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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Jonesboro Homeownership Assistance Program.

Financial Assistance for Homebuyers in Arkansas

The City of Jonesboro realized that despite being able to afford monthly payments on a mortgage, many individuals do not have the funds necessary to make hefty, out-of-pocket payments, such as the down payment. In an effort to expand homeownership opportunities to low and moderate income citizens, the Grants and Community Development Departments offers the 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.

Eligibility Requirements
In order to be considered eligible for the Homeownership Assistance Program, all applicants must meet certain requirements. Applicants must be first-time homebuyers; those who have owned a home in the last three years do not qualify for assistance. They must have an annual household income that meets Federal Income Guidelines, and are responsible for completing a homebuyer education course at a HUD-approved counseling service (online or at the nearest agency).

Property Guidelines
Any home being purchased must serve as the applicant’s primary residence, and must be located within the city limits of Jonesboro. The property cannot be located within flood zone, and it must meet HUD’s Minimum Housing Quality Standards.
 
The purpose of this program is to make funds available to eligible applicants who are interested in purchasing a home but need financial help to pay the upfront costs, which include the down payment, as well as the closing costs and prepaid items required to obtain homeownership. These expenses can add up to a substantial amount, and the inability to pay it might keep people stuck in a renters trap.
 
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.

Down Payment Grants in Arkansas

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 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 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.

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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