ADDI, or the American Dream Downpayment Initiative, is offered by the Arkansas Development Finance Authority (ADFA). In order to be eligible for ADDI, applicants must fall within certain annual household income limits, be first-time homebuyers, and finish 8 hours of a homebuying counseling course. As much as $10,000 (or up to 6% of the purchase price of the property) is offered as downpayment and closing cost assistance. This is a second mortgage that can be forgiven in annual installments over the course of five years, with the condition that the borrower continues to use the property as their primary residence and pays insurance and taxes on the house.
Other programs in Arkansas:
- ADFA Down Payment Assistance
- 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