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

Downpayment Assistance Program for the First Time Home Buyers in North Carolina
In an attempt to contribute to the eradication of this problem, the North Carolina HFA has established the Downpayment Assistance Program for the First Time Home Buyers wherein they provide interest-free, deferred second mortgages up to $8,000 to cover the downpayment and closing costs of a chosen property.

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Government Grants for Housing Assistance
Do you have a bad credit record but want to get a house? the government just might help. Read this!...

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Department of Housing and Urban Development's Dollar Homes Program
The Dollar Homes Program revolves around the process of selling single family homes for a superbly reasonable price of $1 (plus closing cost) to low-to-moderate income families, granted that these houses have been acquired through foreclosure by the Federal Housing Administration, and have already been actively marketed for at least six months and still remained unsold after that certain period of time.

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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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