Get the financial support you need to buy a home in Providence, RI. Through the City of Providence and the Housing Network of Rhode Island, qualified buyers can receive up to $20,000 in forgivable loans for down payment and closing costs.
Verify Your Providence Down Payment Assistance Eligibility
No Interest, No Monthly Payments
Available for 1–3 Unit Homes and Condos
The Providence Down Payment Assistance Program helps eligible homebuyers cover upfront costs like down payment and closing fees.
Qualified buyers can receive up to $20,000 in forgivable loan assistance based on income and need.
This program is offered through a partnership between the City of Providence and the Housing Network of Rhode Island.
This program is built for everyday Rhode Islanders ready to become homeowners but held back by upfront costs. If you’re a first-time buyer with modest income, this could be the opportunity that changes everything.
You’re buying your first home in the City of Providence.
Your household income is at or below 80% of the area median income (AMI).
You’re ready to live in the home as your primary residence.
You’ve completed (or will complete) HUD-approved homebuyer education.
You can contribute at least $1,500 toward the purchase.
If that sounds like you, you’re likely eligible—and just one step away from owning your home.
Buying your first home in Providence doesn’t have to feel out of reach. This program is designed to remove the biggest financial barriers and set you up for long-term success as a homeowner.
Covers your down payment and closing costs so you can buy with less out of pocket.
No monthly payments—just live in the home during the compliance period and the loan is fully forgiven.
Eligible for single-family homes, condos, and 2–3 unit properties within Providence.
Designed specifically for income-eligible buyers taking their first step toward homeownership.
Assistance is 0% interest with clear guidelines and no hidden fees.
Offered through the City of Providence and administered by the Housing Network of Rhode Island.
To receive assistance, you’ll need to meet a few basic requirements. These ensure the program supports those who need it most and are ready to become successful homeowners.
You must have a signed Purchase & Sales Agreement for a home in Providence.
Your household income must be at or below 80% of the Area Median Income (AMI).
The property must be a 1–3 unit home or condo located in Providence.
You must live in the home as your primary residence.
You must complete 8 hours of HUD-approved homebuyer education.
If buying a multi-family, you must also complete a 3-hour Landlord class and a 3-hour Lead Hazard Awareness Seminar.
You must contribute at least $1,500 of your own funds toward the purchase.
Financial assistance is provided in the form of a deferred, non-amortizing loan at zero percent (0%) interest. The principal amount shall be determined based on the applicant’s verified income level and demonstrated financial need, not to exceed $20,000.
For applicants with household income at or below seventy percent (70%) of the Area Median Income (AMI), the maximum assistance available is $20,000.
For applicants with income above seventy percent (70%) but below eighty percent (80%) of AMI, the maximum assistance shall not exceed $10,000.
No loans shall be issued in amounts less than $2,500.
Said loan shall be fully forgivable provided that the borrower maintains the subject property as their principal residence for the duration of the compliance period.
The compliance period shall be five (5) years for loans under fifteen thousand dollars ($15,000) and ten (10) years for loans of fifteen thousand dollars ($15,000) or greater.
Should the borrower transfer ownership, refinance without prior written approval, or otherwise violate program terms prior to the expiration of the compliance period, the loan shall become immediately due and payable in full.
Taking the first step toward owning a home in Providence is easier than you think, and we’re here to guide you every step of the way.
Start by checking if you meet the basic income, residency, and homebuyer requirements. It only takes a minute and helps you move forward with confidence.
If you’re eligible, you’ll need to collect standard paperwork—like tax returns, pay stubs, and bank statements—to support your application.
Applications must be submitted by mail or in person to the Housing Network of Rhode Island. There’s a $200 application fee, refundable in certain cases.
Once your application is complete and approved, you’ll receive a formal award letter. From there, we’ll coordinate the city inspection, loan documents, and funding—so you’re fully prepared to close.
Live in your new home, meet the compliance requirements, and enjoy knowing that your assistance loan is 0% interest and fully forgivable over time.
If you’re considering buying a home in Providence, these answers will help you understand how the city’s down payment assistance program works—and how to take advantage of it.
To qualify for Providence down payment assistance, you must be a first-time homebuyer with income at or below 80% of the Area Median Income (AMI), purchase a home in Providence, and complete required homebuyer education.
Income limits for Providence down payment assistance vary by household size, but generally fall at or below 80% of the AMI; exact numbers are published annually by HUD and listed on the Housing Network of Rhode Island’s website.
Eligible applicants can receive up to $20,000 in assistance, depending on income level and financial need, with a minimum assistance amount of $2,500.
Providence down payment assistance is offered as a 0% interest, forgivable loan—there are no monthly payments, and the loan is forgiven after 5 or 10 years of owner occupancy, depending on the amount.
You only have to repay the Providence down payment assistance if you sell, refinance, or move out of the home before the end of the required compliance period (5 or 10 years).
You must first verify your eligibility, then submit a full paper application with documentation and a $200 fee to the Housing Network of Rhode Island—online submissions are not accepted.
Providence down payment assistance can be used to purchase 1- to 3-unit homes, condos, or new construction properties within the city limits, as long as they meet inspection and price cap guidelines.
Yes, Providence offers forgivable loans for first-time buyers through its down payment assistance program—these loans require no interest and are fully forgiven after the compliance period.
You’ll need tax returns, pay stubs, bank statements, a signed purchase agreement, proof of homebuyer education, and other supporting documents listed in the official application checklist.
The Providence down payment assistance application process typically takes 45–60 days, with at least 30 days required after approval to prepare loan documents and schedule your closing.
You don’t have to navigate homebuying alone. The Providence Down Payment Assistance Program is backed by respected local institutions—including the City of Providence and the Housing Network of Rhode Island—who work together to make homeownership more accessible for first-time buyers.
Our role is to help you understand the process, explore your options, and take full advantage of the support available to you.
We’re here to connect you to the resources, guidance, and verified program details you need to move forward with confidence.
