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 + ADDI 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 depends on your loan type:
FHA $314,827 VA, Conventional, or RD $484,350
4. 10% or up to $10,000 as a 10 year loan,with no monthly payment, and is forgivable over five years.
5. If you are first time home buyer there may be a requirement for an 8hr Homebuyer Counseling Class
6. There are Income limits
7. An HQS Inspection is required