“ADFA MOVE-UP” LOAN PROGRAM
This 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.
First Mortgage (FHA, VA, Conventional, and RD)
(rates subject to change without notice) Find a Participating Lender
30-year fixed rate with no prepayment penalty
$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.
SINGLE FAMILY STAFF
The Arkansas Dream Down Payment Initiative (ADDI) provides lower income homebuyers in Arkansas, who qualify, up to 10% of the purchase price of their home, not to exceed $10,000. It is a second mortgage loan with no monthly payment that is forgivable over five years.
The ADFA Down Payment Assistance Program (DPA) can provide up to $15,000 for down payment and closing cost assistance. ADFA's Down Payment Assistance (DPA) Loan is a second mortgage with a 10-year term. It carries the same interest rate as the "ADFA Move-Up" Loan Program.
The ADFA MCC Program is a dollar-for-dollar tax credit for first time, low-to-moderate income homebuyers. The certificate is issued by ADFA and allows qualifying homebuyers to claim a tax credit of up to 35% of the mortgage interest paid per year.