ADFA "HomeToOwn" Program (ADFA's Mortgage Revenue Bond Program)
Effective Thursday, October 16, 2008: 7.375%- Down Payment Assistance (DPA) Interest
Rate: 6.75% Murray Harding 501-682-5974
mharding@adfa.state.ar.us The purpose of ADFA's Single Family Housing Division is to supplement the private sector with the ability to provide safe, sound, and sanitary housing to as many low and moderate income households in Arkansas as possible. The Authority does this through the sale of tax-exempt mortgage revenue bonds thus lowering the interest rate that participating lending institutions are able to offer qualified homebuyers. Over 120 banks, mortgage companies and savings and loan institutions participate in the program. To be eligible for loans, an applicant must be a first-time homebuyer (must not have owned his/her principal residence for three years prior to closing the bond loan). Homebuyers purchasing a residence in the following targeted areas need not meet the first-time homebuyer regulation: Bradley, Calhoun, Chicot, Clark, Cleburne, Columbia, Conway, Crawford, Crittenden, Cross, Dallas, Desha, Drew, Jefferson, Lafayette, Lee, Lincoln, Madison, Mississippi, Monroe, Nevada, Ouachita, Perry, Phillips, Prairie, St. Francis, Scott, Searcy, White, Woodruff and Yell. Borrower's income cannot exceed specified limits. These limits vary by county depending on the number in the family and where the property is located (see attached). Also, purchase price limits for new construction and for existing (previously occupied) housing is now the same for all counties, $200,160. The following types of loans are eligible in the program: FHA, V.A., Conventional and FmHA Guaranteed Rural Housing Loans. HomeToOwn Program Summary Sheet For more information about ADFA's HomeToOwn Program call Murray Harding, Single Family Underwriter at (501) 682-5974.
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