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Arkansas Down Payment Assistance and First Time Home Buyer Programs
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 First Time Home Buyers who need down payment assistance can get home buying help from programs administered through the Arkansas Development Finance Authority (ADFA). Interested low to moderate income individuals and families who want to be home owners must apply with a participating mortgage company, bank, or savings and loan institution.
Arkansas First Time Home Buyer Programs
The Arkansas Development Finance Authority has one major home buying program that is offers to Arkansas first time home buyers: HomeToOwn Program (Home To Own). This mortgage program offers home buyers below market interest rates. Prospective home buyers cannot have household income that exceeds the income limit in the county where they are purchasing the home. Home purchase price limits apply throughout the state as well. Check with your loan officer about purchase price and income limit guidelines.
If you are not a first time home buyer, you may use this program to purchase a home in a targeted area. Targeted areas include the following counties: Bradley, Calhoun, Chicot, Clark, Cleburne, Columbia, Conway, Crawford, Crittenden, Cross, Dallas, Desha, Drew, Jefferson, Lafayette, Lee, Lincoln, Madison, Mississippi, Monroe, Nevada, Ouachita, Perry, Phillips, Prairie, St. Francis, Scott, Searcy, White, Woodruff and Yell. There will still be purchase price and income limits, however they are expanded in these areas to allow more qualified homebuyers.
Mortgage programs that are eligible to be funded with the ADFA mortgage program are FHA, VA, Conventional Loan (Fannie Mae and Freddie Mac), and USDA Rural Housing Loans. With these loans as possibilities, some home buyers may get up to 100% financing. If you do not get a Rural Development Loan, which is the loan that allows for 100% financing you will have to come up with down payment and closing costs. For this money, you may need additional financial assistance.
Down Payment Assistance Programs In Arkansas By ADFA
ADFA has one primary down payment assistance program, which is called: The Downpayment Assistance Program (DPA). This program was designed to provide Arkansans with a way to overcome the difficulties they face in saving for their down payment and closing costs that are associated with buying a home.
This program provides anywhere from $1,000 to $6,000 depending on the needs of the home buyer in the form of a loan. There is a payment due on this mortgage and is set up to be paid back over a 10 year period. If you plan on using this program you will have to attend a Home Buying Counseling Program.
The American Downpayment Initiative Program
This is an additional down payment program available in Arkansas. This program is for first time home buyers whose income is less than 80% of the area median income where they are buying their home. Eligible first time home buyers can receive up to $10,000 in the form of a soft second mortgage that is forgivable after the home buyer owns and lives in their home for at least 5 years. Participants of this program will have to take a homebuyer counseling class from an approved ADFA homeowner education counselor.
First time home buyers interested in this program will have to apply for this program through a participating mortgage lender or bank to qualify.
To get additional information about down payment assistance programs, or to find out more about mortgage programs please complete the information below:
Article by Dale Stouffer, Mortgage Broker. Dale has a been a mortgage broker since 1996. This Article is designed to be of general interest and should not be considered legal advice. The specific information discussed may not apply to you. Before acting on any matter contained herein, you should consult with your personal legal adviser.
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