An assistance program called “First Down” would grant a $7,500 down payment to first-time homebuyers, Rhode Island Housing announced Friday. The program will grant eligible homebuyers money to purchase homes in what R.I. Housing considers the six hardest-hit cities by the foreclosure crisis: Providence, Pawtucket, Woonsocket, Warwick, Cranston and East Providence.
The grant will be issued as a structured loan to first-time buyers purchasing a one- to four-family home or condominium as their primary residence. The buyers will also be required to obtain a mortgage from a participating lender or from R.I. Housing.