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

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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Keystone Home Loan Program For First Time Homebuyers in Pennsylvania
The Pennsylvania Housing Finance Agency, more commonly referred to as PHFA, is an independent agency that was established in the year 1972 in an effort to contribute to 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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First Time Homebuyer Programs in Connecticut
The Connecticut Housing Finance Authority, otherwise known as CHFA, is a self-supporting quasi-public housing agency operating within the State of Connecticut. The agency was established in the year 1969 in an effort to address the concerns regarding the lack or insufficient supply of affordable housing opportunities for Connecticut’s low- and moderate-income families and individuals.

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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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