ARKANSAS DREAM DOWN PAYMENT INITIATIVE (ADDI)
ADDI is down payment assistance provided through HOME funding by HUD.
ABOUT ADDI
With ADDI, low-income Arkansans can receive up to $25,000 to pay for closing costs and down payment on an "ADFA Move-Up" Loan Program first mortgage. ADDI is a second mortgage loan with no monthly payment and is forgivable over five years if less than $15,000 in assistance is received. The loan is forgiven over 10-years if assistance exceeds $15,000.
ADDI must be used with the "ADFA Move-Up" Loan Program. First-time homebuyers using ADDI may also qualify to receive a FREE ADFA MCC - Mortgage Credit Certificate.
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HOW TO QUALIFY
- Household income limits not above maximum.
- Purchase Price Limits based on property type.
- Pre-Purchase Homebuyer Education Class (8 hours) is required prior to closing. Contact one of the HUD Approved Homebuyer Counseling Agencies who will help you assess.
- Must use an approved lender.
- Must qualify for a mortgage.
CUSTOMER STORY
Kesia Wilson made her dream of homeownership a reality using an ADFA first mortgage with the Arkansas Dream Downpayment Initiative (ADDI), a forgivable second mortgage which provides up to $25,000 in down payment and closinbg cost assistance when using an "ADFA Move-Up" Program fist mortgage.
SINGLE FAMILY STAFF
PRE-PURCHASE HOMEBUYER EDUCATION CLASS
If you are using the Arkansas Dream Down Payment Initiative (ADDI) or if you are a first-time homebuyer using an HFA Preferred Conventional mortgage with the (ADFA Down Payment Assistance (DPA) Program to purchase a home, ADFA requires borrowers take a "Pre-Purchase Homebuyer Education Class" where a certificate will be issued upon completion.
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