Arkansas Mortgage Guide ? Help for Finding the Right Mortgage

Getting an Arkansas mortgage is easier than ever when you know what programs are available. Arkansas offers some of the best state and federal home loan programs out there. Considering that mortgage rates are still at almost a record low, it just makes since to know your options.

FHA Loan Program ? Purchase and Refinance

This is an excellent mortgage choice for individuals seeking financing for a purchase or refinance. FHA loan limits are currently $271,050 for a single family resident; $347,000 for a duplex; $419,425 for a triplex and $521,250 for a 4-unit (loan limits are subject to change so check with your lender.) These mortgages are also flexible allowing more people to qualify; the Federal Housing Administration (FHA) insure these mortgages, which in turn makes the loan less risky for your lender, allowing them to offer better terms for your loan. FHA loans were created to promote homeownership. Whether you are looking for an Arkansas mortgage with a low down payment or you?ve had credit issues in the past, an FHA loan might be an ideal solution. For a purchase FHA loan, the down payment can be as low as 3.5%. When refinancing, an FHA loan will allow you to refinance up to 97.75% of your home?s value; and even offers up to 85% cash-out if your are trying to pull the equity out of your home to use for other reasons. If you already have an FHA loan and are just looking to refinance it, you may qualify for FHA refinancing with a lower rate and lower monthly payment; this involves very little paperwork and no new home appraisal is required.

Buying a fixer-upper? ? Discover a FHA 203K loan

FHA 203K mortgage can be an excellent choice if you are considering purchasing a property that will need considerable repairs to rehabilitate the property. In many situations, buyers wanting to purchase and rehab properties are faced with having to obtain an Arkansas mortgage first to buy the home, then find additional financing to do the rehab work. Big advantages to this program are: borrowers can obtain a single long term fixed mortgage or adjustable rate; and the amount of the loan will be based on ?projected value? of the home once the work has been completed. Other limitations and qualifications apply to this loan so check with your lender.

Reverse Mortgages ? Choices for Seniors

Thanks to federal legislation, the elderly can get bigger Arkansas mortgage with smaller origination fees, making reverse mortgages a smart, practical option for seniors who are struggling financially but have good equity in their homes. Many seniors are turning to reverse mortgages to secure their retirement income. With a reverse mortgage, you get a loan against your home that you don?t have to pay back as long as you continue to live in it. The lender advances you the equity you have in your home while you continue to live there (usually in monthly payments.) You are allowed to live in the home until the last borrower on the loan dies, sells the home or moves away; any remaining equity in the home belongs to you or your heirs. Instead of making payments on these mortgage loans, the loan pays you. Borrowers must be 62 years or older; there in no income restrictions and credit isn?t an issue either.

These are just a few programs available for an Arkansas Mortgage. We?re mortgage.org and mortgages are all we do. Contact us today and let us help you find the perfect mortgage for your situation!