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Home-buyer Assistance Program

Pine Bluff, Arkansas

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Income limit

80% AMI

Of area median income; varies by county and household size

Repayment

Forgivable

Forgiven after 5 years

What is Home-buyer Assistance Program?

Home-buyer Assistance Program is a deferred second loan for homebuyers in Pine Bluff, Arkansas.

  • The City of Pine Bluff Home-buyer Assistance Program is a HOME-funded city program that helps low- to moderate-income Pine Bluff residents purchase a home on the open market, a HUD-repossessed home, or a for-sale-by-owner property. Eligible buyers may receive up to $2,000 toward down payment and up to $3,000 toward eligible closing costs (excluding prepaids), to a maximum of $5,000. Funds are structured as a 5-year, 0% interest deferred loan that is forgiven after 5 years of owner occupancy; if the home is sold, transferred, refinanced, or otherwise disposed of within the 5-year period, the loan must be repaid. The buyer must contribute at least $500 toward the down payment.
  • Up to $2,000 down-payment assistance plus up to $3,000 closing-cost assistance ($5,000 maximum total) at 0% interest as a 5-year deferred forgivable loan (HOME-funded). Buyer must contribute $500 minimum toward down payment.
  • Funding comes from HOME, Federal, and Local Government.

Do you have to pay it back?

Home-buyer Assistance Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

  • Repayment is triggered by Repayment due if the home is sold, transferred, refinanced, or no longer owner-occupied within the 5-year affordability period and loan forgiven after 5 years of continued owner occupancy.
  • The assistance is recorded in 2 position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Home-buyer Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: HUD HOME first-time-homebuyer rule (no ownership of principal residence in the last 3 years), with HUD displaced-homemaker / single-parent exceptions
  • The home is occupied as a primary residence
  • On credit: Not published; subject to underlying first-mortgage lender requirements
  • A completed homebuyer education course, through HUD-approved housing counseling agencies (homebuyer education encouraged for HOME-funded purchases)
  • Residency: Property must be within Pine Bluff city limits
  • Citizenship or immigration status: U.S. citizen or qualified non-citizen per HUD HOME program rules
  • Household income must be at or below 80% of HUD area median income for Pine Bluff. Property must be within Pine Bluff city limits. Buyer must contribute a minimum of $500 toward down payment (separate from closing costs). Marital status disclosure required (separated/divorce-pending applicants must coordinate with Loan Processor due to Arkansas marital property law).

The program excludes

  • Manufactured homes
  • Households above 80% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Home-buyer Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

  • Gross annual household income may not exceed 80% of HUD AMI for Pine Bluff MSA. By household size, the Pine Bluff 80% AMI limits range approximately from $36,550 (1-person) to $68,850 (8-person), with a 4-person limit of approximately $52,200.
  • The limit applies to total household income, not only the borrower’s.
  • The program lists a maximum household size of 8.
  • 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?

Home-buyer Assistance Program caps the purchase price as follows: Subject to HUD HOME 95% area median purchase-price limits; no separate city cap published.

  • Eligible property types include Single-family detached (open market, HUD-repossessed, or for-sale-by-owner).
  • New construction is eligible.
  • Manufactured homes are not eligible.

Where does it apply?

Home-buyer Assistance Program serves buyers purchasing in Pine Bluff, Arkansas.

  • The program targets specific areas: Citywide activity targeted to census tracts where total household incomes fall below 80% of Pine Bluff median income.

How do you apply?

Applications for Home-buyer Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through HUD-approved housing counseling agencies (homebuyer education encouraged for HOME-funded purchases).

  2. Contact the administering agency to reserve funds

    Funds are reserved through Direct application to City of Pine Bluff Economic and Community Development Department (walk-ins welcome), and are subject to availability.

  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.

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