Are you thinking of buying your first home in Arkansas? Would you like information and contact details on programs – some of which include 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 offers programs 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 grants from an agency created by the state of Arkansas. 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 programs that the State of Arkansas provides.
Arkansas First Time Home Buyer Programs from ADFA
The agency in Arkansas that provides assistance is The Arkansas Development Finance Authority. They currently have several programs available, The Downpayment Assistance Program. To find out if you qualify, please visit the Arkansas Development Finance Authority website page specifically describing these programs.
Here are the programs available in Arkansas:
HomeToOwn (Mortgage Revenue Bond Program) – low interest rate loans to low and moderate income first time homebuyers.
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 – down paymennt assistance for lower income Arkansans. Down payment grants that range from $1,000 to $6,000 for Arkansas residents.
HOME Program – first time 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 home buyers 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
Local Programs Throughout 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 here.
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 are also these local programs:
Jacksonville Homebuyers Assistance Grant (HAG) Program (501) 982-0026
“The City of Jacksonville allocates parts of its annual Community Development Block Grant (CDBG Funds) to assist low and moderate-income citizens to purchase, for owner occupancy, properties within the City limits of Jacksonville. The Community Development Department administers this funding through the HAG program.”
Habitat for Humanity Home Buyer Programs
There are also multiple Habitat for Humanity programs available throughout Arkansas. Here is a description from their website: “HFHIC is a locally run affiliate of Habitat for Humanity International, a nonprofit, ecumenical Christian housing organization. Habitat for Humanity of Independence County works in partnership with people in need to build decent, affordable housing. The houses then are sold to those in need at no profit and with no interest charged.”