City of Jonesboro Homeownership Assistance Program

What is City of Jonesboro Homeownership Assistance Program?

City of Jonesboro Homeownership Assistance Program is a forgivable loan for homebuyers in Jonesboro, Arkansas, administered by City of Jonesboro Grants and Community Development Departments.

• The City of Jonesboro Homeownership Assistance Program helps low- and moderate-income first-time homebuyers purchase a home within the Jonesboro city limits by covering down payment and closing-cost out-of-pocket expenses. Assistance is a forgivable lien.
• Up to $5,000 toward down payment and closing-cost out-of-pocket expenses, paid directly to the title company, as a 3-year forgivable lien (fully forgiven after owning and occupying the home for 3 years).
• This is a federal program, so it is available beyond a single state or city.

How much assistance does it provide?

City of Jonesboro Homeownership Assistance Program offers up to $5,000 in assistance.

• Amounts are the program's published maximums, not an offer — City of Jonesboro Grants and Community Development Departments determines any individual award.

Do you have to pay it back?

City of Jonesboro Homeownership Assistance Program is forgiven after 3 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale or failure to own/occupy the home during the 3-year forgiveness period.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

City of Jonesboro Homeownership Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

City of Jonesboro Homeownership Assistance Program sets its income limit as follows: Targeted to low- and moderate-income homebuyers; income eligibility verified by the city.

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Where does it apply?

City of Jonesboro Homeownership Assistance Program is a federal program, so it is not limited to Arkansas.

How do you apply?

Applications for City of Jonesboro Homeownership Assistance Program go through City of Jonesboro Grants and Community Development Departments, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact City of Jonesboro Grants and Community Development Departments to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.