Special Home Loans For 1st Time Buyers In AR
Looking to purchase your 1st residence in Arkansas but find yourself at a loss as to where to turn for a mortgage loan? Look no further. First time home buyer loans in Arkansas are provided by the Arkansas Development Finance Authority (ADFA). Not only do they provide very advantageous rates on your mortgage loan, they also provide other prominent programs for 1st time home buyers.
Here are some details on ADFA’s loan program:
“ADFA Advantage” First Time Homebuyer Program
Through the “ADFA Advantage” Loan Program home ownership has never been more attainable or affordable for first-time homebuyers and veterans living in Arkansas. This program is designed to help first-time homebuyers buy their first home by offering the amazing low interest rate of 3.25 percent! And for potential homebuyers that qualify for an ADFA Advantage mortgage but haven’t managed to save enough for a down payment, ADFA also offers two programs.
Type of Loan
First Mortgage (FHA, VA, Conventional, and RD)
CLICK HERE FOR A LIST OF PARTICIPATING LENDERS
“ADFA Advantage” Interest Rate – 3.25%
Down Payment Assistance – 4.00%
30 years only with no prepayment penalty
For complete details on this loan, including contact information and instructions on how to apply, please visit this ADFA loan description page.
More Arkansas First Time Buyer Resources
In addition to the above first time homebuyer loan from ADFA, there are resources available as well. Be sure to visit Arkansas down payment assistance, as well as our page that shares details about grants available in AR to purchase your first home.