Arkansas Down Payment Assistance Programs

Photo courtesy of Barry and Stef via Flickr.

Photo courtesy of Barry and Stef via Flickr.

 
 

Arkansawyers! Let’s get you a house!

Listed below are down payment assistance programs for the state of Arkansas. We’ve listed them in two categories: statewide and county/ city specific. If you don’t see a DPA program for your county, don’t be disheartened. New grants and services are made every day. Also, the best program that works best for you may not be advertised on the web. Before resorting to a statewide or national down payment assistance program, contact your county’s local housing authority because they may have a program better suited to your needs.

Also: Cities are statistically more likely to have a DPA program than suburban counties. It’s just how it is. If you are nowhere near a city, don’t forget about USDA loans.

A USDA loan covers 100% of the purchase price of your house and is available in rural areas. It’s an entirely different entity than a down payment assistance program, but can still help you get a house if you’re short on cash, which is why it’s listed below.

That said, DPA programs are still preferable to USDA loans because many of them do not have to be paid back— meaning they effectively lower the purchase price of your home. If you’re just starting out on your home buying journey, first apply to DPA programs before you start thinking about USDA. Also, don’t forget to contact your local housing authority to see if they have any unlisted DPA programs in your area!

Statewide Down Payment Assistance Programs

Arkansas Development Finance Authority (ADFA): ADFA Down Payment Assistance

Arkansas Development Finance Authority (ADFA): ADFA Move-Up Choice Loan Program

Arkansas Development Finance Authority (ADFA): Home to Own

  • Website: https://adfa.arkansas.gov/

  • Not a DPA by itself, but it does lower the costs of buying and owning a home

  • It’s a first mortgage program that has low rates and is intended to be used with ADFA’s other programs, such as Move-Up or Down Payment Assistance

  • See site for more details

Habitat for Humanity

  • Website: https://www.habitat.org/

  • Helps families build their own homes

  • Very affordable rates

  • Drastically reduced closing costs and required down payments

  • See website for further details

Northwest Regional Housing: Home Ownership Voucher Program

  • Website: https://www.nwregionalhousing.org/home-ownership-program

  • Homes may be purchased in any jurisdiction provided they are willing to work with the program

  • This program has a variety of ways it helps low income earners, including monthly mortgage assistance

  • See website for more details

U.S. Department of Agriculture and Rural Development

U.S. Department of Housing and Urban Development: Arkansas Dream Down Payment Initiative (ADDI):

County Specific Down Payment Assistance Programs

Note: Each county in Arkansas was individually combed through for down payment assistance programs. The following is what was found. If you don’t see your county, try a local city. DPAs in individual cities were not specifically searched for. Don’t forget to contact your local housing authority! Or look for USDA eligible houses!

Baxter County, Arkansas: Down Payment Assistance Programs

Northwest Regional Housing Authority: Mutual Self-Help Housing Program

Bradley County, Arkansas: Down Payment Assistance Programs

Mortgage Investors Group: First Time Buyer Program and Down Payment Assistance Loan

  • Website: https://migonline.com/Arkansas/Bradley-County

  • Borrowers earning up to 120% of the area median income still qualify

  • Select borrowers may qualify for a 0% second loan to be used towards down payment and closing costs

  • For more information, call 1-800-489-8910

  • Or contact information@migonline.com

Craighead County, Arkansas: Down Payment Assistance Programs

Jonesboro Homeownership Assistance Program

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

  • Must be a first time home buyer

  • Property must be within the city limits of Jonesboro

  • Home cannot be within a flood zone

  • All assistance is paid directly to the title company

  • Applicant must complete a home buyer education course

  • Points of Contact:

  • See website for further details

Crawford County, Arkansas: Down Payment Assistance

Affordable Housing Program

Jefferson County, Arkansas: Down Payment Assistance Programs

City of Pine Bluff Economic and Community Development: Homebuyer Assistance Program

  • Website: http://pbecd.com/homebuyer.html

  • Income must be at or below 80% of the area median income

  • Up to $2,000 in down payment funds

  • Up to $3,000 in closing costs funds

  • Home owner is responsible for all closing costs over $3,000

  • Home buyer must contribute at least $500 towards down payment costs

  • If you are married or have a divorce pending, some Arkansas laws may affect your home purchase

    • Notify Pine Bluff’s loan officer if this is the case

      • (870) 543-1820

  • Please see website for more details

Pulaski County, Arkansas: Down Payment Assistance Programs

Jacksonville Home Buyer’s Assistance Grant

City of Little Rock

Sebastian County, Arkansas: Down Payment Assistance Programs

Affordable Housing Program

City of Fort Smith