R.I. Housing unveils program for college grads purchasing first home

RHODE ISLAND Housing on Tuesday launched a new down payment assistance program, intended to attract and keep new college graduates trying to purchase a first home.
RHODE ISLAND Housing on Tuesday launched a new down payment assistance program, intended to attract and keep new college graduates trying to purchase a first home.

PROVIDENCE – Rhode Island Housing on Tuesday launched a new down payment assistance program, intended to attract and keep new college graduates trying to purchase a first home.
The Ocean State Grad Grant program will provide up to 3.5 percent of a home’s purchase price, or up to $7,000, in the form of a forgivable second mortgage. The grant is forgivable once the house is owned for five years.
Graduates of associate’s degree, bachelor’s degree, master’s degree and doctoral programs are eligible if they apply within 36 months of their graduation date. The programs must be recognized by the U.S. Department of Education, and are not restricted to Rhode Island institutions.
Homeowners must be purchasing a first house, condominium or up to a four-family structure, and must have an annual household income of less than $89,280 for a one- or two-person household, or $104,160 for homes with three or more occupants.
Applicants need to obtain a mortgage through a participating lender associated with Rhode Island Housing, and they must complete a homebuyer education course through the agency.
The housing agency has set aside $350,000 for the program, according to a news release.

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