ADFA STARTSMART - FIRST TIME HOMEBUYER PROGRAM
The Arkansas Development Finance Authority created the StartSmart First Time Homebuyer Program to help make homeownership of more affordable for low to moderate income individuals and families in Arkansas.
ABOUT STARTSMART
Through the StartSmart Mortgage Loan Program, ADFA makes use of IRS rules that allow us to issue tax-exempt mortgage revenue bonds. The savings, generated from the tax-exemption, are passed along to you, the homebuyer, who receives a below-market interest rate mortgage loan and a lower monthly payment. This makes purchasing a home more affordable and accessible for first-time buyers. The StartSmart Mortgage loan can also be paired with ADFA's Down Payment Assistance second mortgage.
PROGRAM INFORMATION
Type of Loan:
First Mortgage (FHA, VA, RD, Conventional)
Interest Rate:
Rates subject to change without notice
Loan Term:
30-year fixed rate with no prepayment penalty
FIND A LENDER NEAR YOU
Tell us the city you want to live in, and we’ll show you a list of trusted lenders in your area and help you get started on your homeownership journey.
HOW TO QUALIFY
- Applicants must be a first-time homebuyer (must not have owned his/her principal residence for three (3) years prior to closing the loan.
- Applicants purchasing a home in one of the following 30 federally targeted counties DO NOT have to meet the first-time homebuyer requirement: 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.
- Veterans and spouses of veterans with proper documentation do not have to be first-time homebuyers.
- Household income cannot exceed maximum limits. Household income varies depending on the number of family members and the county where the property is located.
- Purchase price of a home cannot exceed $425,000.
- Home must be the primary residence.
- Must have a credit score of no less than 640.
- Must use an approved lender.
CUSTOMER STORY
Josh and Kara Autrey of Van Buren, AR purchased their first home using ADFA homeownership products.
SINGLE FAMILY STAFF
ADDITIONAL PROGRAMS
“ADFA MOVE-UP” LOAN PROGRAM
The "ADFA Move-Up" Loan Program offers homebuyers an affordable mortgage. And when using an “ADFA Move-Up” loan, borrowers may be eligible to combine it with other ADFA single family home buying incentives.
ADFA Down Payment Assistance Program
The ADFA Down Payment Assistance (DPA) can provide up to $15,000 for down payment and closing cost assistance. DPA is a second mortgage with a 10-year term. It carries the same interest rate as the first mortgage.
