Purchase a previously foreclosed home or other eligible property and receive $20,000 toward your down payment! New applicants must produce a Uniform Residential Loan Application and a fully-executed Purchase and Sales Agreement dated on or after February 11, 2016. The Program is not available to previously-registered mortgages with Rhode Island Housing.
The Renewed Homes Program is helping to strengthen housing demand and stabilize communities that were affected by the housing crisis and is structured as a forgivable loan secured by a second mortgage. Buyers who remain in homes purchased with the assistance for at least 5 years are not required to repay the loan. If the buyer sells, refinances, or no longer uses the home as their primary residence within the first 5 years after closing, a portion of the loan would need to be repaid.
The property must:
Be in one of the targeted communities: Central Falls, Cranston, East Providence, Johnston, North Providence, Pawtucket, Providence, Warwick, West Warwick, Woonsocket
Have been the subject of a "Qualifying Event," which can be any of the following:
- transfer by deed in lieu of foreclosure,
- or approval for short sale by a mortgage lender
- Central Falls Housing Authority