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

Alabama Housing Finance Authority
The Alabama Housing Finance Authority, more commonly referred to as AHFA, is a public corporation which was established in the year 1980 under the Act No. 80-585 of the Alabama Legislature.

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Government Grants within the United States Housing Sector
The government has established quite a slew of agencies that are specifically designed to administer housing programs and assist the needs of homebuyers, renters, and property developers.

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Homeownership Program for First Time Homebuyers in Connecticut
The Connecticut Housing Finance Agency has established the Homeownership Program wherein it intends to provide reasonable home loans with below-market interest rates to tenants occupying publicly assisted housing who wish to transition from renting into homeownership.

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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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