First Time Homebuyer Programs in Arkansas
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a) Downpayment Assistance Program - The ADFA understands that one of the major issues that hinder a first time homebuyer from procuring a home is his/her inability to secure the downpayment and closing cost, which is why the authority has established the Downpayment Assistance Program.

The program can provide funds in the amount of $1,000 to $6,000 for closing cost assistance, which can be payable for up to 10 years. In order to quality for this program, the borrower first needs to attend a Home Buyers Counseling Program where a certificate will be issued on their behalf.

b) Mortgage Credit Certificate (MCC) Program - A Mortgage Credit Certificate is a direct dollar for dollar federal income tax credit that is provided to the homebuyer. The amount of the credit to the borrower is established by the Mortgage Credit Certificate Tax Rate that is set by the ADFA.

The MCC also works by substantially reducing the federal income tax liability of eligible homebuyers who are purchasing a qualified residence, thereby making more funds available for the house payment or other household expenses.

c) Arkansas Dream Downpayment Initiative - This program is funded by the HOME Investment Partnerships Program, it provides financial support to assist with the upfront costs of buying a home and and at altogether enable hundreds of families to purchase their first home.

First Time Homebuyer Programs in Arkansas
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About The Author Michael Saunders is an editor of TopGovernmentGrants.com one the the most comprehensive Websites offering information on government grants and federal government programs. He also maintains Websites providing resources on environmental grants and grants for youth programs.

Additional Resources

category - Home Buying Programs

Urban Rehabilitation Homeownership Program for Homebuyers in Connecticut
In accordance with this mission, the Connecticut Housing Finance Authority has established the Urban Rehabilitation Homeownership Program wherein it intends to home purchase loans at steady, below-market rates together with home improvement loans with no interest, all in an attempt to support homeownership and investment in selected Connecticut neighborhoods.

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Department of Housing and Urban Development: Continuum of Care Homeless Assistance Programs
The CoC Homeless Assistance programs is designed to reduce the incidence of homelessness in established CoC communities, thereby the need to assist homeless individuals and families during the process of quickly transitioning to self-sufficiency and permanent housing.

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Keystone Home Loan PLUS Program
The Pennsylvania Housing Finance Agency, otherwise termed as PHFA, is an independent agency established in year 1972 in an attempt to assist the provision of reasonable and affordable housing opportunities the elderly, persons and families of modest means, and people suffering from disabilities.

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Construction Incentive Program for First Time Home Buyers in New York
The State of New York cares so much about its people. It looks out for them and constantly ascertains that their best interest is always protected. One of the ways in which the state has manifested this concern is through the establishment of the State of New York Mortgage Agency, more commonly referred to as SONYMA, which is a public authority established in 1970 designed to provide reasonable and affordable home-ownership opportunities to low and moderate income New Yorkers, especially to first time home buyers.

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