Down Payment Help for First-Time Buyers in RI, MA and CT

Saving for a down payment is the biggest hurdle for most first-time buyers. Each of the states we work in has a housing finance agency with first-time buyer loans, and many cities and nonprofits add their own help.

Where to look

• Rhode Island: RIHousing offers first-time homebuyer loans and down payment assistance programs.
• Massachusetts: MassHousing offers first-time buyer mortgages and down payment assistance.
• Connecticut: CHFA (Connecticut Housing Finance Authority) offers first-time buyer loans and down payment assistance.
• Some cities, towns and nonprofit housing groups have their own grants or loans. Ask your lender which apply where you're buying.

What these programs usually require

• Income and purchase price limits that depend on the town and household size.
• A homebuyer education class, often available online and in Spanish.
• Using an approved lender who offers the program.
• Living in the home as your main residence.
• Some help is a grant, some is a loan you repay later or when you sell. Read the terms.

How to get ready

• Take the homebuyer education class early. It's useful even if you don't use a program.
• Talk to a lender who works with your state's programs, since amounts and rules change.
• Keep records of your savings and income organized.
• Plan for an inspection and moving costs, which programs usually don't cover.

We can introduce you to lenders who use these programs every day, in English or Spanish. This article is general information; program rules, amounts and availability change, so confirm current details with the agency or your lender.