NSP Home Buyer Assistance provides up to 20% of the purchase price to income eligible homebuyers in the form of a deferred loan. This loan does not have to be repaid if the property is kept for five years. If the property is sold within five years, then the amount borrowed, plus interest would be due.
Eligible properties include single family and multi family (up to four units) properties. Condominiums are not included in this program. The buyer must occupy the property as a primary residence – no investors.
The properties must be located in certain designated neighborhoods impacted by the foreclosure crisis and where potentially problematic loan are in great number. The cities reflected are Providence, Pawtucket, Cranston, Central Falls, Woonsocket, Johnston, Warwick, West Warwick, North Providence, East Providence and Cumberland. Refer to this map to see exactly where these areas are located.
Property values are determined by a standard residential appraisal completed by a Rhode Island licensed appraiser during the lending process, not by a sales price.
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