Homeownership Center Launched by Crawford-Sebastian

The Crawford-Sebastian Homeownership Center is dedicated to assisting individuals in achieving the dream of owning their own home. Recognizing that the financial hurdles of down payments and closing costs can be significant barriers, the center offers a range of assistance programs designed to help potential homebuyers in this crucial step.

Available Programs: The center provides several programs, each with specific features and requirements, to cater to the diverse needs of homebuyers.

1. Affordable Housing Program:
   • Targeted at first-time homebuyers or single parents with dependents.
   • Offers a $4,000 grant for down payment and closing cost assistance.
   • The grant does not require repayment if the buyer stays in the home for 5 years.
   • Applicants must finance their first mortgage through Armstrong Bank and fall under the low-income bracket.
   • A minimum contribution of $500 toward the mortgage is required.
   • Completion of an 8-hour homebuyer counseling class is mandatory.
   • The purchased home must be in Crawford and Sebastian Counties or certain Oklahoma areas and serve as the primary residence.
2. Arkansas Development Finance Authority Home to Own Program:
   • Provides up to $6,000 in assistance via a second mortgage.
   • Can be used for down payment and closing costs.
   • Requires an FHA, VA, RD first mortgage with a 30-year term and no prepayment penalty.
   • The maximum purchase price of the home is $250,000.
   • Applicants must complete a homebuyer counseling course.
   • Income limits apply, varying by county and household size:
     • Crawford County: $63,480 for 1-2 person households; $74,060 for 3+ person households.
     • Sebastian County: $56,520 for 2 person households; $65,940 for 3+ person households.
3. Down Payment Assistance (DPA) Program:
   • Offers $1,000 to $6,000 as a second mortgage.
   • Funds can be used for the down payment, closing costs, and prepaid items.
   • The loan has a 10-year term, with an interest rate subject to change.
   • Completion of an 8-hour homebuyer counseling class is required.
   • The home must be owner-occupied.

Each of these programs is designed to make homeownership more accessible and affordable. By providing financial assistance and educational resources, the Crawford-Sebastian Homeownership Center plays a crucial role in helping individuals and families in the region to overcome the financial challenges associated with purchasing a home. These programs not only aid in covering upfront costs but also emphasize the importance of informed and responsible homeownership.