Purchasing a Home in Arkansas? Essential Information Awaits You

Unlocking Affordable Housing in Arkansas: Assistance Programs for Low-Income Homebuyers

1. AFDA Move-Up Program:

Designed for both first-time and repeat buyers, AFDA Move-Up is a single-family loan program in Arkansas that facilitates access to affordable mortgages. This program can be coupled with various benefits, including the Down Payment Assistance program, Arkansas Dream Downpayment Initiative, or the Mortgage Credit Certificate Program.

2. AFDA’s Down Payment Assistance Program:

AFDA’s Down Payment Assistance Program offers a second mortgage with a reduced interest rate, covering up to $6,000 of down payment and closing costs. This assistance lasts for a period of 10 years, easing the financial burden for eligible homebuyers.

3. Arkansas Dream Downpayment Initiative (ADDI):

Tailored for low-income first-time homebuyers, ADDI can cover up to 6 percent of the home’s purchase price, with a cap at $10,000. This second mortgage becomes forgivable as long as the home remains the primary residence for five years, meeting specified program requirements.

4. AFDA Mortgage Credit Certificate Program:

This program is a boon for first-time homebuyers who might otherwise struggle to afford a home. By converting 50% of the annual mortgage interest into a dollar-for-dollar tax credit, eligible borrowers can receive up to $2,000 annually, providing significant financial relief.

5. City and County Initiatives:

Several cities and counties in Arkansas go the extra mile to support first-time homebuyers:

Seizing Homeownership Opportunities in Arkansas!

With a range of tailored programs and city-specific initiatives, Arkansas strives to make homeownership a reality for low-income individuals. These initiatives encompass financial assistance, tax benefits, and various support programs, reinforcing the state’s commitment to inclusive housing opportunities.

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