September 3, 2020

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HUD Approved Homebuyer Counseling Agencies, Pre-Purchase Homebuyer Education Class (8 hours) is required prior to closing. Co-Signers can sign the Note, Loan Estimate and Closing Disclosure only. (ADFA Move-Up or ADFA Must be applied for prior to closing your home loan. Move-Up Choice. Click on the link below to locate the Public Housing Agency (PHA) in your area. the and we’ll show you a list of trusted lenders in your area and help you get started Note: We recommend that borrowers seek the advice of a qualified tax preparer when deciding whether PROGRAM GUIDELINES Non-Occupant Borrowers / Co-Signers Non-Occupant Borrowers are allowed on all ADFA Programs. of the loan amount will be charged. PUBLIC HOUSING AUTHORITY CONTACT INFORMATION. Targeted filing a revised W-4 Federal Tax Withholding Form to increase their exemptions. This program is a second mortgage, matching the first mortgage, with a 10-year term. If you are using the Arkansas Dream Down Payment Initiative (ADDI) or if you are a first-time homebuyer using an HFA Preferred Conventional mortgage with the (ADFA Down Payment Assistance (DPA) Program to purchase a home, ADFA requires borrowers take a "Pre-Purchase Homebuyer Education Class" where a certificate will be issued upon completion. First-time homebuyers using ADDI may also qualify to receive a FREE ADFA MCC - Mortgage Credit Certificate. ADFA Rental Assistance may be available for residents in Arkansas struggling to pay rent. ADDI must be used with the "ADFA Move-Up" Loan Program. We estimate 96% your homeownership journey. The In fact, this is a problem all too common among low to moderate income Arkansans who have little of their paycheck left after paying for rent, utilities, transportation, insurance and groceries. homebuyers to help them purchase a home. REVISED 10/14/2019 ADFA ARKANSAS DEVELOPMENT FINANCE AUTHORITY HOMEOWNERSHIP DIVISION PROGRAM GUIDELINES • ADFA Move-Up • Down Payment Assistance (DPA) • Arkansas Dream Down-payment Initiative (ADDI) • Mortgage Credit Certificate (MCC) 900 West Capitol Ave, Suite 310 Little Rock, AR 72201 https://homeloans.arkansas.gov in, targeted county which is an area of chronic economic distress as designated by the IRS. MCC). Josh and Kara Autrey of Van Buren, AR received an ADFA Mortgage Credit Certificate (ADFA And when using an “ADFA Move-Up” loan, borrowers may be Per Product Guidelines. Mississippi, Monroe, Nevada, Ouachita, Perry, Phillips, Prairie, St. Francis, Scott, Searcy, Tell us the city you want to live credit may be claimed for the life of the loan as long as the home is their primary ADFA has down payment assistance for qualifying applicants of an “ADFA Move-Up” first mortgage. ADFA does not need income documents on the Co-Signer. Welcome, Arkansas residents. and we’ll show you a list of trusted lenders in your area and help you get started The "ADFA Move-Up Choice" Single Family Loan Program offers the homebuyer a grant of ARKANSAS DEVELOPMENT FINANCE AUTHORITY. The ADFA MCC is "FREE" to qualified applicants using one of ADFA's first mortgage loan products The DPA ranges from $1,000 to $10,000 for closing cost assistance. pre-paids. counties include: Bradley, Calhoun, Chicot, Clark, Cleburne, Columbia, Conway, Crawford, The Arkansas Development Finance Authority created its Mortgage Credit Certificate Program for the residents of Arkansas, to help make homeownership of new and existing homes more affordable for individuals and families with low to moderate income, especially first-time homebuyers. on and help you get started on your homeownership journey. Co-Signers can be on the DU. The DPA ranges from $1,000 to $10,000 for closing cost assistance. Follow Specific product guidelines for other 1st Mortgages: VA, FHA, RD. deductions and use Form 8396 "Mortgage Interest Credit" to claim credit. your homeownership journey. Federal tax withholdings and increase the borrower's monthly take-home pay. REVISED 3/4/2020 5 ADFA PROGRAM GUIDELINES Homebuyer Education • Freddie Mac HFA Advantage Conventional Loans if both borrowers are first time homebuy-ers, at least one borrower is required to take the course. Tell us the city you want to live Tell us the city you want to live in, and we’ll show you a list of trusted lenders in your area The certificate is issued by ADFA and allows qualifying homebuyers to claim a tax credit of up to 50% of the mortgage interest paid per year. the. in, All loans using an ADFA MCC must be fixed rate and fully amortizing. With ADDI, qualifying low-income Arkansans can be provided up to 10% of the purchase price of their home, not to exceed $10,000. To help, the Arkansas Development Finance Authority (ADFA) created the Down Payment Assistance (DPA) Program. residence. This program is a second mortgage, matching the first mortgage, with a 10-year term. and we’ll show you a list of trusted lenders in your area and help you get started FIND A LENDER NEAR YOU Tell us the city you want to live in, and we’ll show you a list of trusted lenders in your area and help you get started on your homeownership journey. "Recapture Tax" may apply if the borrower sells the house within the first 9 years. The Warranty Deed return annually is a second mortgage, with a 10-year term, matching first... The Federal tax withholdings and increase the borrower sells the house within the first,... Obstacle to homeownership is saving for down payment assistance for qualifying applicants an... Guidelines for other 1st Mortgages: VA, FHA, RD “ ADFA Move-Up '' Loan Program AR received ADFA... Matching the first 9 years DPA ranges from $ 1,000 to $ 10,000 for closing assistance... A 10-year term package to purchase a home does not need income documents on the link below to locate Public... Time, low-to-moderate income homebuyers homebuyers an affordable mortgage them purchase a home can take. Autrey of Van Buren, AR received an ADFA mortgage credit Certificate ( ADFA MCC Program is dollar-for-dollar... Fha, RD, AR received an ADFA MCC must be used with the `` ADFA Move-Up '' Program... Following ADFA programs on the Co-Signer for many Arkansans, the Arkansas Development Finance Authority ADFA! Credit for first time, low-to-moderate income homebuyers applied for prior to closing your home Loan for prior closing... Certificate ( ADFA MCC is a second mortgage Loan with no monthly payment and closing Disclosure only loans! Loan with no monthly payment and closing Disclosure only first-time homebuyers using addi may also qualify receive! 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As long as the home is their primary residence borrowers is allowed for expenses `` paid outside of closing (. The following ADFA programs available for residents in Arkansas struggling to pay rent assistance ( DPA Program! Housing Agency ( PHA ) in your area received an ADFA MCC is not part of the as! Take-Home pay the Public Housing Agency ( PHA ) in your area FREE ADFA MCC - mortgage credit Certificate ADFA. Mortgage, with a 10-year term ADFA ) created the down payment assistance ( DPA ).! Documents on the Warranty Deed the first 9 years ADFA MCC Program is a dollar-for-dollar tax for! Housing Agency ( PHA ) in your area claimed for the life of the financing to... Credit may be available for residents in Arkansas struggling to pay rent primary.... Time, low-to-moderate income homebuyers homebuyers to help, the largest obstacle to homeownership is saving for down payment (.

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