Partners for Better Housing is excited to introduce the Fast Track Homeownership Program! This program provides up to $5,000.00 in downpayment and closing costs to households at or below 80% of the Median Family Income (MFI) for the Fayetteville, Springdale, Rogers Metropolitan Statistical Area (MSA).
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Certain rules and restrictions apply, resources are limited, application is no guarantee of award, first ready first serve, and Partners reserves the right to award at it's discretion.
Program FAQ's
The program steps include:
- Website : Visit the fast track page on our site
- Application: Complete the Fast Track Homeownership application and upload your Driver's license, proof of income, Loan Commitment letter, Executed Purchase and Sale Agreement, and Homebuyer Education Workshop Certificate (if already completed).
- Eligibility: Upon submitting your application, give staff 3-5 days to review application and contact lender. If eligible, the applicant(s) will await an appointment request via an email to meet in-person. If ineligible, the applicant(s) will receive a notification and explanation via email.
- Verification: The appointment will require applicant(s) and employed adults (18+) residing in the household to be present to verify identity, bring a copy of uploaded documents for verification, bring proof of income from non-applicant(s), schedule a time to attend a Homebuyer Education course (if incomplete), review program details, and provide signature.
- Closing: Funds to be applied will not exceed $5,000 toward down-payment, plus all or a portion of the closing costs at the Closing.
- You must be income eligible (at or below 80% Median Family Income).
- You must be a first-time homebuyer or have not owned a home in the last 3 years.
- You must possess a mortgage commitment letter stating that you are approved for a mortgage loan.
- You must possess an executed purchase agreement for a home that you plan to purchase.
- You must purchase a property in Arkansas within Benton, Washington, or Madison County as an owner occupant.
- The property that you are purchasing must be a detached home, duplex town home, or condo with a permanent foundation.
- You must not exceed a debt-to-income ratio percentage of 43% (your percentage will be confirmed by your lender).
- You must be able to Close on your property within 30 days of submitting your application.
- You must be able to meet in person to verify identity and documentation.
To be eligible for the program, total household income must be no greater than the 2022 HUD Median Family Income. (*2023 to be released during the 2nd quarter). The income requirements based on household size are as follows:
- Household Size 1: 80% Median Income $46,900
- Household Size 2: 80% Median Income $53,600
- Household Size 3: 80% Median Income $60,300
- Household Size 4: 80% Median Income $66,950
- Household Size 5: 80% Median Income $72,350
- Household Size 6: 80% Median Income $77,700
- Household Size 7: 80% Median Income $83,050
- Household Size 8: 80% Median Income $88,400
Applicants must be a first-time homebuyer or have not owned a home in the last 3 years.
Fast Track participants must not exceed a debt-to-ratio percentage of 43%. Fast Track applicant(s) must not exceed a debt-to-income ratio percentage of 43%. Your debt includes your reoccurring monthly student loan, credit cards, car loan, and other debt totals.
Email Tenisha
Interested in learning more about the program? Tenisha is happy to answer any questions.
