NSP Homebuyer Assistance provides up to 20% of the purchase price to income eligible homebuyers purchasing foreclosed 1-4 unit properties (NO CONDOS) located in certain designated neighborhoods impacted by the foreclosure crisis.
Eligible Use:
To purchase and occupy or purchase, rehab and occupy foreclosed residential properties located in certain census tracts in Providence, Pawtucket, Cranston, Central Falls, Woonsocket, Johnston, Warwick, West Warwick, North Providence, East Providence and Cumberland. (These are very large areas, for instance, almost all of Providence is in the designated area.)
NSP Assistance:
Up to 20% of the purchase price in down-payment assistance is available to borrowers in the form of a deferred payment, subordinate lien.
This deferred payment, subordinate lien is forgiven after five years of owner occupancy. If the property is sold or transferred within the first five years the lien along with accrued interest is due and payable.
Eligible Properties:
1-4 unit properties only. No condominiums. NSP eligible properties must be purchased at a minimum of 10% below fair market value. Values is determined by a standard residential appraisal completed by a Rhode Island licensed appraiser during the lending process. The following link will bring you to a page that allows you to click on a city or town and will map out all the designated areas so you can search by street address. You may have to copy and paste to your browser.
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