Does writing rent checks hurt your soul? Do you want to start building equity in a home, but haven’t been able to save enough money for a down payment? If your answer is yes to those questions then I have good news for you. You can buy a home in Rhode Island with $0 down! Here’s how:
FirstHomes100 and FirstHomes100+, which are two loan programs offered by Rhode Island Housing, give eligible first time homebuyers an opportunity to purchase a home with no money down. These programs offer competitive, fixed rates and a 30 year term. In addition, eligible buyers can claim a $2000 tax credit when using these programs. If you are buying a home in move in condition, FirstHomes100 is the program for you. If you are considering a home in need of repair you may want to consider FirstHomes100+. For more information on these loan options check out Rhode Island Housing’s website by clicking here.
There is one more component to buying a home with zero down: avoiding closing costs. There are two ways to do this. First, negotiate for the seller to pay your closing costs. If you have a savvy agent and a solid offer this is feasible. Another aspect of the two programs previously mentioned is closing cost assistance. Using this option will roll the closing costs into your mortgage ,and ultimately you will be the one paying for them, so having the seller pay for your closing costs may be the more desirable route.
There you have it! A simple and realistic opportunity to eliminate rent payments and start building equity in your first home with zero down. If you have any questions reach out to me or check out Rhode Island Housing’s website.
P.S. – One of my clients actually walked away from the closing with a $1000 check in their hand!