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.

Home-buyer Assistance Program is forgiven after 5 years, so a homebuyer 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.

Home-buyer Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: HUD HOME first-time-homebuyer rule (no ownership of principal residence in the last 3 years), with HUD displaced-homemaker / single-parent exceptions. On credit, the program states: Not published; subject to underlying first-mortgage lender requirements. A homebuyer education course is required, through HUD-approved housing counseling agencies (homebuyer education encouraged for HOME-funded purchases). Residency requirement: 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).

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.

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.

Home-buyer Assistance Program serves homebuyers 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.

Applications for Home-buyer Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Direct application to City of Pine Bluff Economic and Community Development Department (walk-ins welcome). 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.