SINGLE FAMILY HOMEOWNERSHIP PROGRAMS
Purchase Price Maximum - $ 250,000.
Household Income Limits – Based on county where property is located and the number in household.
Must be a first time homebuyer in Non-Targeted counties.
Minimum credit score of 640 for all borrowers.
Maximum 45% Debt-To-Income (DTI) ratio.
Buyer must occupy property as primary residence.
Can’t be used with the Mortgage Credit Certificate (MCC) Program.
Down Payment Assistance (DPA)
Type of Loan - Second Mortgage
Purpose of Loan – cover downpayment, closing costs and prepaids.
Loan Amount Maximum - $ 1,000 to $ 6,000.
Loan Term – 10 years
Homebuyer counseling class (8 hours) is required prior to closing.
Cash back to borrowers at closing to cover loan expenses paid up front.
Arkansas Dream Downpayment Initiative (ADDI)
Must be a First Time Homebuyer.
Household Income Limits based on the county where the property is located and the number living in the home.
NOTE: Both the DPA and ADDI downpayment assistance second mortgage loans must be used in conjunction with the ADFA “HomeToOwn” first mortgage loan.