Competitive Rates and Friendly Service.
Our Mortgage Company Specializes in Home Loans in Northwest Arkansas Mortgage Broker
Arkansas – Fayetteville Springdale Rogers Bentonville Bella Vista
Jumbo Mortgage Rates
Jumbo Mortgage Loan Programs
- Low down payment jumbo mortgages.
- Split Jumbo Mortgages ($647,200 first lien conforming loan, with a second loan for the balance of your loan)
- Jumbo Bridge Loans (when you are buying a new home but your old home has not yet sold)
- Interest Only Jumbo Loans for purchases or refinance.
- Cash Out Jumbo Mortgages – fixed and adjustable loan options
FHA and First Time Buyer Loans
How do I get financing for a FHA Loan?
The FHA home loan is a mortgage home loan backed by the U.S. Department of Housing and Urban Development. It is a great finance tool for first time home buyers in Arkansas. FHA home loans are great options for the first time home buyers, and those with less than perfect credit. FHA loans guidelines are more forgiving on credit scores than conventional loans.
The nuts and bolts of how this works is that FHA insures the loan for the lender. First time buyers and riskier borrowers less of a risk for the lender. There are costs to the borrower when using this type of loan, but the opportunity typically out-weighs the costs.Borrowers still must be approved by the lender which follows a fixed set of regulations and guidelines. We are an approved FHA lender and can help first time home buyers in Arkansas with their first home loan.
What are some of the advantages of FHA home loans?
FHA loans make home ownership more available to a wider spectrum of home buyers. Advantage number one low down payment. You can obtain a new mortgage with as little as 3.5% down of the total purchase price. Advantage number 2 lower credit requirements. Scores can start as low as 620 for FHA loans. FHA loans help those who have declared bankruptcy and even foreclosure. Arkansas has its own standards for home appraisal and the home must meet FHA standards before the loan can be closed. FHA loans require some repairs to be fixed prior to closing and paid for outside the mortgage loan. FHA loans allow the borrower’s debt to income ratio to be slightly higher than conventional loans. Every loan must meet debt to income ratios to qualify for a mortgage and FHA loans allow up to 50% debt to income ratios where conventional loans stop at 45%.
In Arkansas the FHA loan limit is $420,680 the amount of total financing has to be below this figure. These loans can be for a new home just completed, and there are also programs within FHA that allow for up to $35,000 in improvements for existing home purchases.
Helping people is what we do, and if you have any questions about FHA loans please give us a call. Here is a short list of items you will need to know to start the loan process.
- Income
- Debt
- Credit Score
- 2 Year History of where you have lived
- 2 Year Employment History
- Source of Funds for Down Payment
Contact us today by simply filling out the loan application form or you can also call us and speak to a qualified mortgage specialists.
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