Ocean State Grad Grant Program
Graduate to your first home! The Ocean State Grad Grant is now available for new mortgage applications, beginning September 8, 2015.
If you're purchasing a home in Rhode Island, you could receive up to $7,000 toward your down payment!
The Ocean State Grad Grant is helping college graduates make Rhode Island home by offering a special first-time homebuying grant.
The Ocean State Grad Grant:
- is available to qualified borrowers who have graduated within the last 36 months from an accredited academic institution
- up to $7,000 in down payment assistance
- can be combined with our closing cost assistance
To qualify for the Ocean State Grad Grant you must:
- Be a new mortgage applicant on or after the program launch date: September 8, 2015
- Be a first-time homebuyer purchasing a 1-4 family home or condominium
- Meet income and purchase price limits (see below)
- Apply for the grant within 36 months of graduating from a program recognized by the U.S. Department of Education having earned an associate’s, bachelor’s, master’s or doctoral degree
- Obtain a mortgage through a Rhode Island Housing Participating Lender or Rhode Island Housing
- Complete a homebuyer education course (offered through Rhode Island Housing)
To be eligible for the Ocean State Grad Grant program, your total annual household income must be less than $89,280 (for a 1-2 person household) or $104,160 (for a 3+ person household).
The forgivable down payment grant of up to $7,000 is available for 3.5% of a home’s purchase price. Grant is forgivable after 5 years of owning the home.
The Ocean State Grad Grant is available in conjunction with a Rhode Island Housing first mortgage, available through their network of Participating Lenders and Rhode Island Housing.
Please visit http://gradgrant.org/ for more information.