City of Little Rock Down Payment Assistance Program
Under the Down Payment Assistance Program, the City of Little Rock provides funds to assist low and moderate-income first-time homebuyers to buy a home. The City provides assistance of up to 6% of the purchase price, not to exceed $5,000, in the form of a loan that is forgiven in equal monthly installments over a 60-month period.
To be eligible for the Down Payment Assistance Program, all applicants must meet certain minimum requirements. They must be first-time homebuyers (must not have owned a home for the past three years) and must document that their annual household income, adjusted for family size, does not exceed 80% of the area median income. All homebuyers are required to complete a homebuyer counseling course, acceptable to the City of Little Rock, and must be approved for a first mortgage through a bank or mortgage company present in Arkansas.
Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.
First-Time Homebuyer Programs in Arkansas
The City of Little Rock offers 6% of the purchase price to low- and moderate-income first-time homebuyers in the Down Payment Assistance Program, to help offset the costs of purchasing a new home.
First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
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