Habitat for Humanity of Northeast Arkansas Homeownership Program

What is Habitat for Humanity of Northeast Arkansas Homeownership Program?

Habitat for Humanity of Northeast Arkansas Homeownership Program is down payment assistance for homebuyers in Jonesboro, Arkansas, administered by Habitat for Humanity of Northeast Arkansas.

• Habitat for Humanity of Northeast Arkansas, based in Jonesboro (Craighead County), runs an affordable homeownership program in which selected applicants help build a new home and buy it with a zero-percent-interest mortgage set at their affordability level; payments are recycled to build for other families. Applicants must demonstrate housing need, willingness to partner (sweat equity), and ability to pay, and must have lived within the city limits of or worked in Jonesboro for the past year. The 0% Habitat mortgage functions as embedded affordable-homeownership assistance with no traditional down payment.
• Zero-percent-interest mortgage set at the family's affordability.
• New home built in partnership with the buyer.
• No traditional down payment required.
• Funding comes from Nonprofit (donations, ReStore proceeds, recycled partner mortgage payments).

Do you have to pay it back?

Habitat for Humanity of Northeast Arkansas Homeownership Program is down payment assistance and is repaid under the terms set by Habitat for Humanity of Northeast Arkansas.

• Repayment is triggered by Monthly affordable mortgage payments (0% interest); payments recycled to build for other families.
• The assistance is recorded in First (Habitat-held affordable mortgage). position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Habitat for Humanity of Northeast Arkansas Homeownership Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Habitat for Humanity of Northeast Arkansas Homeownership Program sets its income limit as follows: Must meet Habitat income guidelines (ability to pay an affordable 0% mortgage and demonstrate housing need); specific AMI percentages/limits not published by the affiliate.

• 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.

What kind of home can it be used for?

Habitat for Humanity of Northeast Arkansas Homeownership Program can be used for Single Family.

• New construction is eligible.

Where does it apply?

Habitat for Humanity of Northeast Arkansas Homeownership Program serves buyers purchasing in Jonesboro, Arkansas.

How do you apply?

Applications for Habitat for Humanity of Northeast Arkansas Homeownership Program go through Habitat for Humanity of Northeast Arkansas, which publishes the current terms and the application steps on its own site.

1. 1

   Contact Habitat for Humanity of Northeast Arkansas to reserve funds

   Funds are reserved through Applications accepted during open periods; reviewed by the Homeowner Selection Committee., and are subject to availability.

2. 2

   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.