Down payment assistance in Rhode Island
Rhode Island's primary statewide down payment assistance program, run by Rhode Island Housing. Numbers and eligibility reflect the program's published 2025 guidelines.
Extra Assistance Loan
Deferred loan- Maximum assistance
- Up to $25,000 as a 15-year deferred second
- Income limit
- Up to $164,300
- Home price limit
- Up to $546,902
- First-time buyer
- Required
- Eligible loan types
- FHA, VA, USDA, Conventional
- •0% deferred for the first 5 years, then amortized over 10 years.
- •RI Housing also offers a $17,500 grant for first-time buyers in 2024-2025 (limited funding).
How Rhode Island DPA fits into your purchase
Down payment assistance reduces the cash you need at the closing table. Rhode Island's Extra Assistance Loan pairs with the standard FHA, VA, USDA, or conventional first mortgage from a participating lender; the DPA flows through the same closing.
Two things to budget for: most state DPA requires a homebuyer-education course (typically online, 6-8 hours, ~$75) and you usually have to use a lender on the agency's approved list. The agency keeps the list public on its website.
Common questions
Rhode Island's primary statewide DPA is Extra Assistance Loan from Rhode Island Housing. Up to $25,000 as a 15-year deferred second. Many Rhode Island cities and counties also run additional DPA layered on top.
Yes. The Extra Assistance Loan requires that you have not owned a primary residence in the past 3 years. Veterans and target-area buyers are sometimes exempt.
Yes. Extra Assistance Loan works with these loan types: FHA, VA, USDA, Conventional. The DPA is layered behind your first mortgage as a separate lien (or grant), and both close together.
Usually no. Deferred and forgivable loans typically have no monthly payment, so most lenders do not include them in your DTI calculation.
Deferred and second-mortgage DPAs are generally repaid in full when you sell, refinance, or pay off the first mortgage.