The city of Little Rock has announced a
A buyer must agree to live in a home for five
Buyer must document that annual household income (≤80% area median income), adjusted for family size, does not exceed the maximums.
Buyer must be a first-time homebuyer (not have owned any residential property within last three years).
Buyer must complete a homebuyer counseling course, acceptable to the City of Little Rock.
The loan is forgiven in equal monthly installments over a 60-month period.
Assistance shall be requested by applicant through a mortgage lender.
Buyer must be approved for a first mortgage through a bank or mortgage company. The lender must a have a physical presence (i.e., location) in Arkansas.
All repairs must be completed on the unit prior to approval of the assistance. No cash back at closing to borrower.