Homebuyer Grants Available in Arkansas

For those looking to buy a home in Arkansas, there are several homebuyer grants and assistance programs that can make the process more affordable and accessible. These programs are designed to help first-time homebuyers, low-to-moderate-income families, and even repeat buyers who meet certain eligibility criteria.

Apply for your Arkansas Homebuyer Grant Today (888) 882-1058

1. Arkansas Development Finance Authority (ADFA) Homebuyer Program

The ADFA offers the Home to Own Program, which provides a 30-year, fixed-rate mortgage to eligible homebuyers. In addition to the loan, the ADFA offers a Down Payment Assistance (DPA) program that can provide up to $10,000 to help with the down payment and closing costs. This assistance is available as a second mortgage with a low interest rate.

2. ADFA Move-Up Choice Program

This program is designed for those who already own a home but are looking to move up to a new one. It offers competitive interest rates on 30-year fixed-rate mortgages and also includes a down payment assistance option. The Move-Up Choice Program can be a great option for those who have outgrown their current home or are looking to relocate.

3. Mortgage Credit Certificate (MCC) Program

The MCC program provides a federal tax credit to eligible first-time homebuyers. This credit can be used to reduce the amount of federal income tax owed, making homeownership more affordable. The credit is available every year for the life of the loan, provided the home remains the buyer’s primary residence.

4. Federal Home Loan Bank of Dallas (FHLB Dallas) Grant Programs

Through FHLB Dallas, several member institutions in Arkansas offer grant programs that can assist with down payment and closing costs. These grants are often targeted at low-to-moderate-income households and can be used in conjunction with other assistance programs.

5. USDA Rural Development Loans

While not specifically a grant, the USDA offers loans that require no down payment for eligible properties in rural areas. Arkansas has many areas that qualify for USDA loans, making this an excellent option for those looking to buy a home in a more rural part of the state.

Fun Facts About Arkansas

Now that you know about the homebuyer grants available in Arkansas, let’s explore some fun and interesting facts about the Natural State:

The Natural State: Arkansas is known as “The Natural State” because of its stunning landscapes, including mountains, forests, and rivers. The state is home to over 600,000 acres of lakes and 9,700 miles of rivers and streams.
Diamonds Galore: Arkansas is home to Crater of Diamonds State Park, the only public diamond mine in the world where visitors can search for real diamonds and keep whatever they find. Over 33,000 diamonds have been found by visitors since the park opened.
Hot Springs National Park: Hot Springs, Arkansas, is famous for its natural hot springs, which have been used for centuries for their therapeutic properties. The city was even the first federally protected area in the United States, designated before the establishment of the National Park Service.
Birthplace of Walmart: The world’s largest retailer, Walmart, was founded by Sam Walton in Bentonville, Arkansas, in 1962. Today, Bentonville is home to the Walmart Museum, which showcases the history of the company.
Clinton’s Roots: Arkansas is the home state of the 42nd President of the United States, Bill Clinton. He served as the Governor of Arkansas before becoming President and was born in Hope, Arkansas.
Natural Hot Springs: Arkansas is home to the Ouachita Mountains, which are one of the few mountain ranges in the U.S. that run east to west. These mountains are also home to numerous natural hot springs, which have made the area a popular destination for relaxation and healing.

Whether you’re considering moving to Arkansas for its natural beauty, its rich history, or the affordable homeownership opportunities, the state has something to offer everyone. With the various homebuyer grants available, now is a great time to explore making Arkansas your home.

Apply Today for your Arkansas Homebuyer Grant Program (888) 882-1058