If you want to buy an Arkansas home, be prepared to dig a little deeper into your pockets. Over the past year, Redfin housing data shows that natural home prices have risen by almost 6%. This is a better deal than you’d find in many other states (and well below the national median), but it can still feel like a lot of cash, especially if you’re new to homeownership.
For those looking for support, the best place to get started is the Arkansas Development Finance Agency (ADFA). It offers several programs to help Arkansas first-time home buyers, including affordable mortgage loans, ongoing mortgage tax credits, and loans that help cover the upfront costs of purchasing a home.
Arkansas’ first home buyer program
ADFA Move Uplone Program
Arkansas Development Finance Bureau‘Move-Up Program offers affordable prices 30 Year Fixed Rate Home Loan Repeatedly as a first-time home buyer. This program can be used with traditional loans or government-supported loans.
ADFA StartSmart Mortgage Loan Program
If you are a low to medium income home buyer, you may qualify for this ADFA program. It offers a 30-year fixed-rate mortgage that includes traditional FHA, VA and USDA loans, with interest rates down approximately 1% below current market rates. Freddie Mac HFA Advantage Loan It can also be used through this program.
The program is open to first-time Arkansas veteran buyers, veterans and spouses. Repeat buyers from 30 targeted counties may also be applied.
Arkansas down payment support and grants
ADFA Down Payment Support (DPA)
If you are eligible for a Move Up or Start Smart Loan, this may also be eligible Down payment support programproviding between $1,000 and $15,000 to support down payments and closing costs. This is the second mortgage with the same interest rate as a 30-year loan, but will be repaid for over 10 years.
City-specific Home Buyer Support Program
Little Rock Down Payment Assistance Program
The city of Little Rock There is a down payment assistance program that offers first-time home buyers with low and middle incomes up to 6% of the purchase price not exceeding $10,000. The loan is permitted for five years.
As of March 2025, the program is not accepting new applications. However, the city recommends checking its website.
Jonesboro Homeownership Support Program
Jonesboro Homeownership Support Program It is designed to help first-time home buyers with very low to moderate incomes buy a home within Jonesboro city boundaries. Through the program, you can receive up to $5,000 to support your down payment and closing costs. It comes in the form of a tolerant lien for three years. Therefore, after owning and occupying the house for three years, you do not need to repay the funds.
Pinebluff City Home Buyers Support Program
Designed for low- and middle-income families Pinebluff City Home Buyer Support Program Help people buy homes in the open market. “For sale by the owner” (FSBO) house. Participants can receive up to $2,000 and up to $3,000 for eligible closure costs. The money is provided as a five-year deferred loan.
Fort Smith Home Buyers Assistance Program
Supported by Crawford – Sebastian Homeownership Centerthe program will help low-to-moderate borrowers buy a Fort Smith home. Money can be used to cover down payments and closing costs of up to $10,000. Alternatively, you could use the home’s selling price to subsidize up to $40,000.
To be allowed support, you will need to live in the home for five, 10, or 15 years, depending on the funds you receive.
Other Arkansas first home buyer loans
When purchasing an affordable mortgage, check out the National Loan Program that is perfect for your finances. You can use them in combination with ADFA programs or use them yourself.
I had a loan
The Federal Housing Administration (FHA) guarantees mortgages – FHA loan – Understand and funded by private mortgage lenders (you can find them at most major banks and mortgage companies). These mortgages are popular with first-time home buyers due to their low minimum credit score and down payment requirements. Home buyers with a credit score as low as 580 will be eligible for a mortgage as long as they can pay a 3.5% down payment. Home buyers with a credit score as low as 500 are eligible for a 10% down payment.
appear
The U.S. Veterans Affairs Bureau Guarantees Mortgages – VA loan – For eligible veterans, active service members, and surviving spouses. These loans are popular with first-time home buyers as they do not require competitive interest rates or down payments or private mortgage insurance.
USDA loan
USDA loan It can help first-time home buyers fund their home purchases in an idyllic setting. These mortgages do not require a down payment, but only those living or purchasing in designated rural areas are eligible for USDA loans. Compared to traditional loans, USDA loans may have additional advances and annual fees.
Let’s get started
- Please check your qualifications. If you would like to apply for one of these Arkansas Home Buyer Assistance Programs, you can learn more. Search for participating lenders Through the ADFA website.
- We’ll investigate your options. You can also learn about Bankrate’s guide lower or zero down payment mortgage First Home Buyer Loans and Programs. Aid includes down payment assistance, energy-efficient upgrades and rehabilitation loans. For example, if you are working in public services as a law enforcement officer, firefighter, or another eligible occupation, you Good Neighbor Next Door Programthe down payment requirements are very low and provide access to your home with a huge discount.
- Compare offers. Be sure to check before you take out a loan Compare mortgage offers Find the best rates and terms from more than 3 lenders.
Plus, you can explore the following resources to learn more about purchasing an Arkansas home:
