Local Homebuyer Programs in RI & Southeastern MA

RIHousing First-Time Homebuyer Loan

• Who it's for: First-time buyers purchasing a 1–4 family home or condo in Rhode Island that they'll live in.
• Key benefit: 100% financing available (no down payment required), and you can pair it with RIHousing's down payment assistance.
• 2–4 family? Yes, 1–4 family homes are eligible.
• Limits: RIHousing posts maximum loan amounts, a maximum purchase price, and Loan Center income limits by area. These change, so see the current limits on their site.
• Official link: https://www.rihousing.com/homebuyers/

RIHousing 15kDPA

• Who it's for: First-time buyers of a 1–4 family home or condo who use a RIHousing first mortgage and live in the home.
• Key benefit: $15,000 toward your down payment and/or closing costs as a 0% loan with no monthly payments. You repay it when you sell, refinance, or move out.
• 2–4 family? Yes.
• Also required: 660+ credit score, homebuyer education, and RIHousing price and income limits (see current limits).
• Official link: https://www.rihousing.com/homebuyers/15k-dpa/

RIHousing Extra Assistance

• Who it's for: First-time buyers of a 1–4 family home or condo who use a RIHousing first mortgage.
• Key benefit: Up to 6% of the purchase price or $20,000, whichever is lower. It's a 15-year second mortgage at the same rate as your first mortgage, with no fees.
• 2–4 family? Yes.
• Also required: 620+ credit score and homebuyer education.
• Official link: https://www.rihousing.com/homebuyers/extra-assistance/

FirstGenHomeRI (pilot program)

• Who it's for: First-generation buyers (your parents or guardians didn't own a home during your lifetime, or lost it to foreclosure or short sale; foster-care alumni also qualify). You must currently live in Central Falls, East Providence, Pawtucket, Woonsocket, Providence (except zip 02906), or an eligible Newport census tract. You can buy anywhere in RI.
• Key benefit: $25,000 for down payment and/or closing costs at 0%, with no monthly payments. It's forgiven after you've owned and lived in the home for 5 years.
• 2–4 family? Yes, 1–4 family homes or condos.
• Also required: 660+ credit score, RIHousing price and income limits (see current limits), a HUD-approved homebuyer course, and a mortgage through the RIHousing Loan Center only. Funds are limited and handed out first come, first served.
• Official link: https://www.rihousing.com/homebuyers/firstgenhomeri/

Homebuyer & landlord education in RI

• RIHousing requires first-time buyers to take homebuyer education before closing. If you're buying a multifamily, you'll also need Landlord-Tenant education. It's offered in person through The Housing Network of Rhode Island (401-721-5680) or online through LandlordCert.org.
• Some assistance programs (like FirstGenHomeRI) require a HUD-approved class from a RI nonprofit counseling agency, and RIHousing's own class may not count for those.
• Official links: https://www.rihousing.com/homebuyers/education/ · https://housingnetworkri.org/our-work-programs/homeownership-connection/

City programs in Rhode Island

City funds are limited and can run out, so always check that a program is currently open.

• Cranston: The Department of Community Development offers two programs for income-eligible first-time buyers purchasing in Cranston. Closing Cost Assistance gives up to $3,000. Down Payment Assistance matches 50% of your required down payment, up to $5,000. You can't combine the two. Both become a grant after you've lived in the home for five years. Contact 401-780-6240. See current income limits: https://cranstonri.gov/departments/community-development/
• Providence: The city has offered down payment and closing cost help for 1–3 family homes, administered with The Housing Network of Rhode Island. Ask me or Housing Network RI whether funds are open right now: https://housingnetworkri.org/
• Woonsocket: The city has a "First Home" down payment assistance program for first-time buyers. Check the city's current application package for terms and availability: https://www.woonsocketri.org/
• Pawtucket: I didn't find a separate city-run down payment program for buyers. Pawtucket residents may qualify for FirstGenHomeRI (above), and Pawtucket Central Falls Development offers homebuyer and landlord classes.

MassHousing Mortgage + Down Payment Assistance

• Who it's for: Income-eligible first-time buyers purchasing a single-family home, condo, or 2-, 3-, or 4-family home that will be their primary residence, anywhere in Massachusetts.
• Key benefit: Down payment assistance of up to $30,000, paired with a MassHousing mortgage. Depending on the option your lender qualifies you for, it's either a 0% deferred second mortgage (nothing due until you sell, refinance, or pay off the first mortgage) or a 15-year loan at 2% or 3%. Terms changed several times in 2026, so confirm the current option with a MassHousing-approved lender.
• 2–4 family? Yes. For 2–4 units, MassHousing's lender matrix (effective June 15, 2026) calls for a 3% borrower contribution on its conventional products and landlord counseling before closing with a MassHousing-approved agency.
• Limits: Income limits apply. See current limits on MassHousing's site.
• Official links: https://www.masshousing.com/buy-a-home/programs/downpayment-assistance/ · Education providers: https://www.masshousing.com/buy-a-home/education/

