Southern Bancorp Wealth Builders for Everyone Down Payment Assistance Program

Southern Bancorp Wealth Builders for Everyone Down Payment Assistance Program is a forgivable loan for homebuyers in Arkansas, administered by Southern Bancorp Community Partners (SBCP), in partnership with Southern Bancorp mortgage division. The Wealth Builders for Everyone Down Payment Assistance Program from Southern Bancorp Community Partners (a CDFI) offers forgivable down payment assistance to low-to-moderate-income and minority/underserved homebuyers, paired with a Southern Bancorp mortgage and HUD-approved homebuyer education. Southern Bancorp's banking footprint spans Arkansas and Mississippi. Up to $12,000 as a forgivable loan toward down payment, prepaids, and closing costs; 0% interest, $0 monthly payment, forgiven at 20% per year and fully forgiven after 5 years if all criteria are met.

Southern Bancorp Wealth Builders for Everyone Down Payment Assistance Program offers up to $12,000 in assistance. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — Southern Bancorp Community Partners (SBCP), in partnership with Southern Bancorp mortgage division determines any individual award.

Southern Bancorp Wealth Builders for Everyone Down Payment Assistance Program is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Failure to meet program criteria during the 5-year forgiveness period; forgiven at 20% per year. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Southern Bancorp Wealth Builders for Everyone Down Payment Assistance Program is open to homebuyers who will live in the home as their primary residence. A homebuyer education course is required, through Southern Bancorp Community Partners HUD-certified housing counselors. Offered through Southern Bancorp's mortgage division (must obtain a Southern Bancorp mortgage). Eligibility focuses on low-to-moderate-income homebuyers, minority families, and traditionally underserved communities. Requires HUD-approved homebuyer education from SBCP's HUD-certified housing counselors. Available within Southern Bancorp's service footprint (Arkansas and Mississippi). Confirm exact income limits and current geographic eligibility directly with Southern Bancorp.

Southern Bancorp Wealth Builders for Everyone Down Payment Assistance Program sets its income limit as follows: Targeted to low-to-moderate-income (LMI) homebuyers; specific limits set by SBCP. 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.

Southern Bancorp Wealth Builders for Everyone Down Payment Assistance Program serves homebuyers purchasing anywhere in Arkansas.

Applications for Southern Bancorp Wealth Builders for Everyone Down Payment Assistance Program go through Southern Bancorp Community Partners (SBCP), in partnership with Southern Bancorp mortgage division, 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.