The "ADFA Move-Up Choice" single family loan program offers the homebuyer a grant of 4% of their loan amount funded by a higher interest rate on the first mortgage. It can be used to pay closing costs and prepaids, down payment or even pay off a debt at closing to help qualify for a loan.
This mortgage program is available to both first-time and repeat homebuyers in Arkansas. First-time homebuyers using the “ADFA Move-Up Choice” Loan Program may also qualify to receive a FREE
ADFA MCC - Mortgage Credit Certificate.
- ADFA MCC - Mortgage Credit Certificate Program – a financial incentive for first-time homebuyers to purchase homes they otherwise might not be able to afford. With the MCC Program, 50% of the mortgage interest is a dollar for dollar tax credit for as long as the home is used as the borrower's principal residence. Borrowers may get up to $2,000 annually.
Type of Loan
First Mortgage (Conventional HFA Preferred 95% or 97%)
CLICK HERE FOR A LIST OF PARTICIPATING LENDERS
Interest Rate - Rates subject to change without notice.
"ADFA Move-Up Choice" MBS Conventional - 6.25%
30-year fixed rate with no prepayment penalty
Maximum Purchase Price
$ 424,100 - Arkansas conventional conforming loan limit - loans that will be sold to either Fannie Mae or Freddie Mac are called conventional loans. In short, if the mortgage is not an FHA, VA (Veteran’s mortgage) or USDA (United States Department of Agriculture) loan, it’s probably a conventional mortgage loan.
Our Single Family Staff is listed below, please do not hesitate to call or email us with any questions you may have.
Dean Norman - Single Family Loan Underwriter - 501-682-5935
Virginia Wright - Single Family Loan Underwriter - 501-682-5923
Denise Wells - Assistant Single Family Program Manager - 501-682-5466
Derrick Rose - Public Information and Outreach - 501-682-5904
Andrew Branch, VP of Housing - 501-682-5860
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