Developed by the Arkansas Development Finance Authority (ADFA), this down payment assistance program offers between $1,000 and $6,000 to help cover the costs of closing, the down payment, or other prepaid items. This is a second mortgage with a 10-year term and a 4% interest rate (as of April 7, 2020 – subject to change with no notice). Applicants are allowed to receive cashback for certain expenses outside of the closing costs.
This DPA program must be used in combination with an ADFA Move-Up Home Loan. Applicants must also finish a homebuying counseling program.
Other programs in Arkansas:
- American Dream Downpayment Initiative
- Jonesboro Homeownership Assistance Program
- City of Pine Bluff Homebuyers Assistance Program
- City of Fort Smith Down Payment Assistance Program
- Crawford-Sebastian Homeownership Center Affordable Housing Program
- Crawford-Sebastian Homeownership Center Down Payment Assistance