Home Buyer Programs

Top 5 Most Popular First-Time Home Buyer Programs in AR

Arkansas has beautiful homes and a flourishing real estate market. Many people dream of having a home in Arkansas but cannot afford it. So, if you want to have a home in Arkansas, there are many first time home buyer Arkansas. Buyers interested in these programs must adhere to additional requirements, including residency, income, and credit requirements.

5 First-time Home Buyer Programs

1.Arkansas Dream Down Payment Initiative

The ADFA Move Up loan program must be used alongside the ADDI program. This program may also qualify first-time home buyers for a specific mortgage tax credit program, which increases their savings.

Prerequisites:

· The maximum permitted amounts must not exceed household income.

· The buyer must finish a home buyer education course.

· You must work with a recognized lender.

· The maximum price for a home is $250,000

2.ADFA Down Payment Assistance

It is an alternate program available if you earn too much money or pay too much for a property to be eligible for the ADDI program. The ADFA Down Payment Assistance program offers $10,000 toward closing costs and down payments. In contrast to the ADDI program, this second mortgage has a 10-year term and is not forgiven.

3.Mortgage Credit Certificate (MCC) Program

The ADFA MCC aids first-time homeowners in reducing the yearly costs of home ownership. First-time home buyers with low-to-moderate incomes can take advantage of this program.

Prerequisite:

· You must apply for a certificate before closing on your mortgage.

· Your new home purchase also cannot exceed $270,000.

· You must make your home your principal residence.

· You should meet income requirements that vary with the household size.

4.ADFA Move-Up Loan Program

Low- to moderate-income homebuyers can get affordable 30-year fixed-rate mortgages through the Arkansas Development Finance Authority’s (ADFA) Move-Up Program. Buyers can use conventional, FHA, VA, or USDA loans with this program.

Prerequisites:

· The maximum annual income is $137,000

· Buyers should have a minimum credit score of 640.

· The debt-to-income ratio (DTI) is up to 45% is the maximum debt-to-income ratio (DTI).

· You must complete a homebuyer education course.

· $647,200 is the maximum purchase price.

5.   Local Home Buyer Programs and assistance

First-time homebuyers with low incomes can receive up to 6% of the purchase price through the City of Little Rock’s down payment assistance program. The loan is relieved for five years. However, you’ll have to get your mortgage from a lender in a physical location in Arkansas. The other local programs based on the area are available in Fort Smith, Jacksonville, and Jonesboro. 

Also Read 3 Best Things To Do In Rogers AR

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Asad Ijaz

NetworkUstad's lead networking architect with CCIE certification. Specializes in CCNA exam preparation and enterprise network design. Authored 2,800+ technical guides on Cisco systems, BGP routing, and network security protocols since 2018. Picture this: I'm not just someone who writes about tech; I'm a certified expert in the field. I proudly hold the titles of Cisco Certified Network Professional (CCNP) and Cisco Certified Network Associate (CCNA). So, when I talk about networking, I'm not just whistling in the dark; I know my stuff! My website is like a treasure trove of knowledge. You'll find a plethora of articles and tutorials covering a wide range of topics related to networking and cybersecurity. It's not just a website; it's a learning hub for anyone who's eager to dive into the world of bits, bytes, and secure connections. And here's a fun fact: I'm not a lone wolf in this journey. I'm a proud member and Editor of Team NetworkUstad. Together, we're on a mission to empower people with the knowledge they need to navigate the digital landscape safely and effectively. So, if you're ready to embark on a tech-savvy adventure, stick around with me, Asad Ijaz Khattak. We're going to unravel the mysteries of technology, one article at a time!"