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(MCC) Program Program Guide - State of Arkansas - arkansas

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The Arkansas Development Finance Authority (ADFA) has created a Mortgage Credit Certificate (MCC) Program Guide to assist participating lenders in providing housing assistance to low and moderate-income first-time homebuyers. The MCC program offers a federal income tax credit, reducing the tax liability for eligible borrowers, thereby increasing their disposable income for housing expenses. The guide outlines eligibility requirements, application procedures, and compliance with federal tax codes, including details on recapture tax implications if the property is sold within nine years. The program is available until funding is exhausted or by the end of 2014.

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What do most first-time home buyers get approved for?

Government-backed mortgage loans The Federal Housing Administration (FHA), Department of Veterans Affairs (VA) and Department of Agriculture (USDA) back mortgage programs that are often an option for first-time homebuyers.

What is the biggest negative when using down payment assistance?

Potential for higher interest rates: You may end up with a higher mortgage interest rate due to the assistance, which can increase the overall cost of your loan. The interest rates on mortgages with assistance are also usually 0.5-1% higher [than those without] to offset risk, Morgan says, costing thousands more.

What is the $10 000 grant for first-time home buyers in Arkansas?

Little Rock Down Payment Assistance Program The City of Little Rock has a down payment assistance program that offers up to 6 percent of the purchase price, not to exceed $10,000, to low- and moderate-income first-time homebuyers. The loan is forgiven over five years.

How does MCC work?

MCCs are not a loan product, but rather a federal tax credit. MCCs are certificates issued by HFAs that increase the federal tax benefits of owning a home and helps low- and moderate-income, first-time homebuyers offset a portion of the amount they owe in mortgage interest.

What is the minimum down payment for a house in Arkansas?

Requirements for borrower: Debt-to-income ratio of no more than 50%, including the FHA Loan. Down payment of at least 3.5% of the home price. Proof of employment and income.

What is the grant for first-time home buyers in Arkansas?

ADFA Down Payment Assistance (DPA) provides eligible homebuyers with $1,000 to $15,000 for down payment and closing costs for their new home. This is a 10-year second mortgage with an interest rate matching their ADFA StartSmart or ADFA Move-Up first mortgage.

Who qualifies for mortgage interest credit?

The ADFA Down Payment Assistance (DPA) Program provides eligible homebuyers $1,000 to $15,000 to cover down payment and closing costs for their new home. This is through a 10-year second mortgage with an interest rate matching their ADFA StartSmart or ADFA Move-Up first mortgage.

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What do most first-time home buyers get approved for?

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What is the minimum down payment for a house in Arkansas?

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