HomeToOwn Program is a 30-year fixed interest rate mortgage loan designed for low and moderate income residents. To become an eligible borrower, you must have a credit score over 640 and be an Arkansans resident. The program isn’t restricted to first-time homebuyers only. HomeToOwn Program insures the FHA, VA, Conventional, and RD type of loans as follows: MBS Government (FHA, VA, and RD) levies an interest rate of 3.50%, while MBS Conventional reaches an interest rate of 4.125%. For DPA 2nd Mortgage the interest rate is 4.00%. You have to take into account that the interest rate may be subject to change without notice. HomeToOwn Program requires that you meet some income and purchase price limits. The maximum purchase price allowed is $250,000 and you aren’t allowed to breach a 45 percent debt to income ratio. Your household income doesn’t have to exceed income limit for the country and household size. HomeToOwn Program doesn’t allow manufactured homes and you have to occupy home as primary residence. You are required to attend a homebuyer educational course and to earn a certification and the necessary knowledge as a homebuyer. You are also advised to contact a specialized lender who will guide you through the application and buying process.

 

DownPayment Assistance Program is a 10-year amortizing second mortgage loan for down payment and closing costs and prepaid assistance in Arkansas. To become an eligible borrower, you have to meet the program’s requirement: credit score, income limits, purchase price limits. DownPayment Assistance Program offers you up to $6,000 in down payment and closing cost assistance at a 4 % interest rate. You are allowed to take cash back for expenses "paid outside of closing" (POC). DownPayment Assistance Program is sold through U.S. Bank which is the master servicer that will issue one "Payment Statement". Thus, you can remit one check every month to cover your mortgage. DownPayment Assistance Program doesn’t allow manufactured homes and you have to occupy home as primary residence. You are required to attend a homebuyer educational course and to earn a certification and the necessary knowledge as a homebuyer. You are advised to attend an ADFA Home Buyers Counseling Program where a certificate will be issued on their behalf. You are also advised to contact a specialized lender who will guide you through the application and buying process.

 

Arkansas Dream DownPayment Initiative is a first-time homebuyer’s loan program designed for low income borrowers. This program is conceived for purchasing a single-family home in the state. If you become an eligible borrower, you will be able to access ADDI funds which are granted in the form of a forgivable second mortgage up to 6 %, or $10,000, of the purchase price (whichever is smaller). The loan is forgivable after 5 years. Arkansas Dream DownPayment Initiative requires that you be a first-time homebuyer who had never owned a home or at least in the last three years. Your household income limits don’t have to be above maximum. Arkansas Dream DownPayment Initiative demands the credit be combined and used with HometoOwn or Mortgage Credit Certificate Program, or both. Arkansas Dream DownPayment Initiative doesn’t allow manufactured homes and you have to occupy home as primary residence. You are required to attend a homebuyer educational course and to earn a certification and the necessary knowledge as a homebuyer. You are advised to attend an ADFA Home Buyers Counseling Program where a certificate will be issued on their behalf. You are also advised to contact a specialized lender who will guide you through the application and buying process.