Many loan programs allow buyers to purchase a home with 3%–5% down, while VA and USDA loans may allow 0% down for qualified buyers.

Yes. Many states and lenders offer programs that provide:

Down payment assistance
Lower interest rates
Reduced closing costs
Special loan programs

First-time buyers should understand:

Total costs involved in buying: See Costs Associated With Buying A House
Mortgage pre-approval
Inspection process
Closing costs and timelines
Long-term financial responsibilities of homeownership

A mortgage pre-approval is a lender’s estimate of how much you may be able to borrow based on your income, credit, and financial history. Getting pre-approved before starting your home search helps you understand your budget and shows sellers that you are a serious and qualified buyer.

Closing costs are fees paid at the final stage of the transaction when ownership transfers from the seller to the buyer. These costs typically include lender fees, title insurance, attorney fees, appraisal fees, prepaid taxes, and homeowners insurance. These can typically be 2-4% of the purchase price.

The homebuying process can vary depending on the market and your personal timeline, but most buyers in Rhode Island typically complete the process in 30 to 60 days after going under contract.

A typical monthly mortgage payment includes four main components often referred to as PITI:

Principal – the portion that pays down the loan balance
Interest – the cost of borrowing the money from your lender
Property Taxes – local taxes collected by your city or town
Homeowners Insurance – insurance that protects the property

If your down payment is less than 20%, your payment may also include private mortgage insurance (PMI). 

Possible outcomes include:

Seller lowering the price
Buyer paying the difference
Renegotiation
Canceling the contract if an appraisal contingency exists

It’s helpful to connect with a real estate agent early in the process, even before starting your home search. An agent can help you understand the local market, connect you with lenders, and guide you through the steps needed to prepare for buying a home

An experienced agent helps buyers create strong, well-structured offers. This may include reviewing comparable sales, recommending offer strategies, coordinating with your lender, and presenting the offer in a way that strengthens your position while protecting your interests.