2015 First Time Home Buyer Programs for Rhode Island FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. FirstHomes 100 Program FirstHomes 100 Program offers a low fixed rate 30 year mortgage for first time buyers. Financing is up to 100 percent of the home's value, so you won't need to make a down payment. Help with closing costs is also an option. No mortgage insurance is required. Closing cost assistance is available in the form of a 15 year low interest rate loan. Borrowers also qualify for a mortgage credit certificate. Qualified buyers in Rhode Island may apply. FirstHomes 100+ Program FirstHomes 100+ Program allows you to add home repair costs to your FirstHomes 100 loan. Financing is up to 110 percent after the improvements have been completed. Closing cost assistance is available in the form of a 15 year low interest rate loan. Borrowers also qualify for a mortgage credit certificate. Qualified buyers in Rhode Island Beyond FirstHomes Program The Beyond FirstHomes Program offers a low fixed rate mortgage for existing homeowners who want to buy a new home. Financing is up to 97 percent, so you'll have to make a down payment of at least 3 percent. Mortgage insurance isn't required. Qualified buyers in Rhode Island may apply. FirstHomes Tax Credit Program The FirstHomes Tax Credit program gives home buyers an annual dollar for dollar federal tax credit of up to $2,000 each year. Qualified buyers in Rhode Island may apply.
To apply visit http://buyerprograms.net/Rhode-Island