Bring less cash to closing on your first Rhode Island home with 15kDPA, FirstGenHomeRI and Extra Assistance.
Reviewed and updated October 3, 2026 by Ryan and Megan Winslow, Winslow Homes
RIHousing is Rhode Island's housing finance agency. It funds first mortgages through participating lenders and its own loan center, and it adds down payment and closing cost help on top (source, checked October 2026). Three programs carry the biggest dollar amounts: 15kDPA, FirstGenHomeRI and Extra Assistance (source, checked October 2026).
These programs fit you when:
Buyers in Providence, Cranston, Warwick, Pawtucket, Woonsocket, Newport and Westerly use RIHousing programs to bring less cash to closing.
| Item | 2026 figure | Source |
|---|---|---|
| 15kDPA assistance | $15,000 | source, October 2026 |
| 15kDPA structure | 0% interest loan, no monthly payment | source, October 2026 |
| 15kDPA repayment trigger | Sale, title transfer or move out of the home | source, October 2026 |
| 15kDPA minimum credit score | 660 | source, October 2026 |
| FirstGenHomeRI assistance | $25,000 for first-generation buyers | source, October 2026 |
| Extra Assistance | Up to $20,000 | source, October 2026 |
| First-time buyer loan maximum, conventional | $832,750 | source, October 2026 |
| First-time buyer income limits, Providence area | $134,520 to $156,940 | source, October 2026 |
| First-time buyer income limits, Newport area | $149,042 to $171,398 | source, October 2026 |
| First-time buyer income limits, Westerly area | $150,782 to $173,399 | source, October 2026 |
| 2026 conforming loan limit, one unit baseline | $832,750 | source, October 2026 |
Income limits run in a range because they change with household size and program. Check the exact figure for your household on the RIHousing site before you apply (source, checked October 2026).
This pilot serves first-generation buyers, meaning buyers whose parents did not own a home. It gives priority to residents of certain census tracts in Central Falls, Pawtucket, Newport and East Providence (source, checked October 2026). Homebuyer education is required before closing (source, checked October 2026).
Extra Assistance covers down payment or closing costs up to $20,000 (source, checked October 2026). Program rules and pairing limits change, so confirm them on your file.
RIHousing notes that some of its loan products have pairing restrictions with 15kDPA (source, checked October 2026). RIHousing loans close through participating lenders and the RIHousing Loan Center. Ryan and Megan tell you up front whether The Federal Savings Bank offers these programs on your file. If it does not, they compare them with the Federal Housing Administration (FHA), Department of Veterans Affairs (VA) and conventional loans they do offer.
15kDPA carries 0% interest and no monthly payment (source, checked October 2026). You repay it when you sell, transfer title or stop living in the home (source, checked October 2026). Ask for the written terms on FirstGenHomeRI and Extra Assistance before you sign.
You still pay normal purchase costs:
Plan to keep some cash after closing. Older Rhode Island homes need repairs, and a cushion keeps a surprise from turning into credit card debt.
Ryan and Megan are Mortgage Bankers with The Federal Savings Bank. They start with your budget, line up each RIHousing option with other loans, and show cash to close and monthly payment for each. Ryan and Megan also hold Rhode Island real estate broker licenses through Winslow Homes, so they know how Rhode Island agents and closing attorneys keep a file on schedule.
On a 2 to 4 family purchase, Ryan and Megan also walk through rent figures, unit condition and reserves, so the property supports itself. On a condo, they check the association budget and insurance early to avoid surprises late in the process.
You get a clear plan before you shop. Start at winslowloan.com or use the program matcher.
$15,000 for down payment and closing costs as a 0% interest loan with no monthly payment (source, checked October 2026).
A minimum score of 660 (source, checked October 2026).
A pilot that offers $25,000 to first-generation buyers, with priority for certain census tracts in Central Falls, Pawtucket, Newport and East Providence (source, checked October 2026).
Up to $20,000 for down payment or closing costs (source, checked October 2026).
Yes, when you sell, transfer title or stop living in the home (source, checked October 2026).
Ryan Winslow NMLS #2426605. Megan Winslow NMLS #2692933. The Federal Savings Bank NMLS #411500. The Federal Savings Bank is an Equal Housing Lender. Program terms, income limits and funding change. This is not a commitment to lend. Verify licensing at NMLS Consumer Access.
Instant answers on programs, payments, towns and homes, any time, in English or Spanish. Ryan and Megan follow up personally.
Estimates from your inputs only. Not a loan offer, rate quote or approval. Ryan and Megan, Mortgage Bankers with The Federal Savings Bank (NMLS #411500), confirm real numbers.