ONE Mortgage (Massachusetts Housing Partnership, MHP)

• Who it's for: First-time buyers (no home ownership in the last 3 years) with household income under MHP's limits for the community, and less than $100,000 in household assets (most retirement and college savings accounts don't count).
• Key benefit: As little as 3% down, a low fixed rate, no PMI, and financial assistance for eligible buyers.
• 2–4 family? 1–3 units only. You need 3% down for a condo, single-family, or two-family, and 5% down for a three-family. The credit score minimum is 660 for a two- or three-family (640 for single-family/condo). Two- and three-family buyers must also complete a multi-family/landlord course or one-on-one counseling with an approved agency.
• Limits: Income limits vary by community and household size. See current limits on MHP's site.
• Official link: https://www.mhp.net/one-mortgage/homebuyer-resources/program-requirements

City programs in Southeastern MA

• Fall River: The Community Development Agency's HOME Homebuyer Program offers up to $10,000 for down payment and closing costs on 1–4 family homes, condos, and manufactured homes in Fall River. It's a 1% deferred loan that turns into a grant if you follow the program rules for the affordability period. Requirements include first-time buyer status, homebuyer counseling, a 650+ credit score, and HOME income limits (see current limits). https://www.fallriverma.gov/business/community_development_agency/programs/homebuyer.php
• New Bedford: "Neighborhoods First" offers down payment and closing cost assistance, rehab assistance, and gap financing for income-eligible first-time buyers. 1–3 family homes are eligible, and you need at least $1,000 of your own money toward the down payment. It can be combined with ONE Mortgage. Call the Office of Housing & Community Development at 508-979-1500. https://www.newbedford-ma.gov/community-development/loans-grants/homeownership/
• Brockton: Down payment assistance for first-time buyers is administered through the Brockton Redevelopment Authority and NeighborWorks Housing Solutions. Contact them for current terms and funding: https://brocktonredevelopmentauthority.com/home/programs/ · lending@nhsmass.org
• Taunton: The Greater Attleboro/Taunton HOME Consortium (GATHC) First-Time Buyer / Down Payment Assistance Program is run by NeighborWorks Housing Solutions (781-422-4202). https://www.taunton-ma.gov/1044/Housing-Programs

FHA loans: 2–4 family, owner-occupied

• Who it's for: Buyers who will live in one unit as their primary residence. First-time buyer status isn't required.
• Key benefit: Low down payment. With a 580+ credit score, FHA's minimum down payment is 3.5%.
• 2–4 family? Yes, 1–4 units. For 3–4 unit homes, the property must pass FHA's "self-sufficiency" rental test, and lenders require reserves.
• Limits: FHA loan limits vary by county and number of units. See current limits.
• Official links: https://www.hud.gov/buying/loans · FHA limits lookup: https://entp.hud.gov/idapp/html/hicostlook.cfm

Conventional loans (Fannie Mae / Freddie Mac): 5% down on 2–4 units

• Who it's for: Buyers who will live in one unit as their primary residence.
• Key benefit: Both Fannie Mae and Freddie Mac now allow as little as 5% down on owner-occupied 2-, 3- and 4-unit homes (up to 95% loan-to-value) for loans approved through their automated underwriting. Manually underwritten and high-balance/super-conforming loans have different rules.
• 2–4 family? Yes.
• Limits: Conforming loan limits change every year. See current limits.
• Official links: Fannie Mae Eligibility Matrix (Aug 5, 2026; principal residence 2–4 units, max 95% LTV): https://singlefamily.fanniemae.com/media/20786/display · Freddie Mac maximum LTV requirements (95% for 2- to 4-unit primary residences, Accept loans): https://sf.freddiemac.com/general/maximum-ltv-tltv-htltv-ratio-requirements-for-conforming-and-super-conforming-mortgages · Freddie Mac 2–4 unit overview: https://sf.freddiemac.com/working-with-us/origination-underwriting/mortgage-products/mortgages-for-2-to-4-unit-properties

VA loans (Veterans, service members & eligible surviving spouses)

• Who it's for: Buyers with a VA Certificate of Eligibility who will live in the home.
• Key benefit: No down payment as long as the price isn't higher than the appraised value, and no PMI. A VA funding fee may apply.
• 2–4 family? Yes. VA purchase loans can be used for a home with up to 4 units.
• Official link: https://www.va.gov/housing-assistance/home-loans/loan-types/purchase-loan/

HUD-approved homebuyer counseling

• Many programs require a HUD-approved homebuyer education course, and a 2–4 family purchase often adds a landlord course. Find a HUD-approved agency near you: https://www.hud.gov/findacounselor
• In Massachusetts you can also browse classes at CHAPA: https://chapa.org/homebuyers/housing-education-and-counseling-agencies/