Programs For 1st Home Buyers In Arkansas
First time home buyers in Arkansas have many options available to them for help in purchasing their first residence. The Arkansas Development Finance Authority (ADFA) provides some very worthy programs for Arkansas residents seeking to purchase their first home.
Here are some highlights:
Thank you for your interest in the incentives for homeownership offered by the State of Arkansas and administered by the Arkansas Development Finance Authority (ADFA). ADFA First Time Homebuyer Programs make purchasing a home more affordable for low-to-moderate income families and individuals by offering fixed, low-interest rate mortgage loans. In addition, ADFA also offers down payment and closing costs assistance, and the Mortgage Credit Certificate Program. For eligible borrowers, these program can make owning a home more affordable and greatly reduce the out of pocket expense to the buyer.
ADFA HOMEownership Programs
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
The “ADFA Move-Up” Loan Program offers both first-time homebuyers (who are excluded from using the ADFA Advantage program due to higher incomes) and repeat Arkansas homebuyers, an affordable mortgage.
The First Time Homebuyer Federal Tax Credit / Mortgage Credit Certificate (MCC) Program is a dollar-for dollar tax credit for first time, low-to-moderate income homebuyers. The certificate is issued by ADFA and allows qualifying, taxpaying homebuyers to claim a tax credit up to 50 percent of the mortgage interest paid per year, capped at $2,000 annually.
ADFA Downpayment Assistance Program (DPA) can provide up to $6,000 for down payment and closing cost assistance. ADFA’s Down Payment Assistance (DPA) Loan is a second mortgage that carries the low rate of 4 percent with a 10-year term.
For complete details on these programs, including contact information and instructions on how to apply, please visit this ADFA program page.
More Arkansas First Time Buyer Programs
In addition to the above homebuyer programs offered by ADFA there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to 1st time property buyers as well. To determine additional program availability near you, please visit local 1st time home buyer programs in Arkansas.