Are you thinking of buying your first home in Arkansas? Would you like a free gift of money to help you purchase that first home? If you answered yes to these two questions, there is great news for you. The state of Arkansas provides free money for its residents who are first time home buyers and need help with the down payment and closing costs. This money comes in the form of state grants. This is free money that shouldn’t be passed up! The grant awards can be in the thousands of dollars. It will be well worth your time to educate yourself about the grant programs that the State of Arkansas provides.
The agency in Arkansas that provides assistance to first time home buyers is The Arkansas Development Finance Authority. There currently have one first time home buyer grant available, The Downpayment Assistance Program. Depending upon your income, you could receive between $1,000 and $3,000.. To find out if you qualify, please visit the Arkansas Development Finance Authority website page specifically describing this grant program.
Here are the grant programs available in Arkansas:
HomeToOwn (Mortgage Revenue Bond Program) – low interest rate loans to low and moderate income first time buyers.
Down Payment Assistance Program – provided to qualifying lower-income Arkansans.
Mortgage Credit Certificate Program Guide – A Mortgage Credit Certificate is a direct dollar for dollar federal income tax credit to the homebuyer. The amount of the tax credit benefit may not exceed $2,000 in any given tax year.
ADFA’s Arkansas Dream Downpayment Initiative – downpaymennt assistance for lower income Arkansans. Down payment grants that range from $1,000 to $6,000 for Arkansas residents.
HOME Program – homeowners assisted with HOME funds must have incomes at or below 80% of the area median income adjusted for family size. The home must be the owner’s principal residence and must be valued at or below 95% of the median area purchase price.
Arkansas Housing Trust Fund – supports projects and activities that assist persons at or below eighty percent (80%) of the area median income.
The contact info for the ADFA is:
Arkansas Development Finance Authority
900 West Capitol, Suite 310
P.O. Box 8023
Little Rock, AR 72203-8023
Besides the state programs, there are federal funds and grants available through the Homes and Communities program of the United States Department of Housing and Urban Development. On their website you’ll find complete grant information, application forms, description of available funds, as well as many other helpful tools.
Every potential buyer should investigate what they have to offer. You can visit the website by going here: US Dept. of Housing and Urban Development. Also, there is a website that has a complete list of all grant programs available through the United States Federal Government: Grants.gov. First time home buyers should plan to spend the required time investigating to determine how many individual grants they may qualify for. You can visit the website by going to Grants.gov and doing a search for grants available for Arkansas.
Other Grants in Arkansas
In addition to the grant programs described above, the U.S. Department of Housing and Urban Development provides home buyer assistance and grants in every state. There are multiple grant programs designed specifically for people that meet certain requirements, such as grants for people with disabilities so they can continue to live independently at home. It is worth visiting HUD’s website to see what assistance is currently available. For your convenience, simply go to this website.
Here is the contact information for the HUD office in Arkansas:
Little Rock Field Office
425 West Capitol Avenue
Little Rock, AR 72201-3488
Phone: (501) 918-5700
Fax: (501) 324-6142
There is also this local first time home buyer grant:
Jacksonville Homebuyers Assistance Grant (HAG) Program (501) 982-0026