2015 arkansas first time home buyer programs

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2015 First Time Home Buyer Programs for Arkansas Arkansas Dream Down Payment Initiative Arkansas Dream Down Payment Initiative is designed for low income first time homebuyers purchasing a single family home in the state. ADDI funds are granted in the form of a forgivable second mortgage up to 6 percent, or $10,000, of the purchase price (whichever is smaller). Qualified buyers in Arkansas may apply. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. HomeToOwn Program Not restricted to first time buyers, this 30 year loan program is available to low and moderate income residents that have a credit score over 640. The purchase price may not exceed $250,000 to qualify, and a borrower must not breach a 45 percent debt to income ratio. Qualified buyers in Arkansas may apply. Arkansas Down Payment Assistance Program This down payment assistance comes in the form of a 10 year amortizing second mortgage loan at a 4 percent interest rate. The program offers up to $6,000 in down payment and closing cost assistance. Qualified buyers in Arkansas may apply. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing.

To apply visit http://buyerprograms.net/arkansas


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