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American Dream Downpayment Initiative

Arkansas

Available Assistance

The ADDI Program provides qualifying, low-income applicants with assistance funds in the form of a forgivable, soft second mortgage, up to six percent of the sale price, not to exceed $10,000. These funds can be used to cover some or all of the downpayment and closing costs. The loan is forgiven over an affordability period of five years in equal, annual installments, as long as the homebuyer continues to own, occupy, maintain, insure, and pay all taxes on the home.

Eligibility Requirements

In order to be considered eligible for the ADDI Program, all applicants must meet certain requirements. The program is only available to first-time homebuyers, whose annual household income falls within the set limits, which are based on the county where the property is located and number of people in each household. Applicants are also responsible for completing at least eight hours of a homebuyer counseling class.

Property Guidelines

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