Pursuing any Arkansas first time home buyer grants to purchase that home? Find the best grants for home buying in Arkansas and other down payment assistance available to you below.
Buying a home in any state is an exciting prospect! Exciting and sometimes overwhelming!
However, don't let this whole process bog you down. It is my plan to give you some useful information in this article about home mortgage grants which will help you along the way.
You want to know your credit score and determine if you need credit repair before proceeding.
Unfortunately, without a minimum credit score of 640, you'll not qualify for these low down payment programs. The FHA 203b loan works well with the various grant options. The higher your credit score is the lower your interest rate.
To begin with, the State of Arkansas does offer some Arkansas first time home buyer grants for its residents.
This is good news because not all states are able to offer assistance to first time home buyers. The state agency which maintains Arkansas's first time home buyer grant program is the Arkansas Development Finance Authority.
Arkansas presently offers a grant of up to 4% of the purchase price with their "Move-UP Choice Single Family Program." The down side with this program, is the higher interest rate on the mortgage.
There is also a "Down Payment Assistance" option that ranges from $1,000 to $6,000 to help with the closing costs. This not a grant but a 2nd mortgage program that lasts 10 years.
You can also investigate the "Arkansas Dream Down Payment Initiative." This program offers up to 6% of the purchase price of the home for assistance. This too is not a grant but a second mortgage. Although, it has no monthly payments and there is a forgivable clause. That means if you stay in the home for 5 years it can be forgiven. So it could become a grant in a sense.
Additionally, there is the "First Time Home Buyer Federal Tax Credit (MCC)" you will want to check out. This is a tax credit that can save you money on your taxes. That is more money in your pocket! Be sure to see if you qualify for this as well.
All these options have limitations and requirements you must meet, so take time to understand them.
Other programs available to those in Arkansas are the "Advantage Loan Program," for those with low incomes and the "Move-UP Loan Program" for those with higher incomes. Both offer low interest rates to help you afford the home. Must consider the limitations and requirements to see if either are a good fit for you.
You should visit Arkansas Development Finance Authority to determine if you qualify for this grant.
In addition, the federal government offers grant assistance for first time home buyers in Arkansas. This program is maintained by the United States Department of Housing and Urban Development and is called the Homes and Communities program.
Their website contains useful information and applications. The website for the grant program maintained by the United States Department of Housing and Urban Development can be visited by using this link, HUD Grant Information.
Another website I would recommend that you view is Government Grants. This website offers a list of all federal government grant programs. It would be a good idea to take some time and browse through this site to see what it offers and the qualifications for application.
Now you know about assistance programs for your state. You still need a mortgage that works with them. Finding a lender who understands your needs can be difficult.
Perhaps a grant is not available in your state. Or you do not qualify for one. Don't get discouraged. If you still want to save money, check out this page that discusses the zero down payment program.
Otherwise, you may want to look at programs that have low down payment requirements.
Thank you for visiting our website for first time home buyers. Below you'll find more information to help you with grants for housing.
This link will take you to the HUD website and you will see a map of the USA. Click on your state and then you'll find a list of the local counseling agencies in your own area.
Happy House Digging!
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