Arkansas first time home buyer grants and loan programs - The Arkansas Development Finance Authority (ADFA) offers several progams for first time home buyers.
The HomeToOwn (Mortgage Revenue Bond Program) offers low interest rate home loans/mortgages to qualified low and moderate income first time home buyers.
The Down Payment Assistance Program provides downpayment and closing cost assistance to qualified buyers. The program requires that the applicant(s) attend a home buyer education seminar. The downpayment assistance ranges from $1,000 to $6,000 to be used for closing costs or other approved expenses.
ADFA's New American Dream Downpayment Initiative (ADDI) offers downpayment assistance for lower income Arkansas buyers. The ADDI program provides funding to assist with the up-front costs of buying a home.
The HOME Program offers assistance to buyers with incomes at or below 80% of the area median income adjusted for family size. The home purchased must be the buyer's principal residence and must be valued at or below 95% of the median area purchase price.
To see if you qualify for any of these programs, check out the ADFA website for more information.