These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders, fill out this form here and I will connect you with one.

Arkansas

Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

Arkansas Development Finance Authority (ADFA) Down Payment Assistance (DPA) Program

  • Assistance: Offers between $1,000 and $15,000 to eligible homebuyers for down payment and closing costs.

  • Eligibility: Applicants must qualify for an ADFA first mortgage, such as the "ADFA Move-Up" or "ADFA StartSmart" programs.

  • Repayment: The assistance is structured as a second mortgage with a 10-year term, matching the interest rate of the first mortgage.

  • Website: https://homeloans.arkansas.gov/dpa

Crawford-Sebastian Homeownership Center

  • Coverage: Serves Crawford and Sebastian counties.

  • Assistance: Offers various programs to help with down payment and closing costs.

  • Eligibility: Applicants must meet specific income and program requirements.

  • Website: https://www.cscdc.net/down-payment-closing-assistance/

City of Little Rock Down Payment Assistance Program

  • Coverage: City of Little Rock.

  • Assistance: Provides up to $5,000 to qualifying low- and moderate-income first-time homebuyers through a forgivable second loan.

  • Eligibility: Applicants must meet income requirements and other program criteria.

  • Website: https://www.littlerock.gov/media/5193/dpa-flyer.pdf

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders, fill out this form here and I will connect you with one.

Jonesboro Homeownership Assistance Program

  • Coverage: City of Jonesboro.

  • Assistance: Offers funds to cover some or all of the down payment and closing costs associated with purchasing a home.

  • Eligibility: Applicants must meet income requirements and complete a HUD-approved homebuyer education course.

  • Website: https://www.jonesboro.org/155/Homeownership-Assistance

Pine Bluff

Down Payment Assistance Program

  • Assistance: Provides grants to eligible homebuyers to assist with down payment and closing costs.

  • Eligibility: Applicants must meet specific income and program requirements.

  • Repayment: Details about repayment terms are not specified; it's advisable to contact the program administrators for more information.

  • Website: https://www.cityofpinebluff-ar.gov/plugins/show_image.php?id=1288

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders, fill out this form here and I will connect you with one.