The Homebuyers Assistance Program, offered by the Economic and Community Development Department of Pine Bluff, allows qualified individuals to receive as much as $2,000 for down payment costs and $3,000 for closing costs (which does not include prepaid items). This is a deferred loan with a five-year term and 0% interest. The borrower does not need to pay back the loan unless the house is sold, transferred, refinanced, or otherwise disposed of before the five-year term is over.
Qualified applicants must meet specific annual household income limits – they must be of low-to-moderate income and their annual household income cannot be more than 80% of the area median income.
Applicants must also pay at least $500 towards the down payment from their own funds.
Other programs in Arkansas:
- ADFA Down Payment Assistance
- American Dream Downpayment Initiative
- Jonesboro Homeownership Assistance Program
- City of Fort Smith Down Payment Assistance Program
- Crawford-Sebastian Homeownership Center Affordable Housing Program
- Crawford-Sebastian Homeownership Center Down Payment Assistance