estate agencies like Century 21 Limitless PRG and lenders such as Total Mortgage, RIHousing ensures that individuals and families have the support they need throughout the homebuying process.

By addressing the formidable challenge of the down payment, the program opens doors and paves the way for individuals and families to achieve the stability and security that come with homeownership.

Through its commitment to accessibility, education, and support, RIHousing exemplifies a dedication to the well-being and prosperity of Rhode Islanders. As more individuals and families find themselves welcomed into the realm of homeownership, communities thrive, and the promise of a brighter future becomes a tangible reality.

In the journey toward homeownership, every step forward is a victory. With Extra Assistance, RIHousing ensures that more Rhode Islanders can take those steps confidently, empowered by the knowledge that their dreams of owning a home are within reach.

Source 🌐
RI Housing - https://www.rihousing.com/extra-assistance/
Participating Lenders - https://www.rihousing.com/buyers/participating-lenders/ 

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