City of Pine Bluff Down Payment Grants
Financial Assistance for Homebuyers in Arkansas
The Home Buyer’s Assistance Program provides income-eligible applicants up to $2,000 for the down payment and up to $3,000 for eligible closing costs (not including prepaid items) to help them purchase a home on the open market. The applicant is responsible for all closing costs exceeding $3,000. The funds are provided in the form of a five-year, zero-interest, deferred loan. The loan does not need to be repaid unless the property is sold, transferred, refinanced, or otherwise disposed of within the five-year period.
The Home Buyer’s Assistance Program is available to low-to-moderate income families, with an annual household income that does not exceed 80 percent of the area median income for Pine Bluff (limits shown below). This funding is designed to help purchase a home on the open market, a HUD repossessed home or one that is “for sale by owner” (FSBO). Applicants must qualify according to the regulations for the HUD HOME Program and the City of Pine Bluff requirements. They must also contribute a minimum of $500 toward the down payment (not considered part of the closing cost).
1 person: $27,000
2 persons: $30,850
3 persons: $34,700
4 persons: $38,550
5 persons: $41,650
6 persons: $44,700
7 persons: $47,850
8 persons: $50,900
*Household income is defined as all income received by household members (18 years or older) who will be living in the home, even if they are not on the mortgage.
(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Arkansas
The Arkansas Development Finance Authority (ADFA) offers assistance to homebuyers who can afford a mortgage, but not the upfront costs associated with it. Applicants are granted a loan amount of $1,000 to $6,000 in order to afford these costs.
The Arkansas Dream Downpayment Initiative (ADDI) Program provides qualifying, low-income applicants with assistance funds in the form of a forgivable, soft second mortgage up to 10% of the sale price, not to exceed $10,000. These funds can be used to cover some or all of the down payment and closing costs.
The Crawford-Sebastian Homeownership Center offers a variety of Down Payment and Closing Cost Assistance Programs that help potential homebuyers achieve their dreams of homeownership. Applicants are required to occupy the purchased property as their primary residence and must utilize an approved lender.
The Crawford-Sebastian Homeownership Center offers a variety of Down Payment and Closing Cost Assistance Programs to potential homebuyers. Each program requires applicants to occupy the purchased property as their primary residence and utilize an approved lender.
This program provides eligible applicants with funds to cover some or all of the down payment and closing costs associated with a mortgage transaction in order to help make the home buying process more affordable. This assistance is paid directly to the title company.
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