13% of all buyers in 2018 cited saving for a Downpayment
as the most difficult step in the home buying process.
For buyers 28 years and younger 26%
There are many different ways a buyer can gather money for a Downpayment: savings, investments, or gift of money from family. Yet, no one's situation is the same.
The State of Arkansas & ADFA (Arkansas Development Finance Authority) has a program called the Move Up loan program that allows Arkansas residents to apply for the 4 basic loan types:
FHA, VA, Conventional, & USDA/RD with a possible reduced mortgage insurance,
For those that participate in this program there are 2 different Downpayment Assistance options: DPA or ADDI
Here are the details for the ADFA + DPA program:
1. Property can be anywhere in Arkansas.
2. Minimum Credit Score of 660 (FHA), 640 (VA, Conv, or RD)
3. Max loan amount for the home you would like to buy, which depends on your loan type:
FHA $314,827 VA, Conventional, or RD $484,350
4. Up to $10,000 as a 10 year loan, same rate as the 1st mortgage.
5. If you are first time home buyer there may be a requirement for an 8hr Homebuyer Counseling Class
6. There are NO Income limits