First time homebuyer classes to start at UALR

The University District Development Corporation (UDDC) will host a First-Time Home Buyers Information Session from 11 a.m. to 12:30 p.m. on Saturday, Aug. 28, at the UALR Bailey Alumni and Friends Center. Parking will be available across the street from the Bailey Center in UALR Lot 13.


The UDDC First-Time Homebuyer Program offers home price reduction, down payment assistance, and closing costs assistance for persons interested in purchasing new or renovated homes within the University District. A first-time homebuyer is an individual (spouse included) who has had no ownership in a principal residence during the three-year period ending on the date of the purchase of a UDDC property. The UDDC property located at 1516 S. Harrison is a substantial rehabilitation and is near completion. The UDDC has plans to complete five additional homes over the next year.

The information session will cover topics related to income requirements, conventional and FHA mortgage financing, prequalification, credit scores, housing costs ratio, debt to income ratio, loan to value ratio and more.

Individuals must meet income guidelines, which are adjusted for household size. To qualify for the UDDC program, buyers must (1) be a first-time homebuyer, (2) have an income at or below 80 percent of the area median income, and (3) purchase a home constructed or renovated by the UDDC within the University District.

If you plan to attend, please RSVP to sxedwards@ualr.edu or 501-683-7356. To find out more about the UDDC program guidelines and the process for applying, contact Barrett Allen at blallen@ualr.edu or 501-683-7361.