Arkansas Dream Down Payment Initiative Checklist

A step-by-step checklist for consumers applying for the Arkansas Dream Down Payment Initiative in 2025.

Confirm Your Eligibility

Verify that your household income meets the program’s requirements based on family size and county.
Ensure that the property you plan to purchase is within the program’s maximum price limit and will serve as your primary residence.
Check that your credit score meets the program’s minimum standard, typically at least 640, though specific conditions may be outlined by your assigned Loan Officer.
Confirm you meet additional program criteria, such as being a first-time homebuyer or residing in Arkansas.

Gather proof of income, including recent pay stubs, W-2s, or documentation of other income sources.
Collect tax returns from the past two years, along with all schedules and attachments.
Obtain bank statements covering the last two to three months for all accounts.
Prepare property details, including the address, purchase agreement, and sale price.
Compile any additional documents requested by your Loan Officer, such as proof of assets, liabilities, or specific financial documents.

Your assigned Loan Officer will assist you throughout the Arkansas Dream Down Payment Initiative application process.
Schedule a meeting or phone call with your Loan Officer to review program requirements and confirm your eligibility.
Discuss any questions or concerns you have about the program or documentation requirements.
Follow the guidance provided by your Loan Officer to gather and submit all required documentation promptly.

Collaborate with your Loan Officer to accurately complete your application for the Dream Down Payment Initiative.
Submit all required documents to support your application and verify eligibility.
Carefully review the application with your Loan Officer to ensure accuracy and completeness.
If required, complete a homebuyer education course to satisfy program prerequisites.

Sign all necessary documents provided by your Loan Officer to finalize your enrollment in the program.
Prepare for any additional costs not covered by the program, such as closing fees or prepaid expenses.
Receive confirmation of your enrollment and understand how the assistance will be applied to your down payment and closing costs.

Ensure that the purchased property remains your primary residence for the duration required by the program’s terms.
Notify your Loan Officer promptly if you plan to sell, refinance, or make changes to your mortgage, as these actions may impact your program benefits.
Stay informed about any updates or changes to the program to maintain compliance and retain your benefits.