Bootcamp For Buyers

First Time Homebuyer Programs in Arkansas

Arkansas offers a variety of programs designed to make homeownership more affordable for first-time buyers. Through the Arkansas Development Finance Authority (ADFA), these initiatives provide financial assistance and favorable loan terms to help you buy your first home.

ADFA Move-Up Loan Program

The Move-Up Loan Program offers 30-year fixed-rate mortgages with competitive interest rates for eligible buyers.

  • Available statewide through ADFA-approved lenders.
  • Can be combined with down payment assistance programs for added benefits.
  • Minimum credit score of 640 required.

Arkansas Dream Down Payment Initiative

This program provides assistance to cover down payments and closing costs for first-time homebuyers.

  • Offers up to $10,000 in forgivable assistance.
  • Income limits apply, varying by county and household size.
  • Assistance is forgiven after five years of continuous occupancy.

Mortgage Credit Certificate Program

The Mortgage Credit Certificate (MCC) program reduces federal income tax liability, making monthly mortgage payments more manageable.

  • Provides a tax credit of up to 35% of annual mortgage interest paid, capped at $2,000 per year.
  • Can be combined with ADFA's Move-Up Loan Program for enhanced savings.
  • Eligibility is limited to first-time buyers or those purchasing in targeted areas.

These programs provide Arkansas residents with the tools they need to make buying a home easier and more affordable. Take advantage of these opportunities to start your homeownership journey today.