Learn About DPA Programs Available To You
First time home buyers in Arkansas have many options available to them for help in purchasing their first residence. If you feel that saving enough for a down payment will forever prevent you from buying your first residence, here’s some great news. The Arkansas Development Finance Authority (ADFA), offers down payment assistance for Arkansas residents in your situation.
Arkansas DPA Details
Help coming up with the needed down payment is perhaps the greatest resource that you can tap into as a first time home buyer. Here are some details from the ADFA website:
DFA Down Payment Assistance Program
For many Arkansans, the largest obstacle to homeownership is saving for down payment and closing costs. In fact, this is a problem all too common among low to moderate income Arkansans who have little of their pay check left after paying for rent, utilities, transportation, insurance and groceries. To help, the Arkansas Development Finance Authority (ADFA) created the Down Payment Assistance (DPA) Program.
ADFA has DPA for qualifying applicants of a first mortgage (ADFA Advantage, ADFA Move-Up and ADFA Move-Up Choice). The DPA ranges from $1,000 to $6,000 for closing cost assistance. Cash back to the borrowers is allowed for expenses “paid outside of closing” (POC).
INTEREST RATE: 4% (subject to change without notice)
TERMS: 10 YEAR AMORTIZATION
ADFA requires the borrowers to attend a Pre-Purchase Homebuyer Education Class where a certificate will be issued upon completion.
To get complete program details, including income limits as well as how to get the application process started, please visit the ADFA DPA web page.
More Down Payment Assistance
In addition to the above DPA program offered by ADFA, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to prospective 1st time property buyers as well. To find out about additional down payment assistance programs available near you, please visit local first time home buyer programs in Arkansas.