These classes do provide a lot of good info, especially for people who have no previous experience in the homebuying process. They are also a requirement for a Rhode Island Housing loan, so getting done up front just saves some time.

Rhode Island Housings down payment assistance will exist forever, they have been around for decades. It only applies to first time homebuyers so you would only be able to use it on a first home.

The grant with no payment will probably be gone within a few months, end of year at the latest. It has to be used at the time or closing so you would be in contract on something soon ideally.

If you have the ability to take advantage of the grant (income, FICO, etc) I would recommend it. If you are facing a situation where you don’t feel comfortable going that fast or you have a credit or income issue as far as how you are paid I would get with a lender today who is someone who does Rhode Island Housing a lot and they can put you on the right path. Rhode Island housing is pretty lax on there guidelines relative to some other equivalents in other states but deposits are a big thing for them so if you are depositing cash a lot that would be an issue.

Even if you miss the grant, the DPA is still a good program. If you need some help with a lender, let me know.

In this state mainly Rhode Island Housing, they just announced today a grant program for $17,500 towards down payment and closing costs. Not a lien, no payment, just need to have a 660 FICO and make below 112k a year. Outside of that program they offer up to 15k as a second lien towards down payment and closing costs normally. 15k and whatever your first mortgage rate is. As of today that would be 6% if you are below the income limit.

You can also use rental income on that property to offset that payment and buy another house after a minimum of 12 months. If you are a first time homebuyer there is no reason not to buy a multi. You get access to better programs to buy that property, a long term investment that will help you down the road and you aren’t paying rent anymore.

Yeah this happens all the time. It’s why the streets are flooded with nips. People don’t want them in there car if they get pulled over.

Agreed this is my favorite spot for coffee in that area.