STATEWIDE PROGRAMS

The Arkansas Development Finance Authority

Assistance Available:
The Arkansas Development Finance Authority has a downpayment assistance program that will contribute up to $10,000 to applicants who qualify for a Move Up first mortgage.

The assistance is in the form of a 10 year second mortgage at the same interest rate as the first mortgage. Cash back for expenses paid outside of closing is allowed.

Qualifications:
Buyers are required to take a Pre-Purchase Homebuyers Education class.

American Dream Downpayment Initiative Program

Assistance Available:
The Arkansas Development Finance Authority provides downpayment assistance to low income first time home buyers in the form of a five year forgivable soft second mortgage through the American Dream Downpayment Initiative (ADDI). It offers up to 6% of the purchase price not to exceed $10,000. Homeowner must occupy, maintain, insure, and pay all applicable taxes during the life of the loan.

Qualifications:
Buyers must take a Pre-Purchase Homebuyers Education course. The required income levels are dependent on where the property is located and the number of individuals in the household. The home must be occupied as the primary residence.

CITY AND COUNTY PROGRAMS

City of Jonesboro
Homeownership Assistance Program

Assistance Available:
The Homeownership Assistance Program offers grant money to first time home buyers for downpayment costs and out of pocket expenses paid by the buyers.

Qualifications:
The home must be within the city limits of Jonesboro. The buyer’s household must meet the Federal Income Guidelines. The home must meet HUD’s minimum housing quality standards and cannot be located in a flood zone. You must complete a homebuyer education course with a HUD approved counseling service.

Crawford-Sebastian Homeownership Center (C-SCHC)
There are a variety of assistance programs offered by the Crawford-Sebastian Homeownership Center through the Homeownership and Asset Development Center. Applicants for all the programs available must complete a homebuyer education course.

Assistance Available:
City of Fort Smith - 3.5% of the purchase price is available with an additional reduction of the principal based on need for homes located within the city limits of Fort Smith. The buyer must meet the low income guidelines. No repayment of the funds provided is required as long as the buyer lives in the house for a minimum of 5 years. Applicant is not required to be a first time home buyer. The purchase cannot exceed $125,000 as of March 1, 2017.

Affordable Housing Program for Crawford and Sebastian Counties - $4000 grant money for downpayment and closing cost assistance. No repayment is necessary if the buyer lives in the home for a minimum of 5 years. The buyer must either be a first time home buyer or a single parent with qualifying dependents. The buyer must make a contribution of $500. You must meet the program’s low income guidelines. A homebuyer education course must be completed.

Arkansas Development Finance Authority Home to Own Program for Crawford and Sebastian Counties - This is bond money. The first mortgage must be VA, FHA, or RD. The maximum purchase price is $250,000. Income limits are based on the property location and the number of people in the household. Example: For a 1-2 person household in Crawford County the maximum income is $63,480. A 3 or more person household in Crawford County cannot exceed an income of $74,060. There are two 100% loans with no mortgage insurance: VA and Rural Development.