Use our quick eligibility calculator to estimate how much down payment and closing cost help you could receive through the Providence Down Payment Assistance Program.
No credit check. No guesswork. Just a fast way to see where you stand.
This is an estimate only. Final assistance amounts will be determined by the Housing Network of Rhode Island based on your complete application and financial assessment.
The Providence Down Payment Assistance Program is designed to help first-time homebuyers overcome one of the biggest barriers to homeownership—upfront costs.
Through this city-backed initiative, eligible buyers can receive up to $20,000 in financial assistance toward their down payment and closing costs when purchasing a home within Providence, RI.
Here’s how it works: assistance is issued as a 0% interest, forgivable loan, meaning you won’t make monthly payments and won’t have to pay it back if you live in the home for a set period.
If you receive less than $15,000, the loan is forgiven after 5 years. If you receive $15,000 or more, it’s forgiven after 10 years.
This program makes homeownership more accessible—without adding long-term debt.
Once you’ve used the Providence Down Payment Assistance Calculator to estimate your eligibility and potential award, the next step is completing the full application.
This is done directly through the Housing Network of Rhode Island, the nonprofit partner responsible for managing the program on behalf of the City of Providence.
You’ll need to gather key documents like tax returns, pay stubs, and a signed purchase agreement, along with proof of homebuyer education completion.
There’s a $200 application fee, which may be refunded if the home does not pass inspection or if the seller refuses to make necessary repairs.
After submitting your application, the process typically takes 45–60 days, including income verification, a city inspection of the home, and preparation of closing documents.
Once approved, the funds are issued directly to your closing and applied to your purchase—reducing how much you need to bring to the table.
This program isn’t just for anyone—it’s tailored for first-time buyers who want to build a future in Providence.
Whether you’re buying a single-family home, a condominium, or a two- to three-unit property, you may qualify for substantial financial support if you meet the income and residency requirements.
To qualify, your household income must fall below 80% of the Area Median Income (AMI), and you must contribute at least $1,500 of your own funds.
You'll also need to complete an 8-hour HUD-approved homebuyer education course (plus additional landlord and lead safety courses if buying a multifamily).
If you’re looking to buy your first home in Providence, RI, this program offers a rare opportunity: a clear, supportive path to homeownership with no-interest funds that don’t have to be repaid—if you simply make the house your home.
Get clear answers to common questions about using our eligibility calculator and what it means for your next steps toward homeownership in Providence.
The calculator estimates how much assistance you may qualify for based on your household size, income, and basic eligibility factors. It uses current income limits for Providence and provides an instant estimate of potential forgivable loan amounts.
The calculator gives a quick estimate, but final eligibility for Providence down payment assistance is determined through a full application submitted to the Housing Network of Rhode Island. The calculator is for informational purposes only.
You may qualify for up to $20,000 in assistance depending on your household income and need. Buyers earning below 70% of the Area Median Income (AMI) are eligible for the full amount, while those earning between 70–80% of AMI may qualify for up to $10,000.
No, using the Providence Down Payment Assistance Calculator will not affect your credit. It doesn’t collect sensitive information or perform a credit check.
A forgivable loan means you don’t have to pay it back if you meet the program requirements. For this program, that means living in the home for either 5 or 10 years, depending on the amount of assistance you receive.
No documents are needed to use the calculator. You’ll just enter your household size, income, and a few other simple details to get an instant estimate.
Anyone considering buying a home in Providence, RI—especially first-time homebuyers—can use the calculator to check if they meet the basic income and eligibility guidelines for this program.
If the calculator says you may be eligible, your next step is to start the official application process. This includes gathering documentation, completing homebuyer education, and submitting materials to the Housing Network of Rhode Island.
Yes, the calculator uses estimated 2024–2025 income limits for Providence, based on HUD guidelines. These are updated periodically to reflect the most accurate figures available.
The program is for first-time homebuyers only, defined as someone who hasn’t owned a home in the past 3 years. If you currently own a home, you likely won’t qualify—but you can still use the calculator to explore options.
