The Crawford-Sebastian Homeownership Center offers a variety of Down Payment and Closing Cost Assistance Programs to potential homebuyers. Each program requires applicants to occupy the purchased property as their primary residence and utilize an approved lender.

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Crawford-Sebastian Homeownership Center

Financial Assistance for Homebuyers in Arkansas

In an effort to help individuals purchase a home, the Crawford-Sebastian Homeownership Center offers a variety of Down Payment and Closing Cost Assistance Programs that help potential homebuyers achieve their dreams of homeownership. 

Available Programs
All these assistance programs require that applicants occupy the purchased property as their primary residence and that they utilize an approved lender.

The Affordable Housing Program awards first-time homebuyers (or single parents with dependents) a $4,000 grant for down payment and closing cost assistance. As long as buyer stays in home 5 years, the funds do not need to be repaid. This program requires that applicants use Armstrong Bank for financing their first mortgage, and fall under the low income bracket. Applicants are also responsible for contributing a minimum of $500 toward the mortgage, and for completing an 8-hour homebuyer counseling class. Any home being purchased must serve as the applicant’s primary residence, and must be locating in Crawford and Sebastian Counties (some Oklahoma areas also).

The Arkansas Development Finance Authority Home to Own Program offers assistance funds up to $6,000 via a second mortgage, which can be put toward covering some or all of the down payment and closing costs. The program requires an FHA, VA, RD first mortgage with a 30-year term (no prepayment penalty). The home being bought cannot exceed the program’s maximum purchase price $250,000. All applicants are required to complete a homebuyer counseling course, and fall within the program’s set income limits (based on county and number in household):

Crawford County
1-2 person household: $63,480
3 or more person household: $74,060

Sebastian County
2 person household: $56,520
3 or more person household: $65,940

The Down Payment Assistance (DPA) Program provides applicants with $1,000 to $6,000 in the form of a second mortgage. The funds can be put toward the down payment, closing costs, and prepaid items associated with a mortgage transaction. The loan term lasts for 10 years, and the interest rate is subject to change. The program guidelines require that the home being purchased is owner-occupied, and that applicants complete an 8-hour homebuyer counseling class.

Down Payment Grants in Arkansas

The Arkansas Development Finance Authority (ADFA) offers assistance to homebuyers who can afford a mortgage, but not the upfront costs associated with it. Applicants are granted a loan amount of $1,000 to $6,000 in order to afford these costs. 

The American Dream Downpayment Initiative (ADDI) Program provides qualifying, low-income applicants with assistance funds in the form of a forgivable, soft second mortgage, up to six percent of the sale price, not to exceed $10,000. These funds can be used to cover some or all of the downpayment and closing costs. 

The Crawford-Sebastian Homeownership Center offers a variety of Down Payment and Closing Cost Assistance Programs that help potential homebuyers achieve their dreams of homeownership.  Applicants are requird to occupy the purchased property as their primary residence and must utilize an approved lender.

The Crawford-Sebastian Homeownership Center offers a variety of Down Payment and Closing Cost Assistance Programs to potential homebuyers. Each program requires applicants to occupy the purchased property as their primary residence and utilize an approved lender.

This program provides eligible applicants with funds to cover some or all of the down payment and closing costs associated with a mortgage transaction in order to help make the home buying process more affordable. This assistance is paid directly to the title company.

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