Home Loans, Mortgage, FHA Loan, USDA Rural Development Loans and Mortgage Refinance

Home Loan

Our Mortgage Company Specializes in Home Loans and Mortgages in Northwest Arkansas

FHA loans, USDA and RD Home Loans and Residential Mortgage Loans

Northwest Arkansas Mortgage Company Fayetteville  Springdale  Rogers Bentonville  Bella Vista

NWALending.com is a Mortgage lender that provides expert service to home-buyers in Arkansas. Our Northwest Arkansas location can help you with all of your home loan purchase needs. Our goal is to be the best mortgage lender in the area, and that starts with customer service. NWA Lending offers some the best interest rates available for home loans we are highly competitive and want your business. We also help clients with less than perfect credit, there are loan programs that can help people with challenges like low credit scores, self employed and first time home buyers. Call us to apply for a home loan today.

Home Loans
New homes in Fayetteville Arkansas

FHA and First Time Buyer Loans

How do I get financing for a FHA Loan?

First of all, 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.

Since, the FHA loan is the most forgiving loan and FHA insures the loan for the lender it is a great loan option. 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 600 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.

In addition, 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%. If your credit is greater than 575 but below 600 give us a call we can utilize our rapid re-score program to help improve your FICO mid-score.

Northwest Arkansas

In Arkansas the FHA loan limit is $271,050 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.

Rural Development Home Loan

Rural Development Loan from USDA

Available in Northwest Arkansas. Now with New Lower Upfront fees and Annual Fees, so this makes the RD loan an attractive option for first time home buyers.

USDA Mortgage in Northwest Arkansas

Starting October 1, 2016 the new upfront MI fee dropped to 1.0% down from 2.75% for RD Home Loans. This loan program offers borrowers zero down payment for mortgage loans. Call us for information about property eligibility and income eligibility. This special loan program goes by a few different names. The USDA Loan or Rural Development Loan often referred to as Guaranteed Home Loan offers many benefits to first time home buyers. The main benefit of this loan gives the ability for a borrower to acquire 100% financing. The only other option for 100% financing are VA Mortgages only available to qualified Veterans, so this leaves the RD loan as the only other 100% financing option out there. More…

Jumbo Mortgage Rates

Northwest Arkansas Jumbo Mortgage Loan Programs

NwaLending.com can help you with Jumbo home loan mortgages. We can help borrowers with mortgages over $417,000 up to $2,000,000! To qualify for jumbo loans your FICO score needs to be above 680 (we can help you find out your score and in many cases help you raise your score). Here are a range of offerings for our Jumbo home loan programs:

  1. Low down payment jumbo mortgages.
  2. Split Jumbo Mortgages ($417K first lien conforming loan, with a second loan for the balance of your loan)
  3. Jumbo Bridge Loans (when you are buying a new home but your old home has not yet sold)
  4. Interest Only Jumbo Loans for purchases or refinance.
  5. Cash Out Jumbo Mortgages – fixed and adjustable loan options

 

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