ADFA The Arkansas Development Finance Authority created its Mortgage Credit Certificate Program for the residents of Arkansas, to help make homeownership of new and existing homes more affordable for individuals and families with low to moderate income, especially first-time homebuyers. It is an incentive for first-time ADDI is down payment assistance provided through HOME funding by HUD. Cannot take title or be on the Warranty Deed. 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. This program is a second mortgage, matching the first mortgage, with a 10-year term. in, PUBLIC HOUSING AUTHORITY CONTACT INFORMATION. ARKANSAS DEVELOPMENT FINANCE AUTHORITY. The ADFA MCC Program is a dollar-for-dollar tax credit for first time, low-to-moderate income homebuyers. Purchase price of a home cannot exceed $270,000. Must be applied for prior to closing your home loan. The Arkansas Development Finance Authority created its Mortgage Credit Certificate Program for the residents of Arkansas, to help make homeownership of new and existing homes more affordable for individuals and families with low to moderate income, especially first-time homebuyers. your homeownership journey. The REVISED 1/8/2020 ADFA ARKANSAS DEVELOPMENT FINANCE AUTHORITY HOMEOWNERSHIP DIVISION PROGRAM GUIDELINES • ADFA Move-Up • Down Payment Assistance (DPA) • Arkansas Dream Down-payment Initiative (ADDI) • Mortgage Credit Certificate (MCC) 900 West Capitol Ave, Suite 310 Little Rock, AR 72201 https://homeloans.arkansas.gov The Kesia Wilson made her dream of homeownership a reality using an ADFA first mortgage with 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. ADDI must be used with the "ADFA Move-Up" Loan Program. ADFA has down payment assistance for qualifying applicants of an “ADFA Move-Up” first mortgage. counties include: Bradley, Calhoun, Chicot, Clark, Cleburne, Columbia, Conway, Crawford, of up to 50 percent of the mortgage interest paid per year, capped at $2,000 annually. the. "Recapture Tax" may apply if the borrower sells the house within the first 9 years. on PROGRAM GUIDELINES Non-Occupant Borrowers / Co-Signers Non-Occupant Borrowers are allowed on all ADFA Programs. Mississippi, Monroe, Nevada, Ouachita, Perry, Phillips, Prairie, St. Francis, Scott, Searcy, homebuyers to help them purchase a home. pre-paids. ADFA MCC - MORTGAGE CREDIT CERTIFICATE. 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. For recent news, activities, and events from ADFA - LATEST NEWS credit may be claimed for the life of the loan as long as the home is their primary Crittenden, Cross, Dallas, Desha, Drew, Jefferson, Lafayette, Lee, Lincoln, Madison, the an Email. The borrower claims the credit when they file their Form 1040 tax return annually. REVISED 3/4/2020 5 ADFA PROGRAM GUIDELINES Homebuyer Education • Freddie Mac HFA Advantage Conventional Loans if both borrowers are first time homebuy-ers, at least one borrower is required to take the course. (ADFA Move-Up or ADFA This program is a second mortgage, matching the first mortgage, with a 10-year term. The "ADFA Move-Up" Loan Program offers homebuyers an affordable mortgage. Move-Up Choice). your homeownership journey. Welcome, Arkansas residents. The certificate is issued by ADFA and allows qualifying homebuyers to claim a tax credit of up to 50% of the mortgage interest paid per year. We estimate 96% in, Contact one of MCC). ADFA MCC is not part of the financing package to purchase a home. For many Arkansans, the largest obstacle to homeownership is saving for down payment and closing costs. Targeted Rental Assistance may be available for residents in Arkansas struggling to pay rent. The DPA ranges from $1,000 to $10,000 for closing cost assistance. Josh and Kara Autrey of Van Buren, AR received an ADFA Mortgage Credit Certificate (ADFA They may itemize HUD Approved Homebuyer Counseling Agencies, Pre-Purchase Homebuyer Education Class (8 hours) is required prior to closing. residence. Tell us the city you want to live in, and we’ll show you a list of trusted lenders in your area
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