First-Time Homeownership in Arkansas
Buying your first home is mostly uncertainty: what you qualify for, what programs exist, and what steps matter in what order. This guide breaks it down in plain terms and points you to Arkansas and federal resources that may help reduce upfront costs.
How the Process Works
Many “first-time homebuyer” programs use a simple definition: you haven’t owned a primary residence in the last three years. That can open the door to special loan programs and assistance options.
1) Know your numbers
Start with a realistic monthly payment range (not a guess). A lender can help you understand what you qualify for and what you can comfortably afford.
2) Get pre-approved
Pre-approval gives you a clear ceiling and makes your offer stronger. It also prevents you from shopping above your comfort zone.
3) Shop, offer, inspect, close
Once under contract, you’ll move through inspections, appraisal, final underwriting, and closing. This is where timing and good guidance matter.
Arkansas State Resources
Arkansas Development Finance Authority (ADFA) is the main statewide hub for homeownership programs, including first-time buyer options and down payment assistance.
ADFA Home Loans
Overview of ADFA home loan options and pathways for Arkansas buyers.
Down Payment Assistance
Program details for down payment and closing cost assistance (eligibility varies).
StartSmart Program
ADFA’s first-time home buyer program details, including eligibility basics.
Federal Programs Used in Arkansas
These are common loan paths first-time buyers use nationwide, including here in Arkansas. A lender will confirm what fits your situation.
FHA Loans
Often used by first-time buyers due to flexible qualification and lower down payment options.
USDA Rural Development Loans
May offer zero-down options for eligible buyers in qualifying areas (rural/suburban zones).
VA Home Loans
For eligible veterans and service members. Frequently offers strong terms and low upfront cost.
Want Help Using Any of These Programs?
Program rules can be specific, and eligibility depends on income, location, and loan type. If you want someone to walk through what applies to you in Arkansas, call us. We’ll help you get clarity and a clean next step.