Down Payment Assistance Program

Town of Barrington Down Payment Assistance Program may provide up to $50,000 in down payment assistance to eligible households. Assistance will be scaled according to household size, household income, and household assets.

Eligible applicants must meet the following criteria:

  • Be a current Barrington resident.

  • Be a first-time home buyer.

  • Meet the income eligibility guidelines.

* Income is calculated on gross income for all persons in the household, from all sources.

 

  • Have an executed Purchase and Sales agreement for a property located in Barrington that does not exceed the maximum purchase price.

  • Have institutional (not private) financing from a bank or mortgage lender.

  • Occupy the home as their primary residence after purchase.

  • Complete eight (8) hours of HUD approved homebuyer education prior to closing.

  • Contribute at least 3% of the purchase price of their own funds to the transaction.

  • Sign a 30-year deed restriction that limits future sales of the property, and abide by all other program restrictions and repayment requirements.

  • Pay an application fee of $500: $250 due at application and $250 due at closing.

The Program is administered by the Community Land Trust of Rhode Island on behalf of the Town of Barrington. For additional information, to be pre-screened and to request an application, please call (401) 721-5680, ext. 38 or email Melina Lodge, Executive Director at mlodge@housingnetworkri.org.

 

The Town of Barrington’s Down Payment Assistance Program is available to all adult Barrington residents regardless of race, ethnicity, age, religion, gender, gender expression or identity, sexual preference, military service, ability or disability.

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