Down Payment Assistance: Making your DREAM of Home Ownership a REALITY
The Arkansas Development Finance Authority Homeownership Programs and Down Payment Assistance Programs are available to every Arkansan who has ever dreamed of buying a home. You may not know this but that dream is being made a reality by these programs offered by ADFA. These programs can greatly reduce the out-of-pocket expense to you (the buyer).
We have all heard of the No Money Down USDA Rural Development Loans; this is not that! This is far better because you have choices. There are FOUR different programs that a buyer may be eligible for regarding a single family residence.
ADFA "Move-Up" Program which offers homebuyers an affordable mortgage on their single family residence. When you use an ADFA Move-Up loan, borrowers may also be eligible to combine it with all of the following ADFA Single Family Incentives. What? Combined Incentives? Yes, qualifying homebuyers can combine these incentives!
ADFA Down Payment Assistance Program also known as DPA is available to qualifying applicants of an "ADFA" Move-Up" first mortgage. What does that mean? It means ADFA DPA can provide up to $10,000 for down payment and closing costs. It is a second mortgage with a 10-year term. The interest rate matches the first mortgage. Normally, second mortgages come with a hefty interest rate; but not with this program; it's exactly the same interest rate as you are paying on your first mortgage.
Arkansas Dream Down Payment Initiative (ADDI) provides qualifying low-income homebuyers in Arkansas up to 10% of the purchase price of their home, not to exceed $10,000. It is a second mortgage loan, with NO monthly payment, that is Forgiveable over five years. ADDI Funding is provided by HUD through the HOME Program.
That's not ALL!
ADFA MCC - Mortgage Credit Certificate Program is a tax credit program that matches dollar for dollar first time home buyers with low to moderate income. The Certificate is issued by the ADFA and allows qualifying, taxpaying home buyers to claim a tax credit of up to 50% of the mortgage interest paid per year, capped at 2,000 annually. The credit may be claimed for the life of the loan as long as the home is the buyer's primary residence.
Please don't shrug off these amazing incentives thinking that you may not qualify. I encourage you to ask, reach out for more information, and don't leave money or incentives on the table. These programs have made the difference between a family being able to realize their dream of home ownership and deals that might not otherwise have happened had they not had someone looking out for their best interest. That's what we want to do is make you aware that there is help and we are looking out for your best interest. Contact us today and let's get the ball rolling on your New Home!
Please go to their website and look at all Arkansas Development Finance Authority has to offer you today! https://homeloans.arkansas.gov/programs/