RI Housing Spring7500

Stephen Perrino - Realtor
Published on May 6, 2019

RI Housing Spring7500

Down Payment Assistance from RI Housing

RI Housing’s new Spring7500 Program is designed to help eligible first-time home buyers with what is often the biggest hurdle to home ownership: the down payment. The program is available statewide.

Eligibility

To qualify for the Spring7500 Program you must:

  • Be a first-time homebuyer purchasing a 1-4 family home or condominium in Rhode Island
  • Have a minimum credit score of 660
  • Meet RIHousing loan and income limits*
  • Complete a homebuyer education course (available in-person or online through RIHousing)
  • Obtain a RIHousing-funded first mortgage through a Participating Lender or the RIHousing Loan Center
  • Occupy the home as your primary residence

Loan Limits

The maximum loan limit allowed is $454,250 for a one- to four-family home or eligible condominium.

Income limits

To be eligible for the Spring7500 Program, your total annual household income must be less than $93,623 (for a 1-2 person household) or $107,667 (for a 3+ person household).

Terms and Conditions

  • Zero percent (0%) interest
  • No monthly payments due
  • No fees or charges (including settlement, application, housing counseling, or recording fees)
  • The loan is structured so the amount borrowed is only due when the first of the following occurs:
    • Borrower no longer occupies home as primary residence;
    • the property is sold, conveyed, transferred, assigned, encumbered, or mortgaged; or
    • if all or any portion of the title to the property becomes vested in anyone other than the Borrower.

Availability

  • The Spring7500 Program is only available in conjunction with a RI Housing first mortgage, available through our network of Participating Lenders and the RI Housing Loan Center.
  • The Purchase and Sales agreement and RI Housing Loan Registration may not be dated prior to March 18, 2019.

Limited Funds – Act Now

TAKE THE NEXT STEP  

Contact us to see if you qualify:

Contact one of our Participating Lenders or Mortgage Originators today to find out more about other program offerings such as the First Homes Tax Credit, a great option to help new home buyers save a little extra money.


RI Housing Spring7500 top realtor in RI Perrino Properties first time home buyer
Read our Guide to Buying a House in Rhode Island

Take a Homebuyer Education class

Our Homebuyer Education classes are a perfect resource to help first-time homebuyers learn everything there is to know about buying a home. We offer both in-person and online classes to meet the unique needs of each home buyer. You can register online or contact us for more information.

HOMEBUYER EDUCATION CLASSES

Contact a Participating Lender or one of our Mortgage Originators

Once you have taken some time to look through the options available to you as a first-time homebuyer, and are ready to discuss the next step on your path to homeownership, contact one of our Participating Lenders or Mortgage Originators today.

first time home buyer in Rhode Island top realtor in RI Perrino Properties at PAIVA Realty
Top Mistakes to Avoid as a First Time Buyer

Perrino Properties at PAIVA Realty works with a lot of first time homebuyers throughout Rhode Island. We love helping our clients prepare to reach their dream of home ownership and helping them buy a home they love when they do. Everyone starts somewhere, and your journey starts here. Contact us to get started on your way towards becoming a home owner, making stronger communities and more stable households to promote a prosperous future in RI.

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