First time homebuyer loan worth pursuing in RI?

[Jackson Cantrell]

Hi everyone.

I'm a long time Providence RI resident looking to purchase my first home. My goal is to buy a multifamily/triple decker in the West End and live in one unit and rent out the rest. I've got great credit, solid income, and enough cash saved up for 20% down for most triple deckers currently for sale in the West End. I'd love to hear any tips for trying to close on something.

Also - is it worth pursuing a loan through a RI first-time homebuyer program (RIHousing)? I'm under the impression I'll get a worse interest rate, but 5% down and other tax incentives make it look like an attractive option. Also is the $492,000 max loan through that program a hard cap?

Thanks so much for your insight.

Best,

Jax