This program offers both first-time homebuyers and repeat Arkansas homebuyers, an affordable mortgage. And when using an ADFA Move-Up loan, borrowers may be eligible to combine it with any of the following ADFA single family home buying incentives:
- ADFA’s Down Payment Assistance Program - a 10-year, 4% second mortgage that can be used to pay for up to $6,000 in down payment and closing costs.
- Arkansas Dream Downpayment Initiative (ADDI) – Qualifying lower income, first-time homebuyers in Arkansans can be provided up to 6% of the purchase price of the home, not to exceed $10,000. It is a second mortgage loan with no monthly payment and is forgivable over five years.
- 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.
No Income Limits
Type of Loan
First Mortgage (FHA, VA, Conventional, and RD)
CLICK HERE FOR A LIST OF PARTICIPATING LENDERS
Interest Rate - Rates subject to change without notice.
"ADFA Move-Up" MBS Government (FHA, VA, RD) - 4.625%
"ADFA Move-Up" MBS Conventional - 5.125%
DPA 2nd Mortgage - 4.00%
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 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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