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).

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.

City of Jonesboro Homeownership Assistance Program is forgiven after 3 years, so a homebuyer 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.

City of Jonesboro Homeownership Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required. Residency requirement: Property must be within Jonesboro city limits. Must be a first-time homebuyer (no home ownership in the last 3 years). Must complete a homebuyer education course with a HUD-approved counseling service. Property must be within Jonesboro city limits and not within a flood zone. Funds applied to buyer's out-of-pocket closing/down payment expense paid to the title company.

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.

City of Jonesboro Homeownership Assistance Program serves homebuyers purchasing in Jonesboro, Arkansas.

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