Crawford-Sebastian Homeownership Center
Financial Assistance for Homebuyers in Arkansas
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 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.
Down Payment Grants in Arkansas
ADFA Down Payment Assistance
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.
Arkansas Dream Down Payment Initiative
The Arkansas Dream Downpayment Initiative (ADDI) Program provides qualifying, low-income applicants with assistance funds in the form of a forgivable, soft second mortgage up to 10% of the sale price, not to exceed $10,000. These funds can be used to cover some or all of the down payment and closing costs.
City of Pine Bluff Down Payment Grants
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 required to occupy the purchased property as their primary residence and must utilize an approved lender.
Crawford-Sebastian Homeownership Center
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.
Jonesboro Homeownership Assistance Program.
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.
Do you know what's on your credit report?
Learn what your score means.
