Arkansas Information
Down Payment Assistance (DPA) Interest Rate: 5.5%
Our Single Family Staff is listed below, please do not hesitate to call with any questions may have.
Murray Harding 501-682-5974 mharding@adfa.state.ar.us
Denise Fisher 501-682-5466 dfisher@adfa.state.ar.us
Karen Whitaker 501-682-5930 kwhitaker@adfa.state.ar.us
Dean Norman 501-682-5935 dnorman@adfa.state.ar.us
Virginia Ward 501-682-5918 vward@adfa.state.ar.us
Rachae Frye 501-682-5933 rfrye@adfa.state.ar.us
Home To Own Program
The purpose of ADFA’s Single Family Housing Division is to supplement the private sector with the ability to provide safe, sound, and sanitary housing to as many low and moderate income households in Arkansas as possible. The Authority does this through the sale of tax-exempt mortgage revenue bonds thus lowering the interest rate that participating lending institutions are able to offer qualified homebuyers. Over 120 banks, mortgage companies and savings and loan institutions participate in the program (see attached).
To be eligible for loans, an applicant must be a first-time homebuyer (must not have owned his/her principal residence for three years prior to closing the bond loan). Homebuyers purchasing a residence in the following targeted areas need not meet the first-time homebuyer regulation: Bradley, Calhoun, Chicot, Clark, Cleburne, Columbia, Conway, Crawford, Crittenden, Cross, Dallas, Desha, Drew, Jefferson, Lafayette, Lee, Lincoln, Madison, Mississippi, Monroe, Nevada, Ouachita, Perry, Phillips, Prairie, St. Francis, Scott, Searcy, White, Woodruff and Yell.
Borrower’s income cannot exceed specified limits. These limits vary by county depending on the number in the family and where the property is located (see attached). Also, purchase price limits for new construction and for existing (previously occupied) housing is now the same for all counties, $200,160.
The following types of loans are eligible in the program: FHA, V.A., Conventional and FmHA Guaranteed Rural Housing Loans.
HomeToOwn Program Summary Sheet
For more information about ADFA’s HomeToOwn Program call Murray Harding, Single Family Manager at (501) 682-5974.
SUMMARY OF
SINGLE FAMILY HOMEBUYER PROGRAMS
Home To Own Program
o Type of Loan – First Mortgage ( FHA, VA, Conventional, RD)
o Interest Rate – subject to change with advance notice. – Click here for current interest rate
o Loan Term – 30 years only ( No Prepayment Penalty)
o Purchase Price Maximum – $ 200,160.
o Income Limits – Based on county where property is located and the number in household.
o Must be a first time homebuyer except in targeted counties.
o Buyer must occupy property as primary residence.
o Two – 100% Loan Products. VA & Rural Development with No MI.
Down Payment Assistance (DPA)
o Type of Loan – Second Mortgage
o Purpose of Loan – cover downpayment, closing costs and prepaids.
o Loan Amount – $ 1,000 to $ 6,000.
o Interest Rate – 5.5% subject to change
o Loan Term – 10 years
o Homebuyer counseling class (8 hours) is required.
o Cash back to borrowers at closing to cover expenses paid up front.
American Dream Downpayment Initiative- ( ADDI Program)
o Purpose of Loan – Downpayment and closing costs and prepaids.
o Amounts up to 6% of the purchase price not exceeding $ 10,000.
o Must be first time homebuyer.
o Income limits – Based on county where property is located and number in household.
See ADDI income limit chart. – Click Here
o Homebuyer counseling class ( 8 hours) is required.
o NOTE: ADDI funds can be used without using the Bond Program first mortgage To access the ADDI funds, contact ADFA’s HOME Department at 501-682-5900.
Posted by Carlos Sagastume on February 6, 2009. Filed under HUD Homes.
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