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Guide to Arkansas Mortgages
Maybe you are buying your first home in Arkansas, or perhaps you're relocating to Arkansas from another state. Then again, you may be a long-time Arkansas resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Arkansas home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Arkansas:
The median price of a home in Arkansas is $211,500. Recently, homes in Arkansas have been appreciating at rates well above the national average. As a result, income levels in many parts of Arkansas are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Arkansas are below the national average, Arkansas has one of the lowest levels of home affordability in the nation.
In Arkansas, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Arkansas's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Arkansas law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Arkansas law enacted a set of anti-predatory lending laws in order to help protect Arkansas homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Arkansas, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Arkansas FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Arkansas's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Arkansas also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Arkansas's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Arkansas Housing Finance Agency.
Last Updated: Tuesday, October 07, 2008
Arkansas Real Estate Market View
updated Tuesday, October 07, 2008
| Housing & Social Facts |
Arkansas |
United States |
| Total housing units |
1,249,116 |
n/a |
| Owner-occupied housing units |
67.8% |
66.9% |
| Renter-occupied housing units |
32.2% |
33.1% |
| Vacant housing units |
12.9% |
10.8% |
| Average Home Value |
$87,400 |
$167,500 |
| Average Mortgage Payment |
$842.00 |
$1,295.00 |
| Average Rental Payment |
$276 .00 |
$388.00 |
| Total Population |
2,701,431 |
n/a |
| Percentage Male |
48.7% |
49.0% |
| Percentage Female |
51.3% |
51.0% |
| Median Age |
37.0 |
36.4 |
| Under 5 years |
6.9% |
7.0% |
| 18 years and over |
75.1% |
74.6% |
| 65 years and over |
13.5% |
12.1% |
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1 Year Market Value Change for Arkansas |
| 1yr | 5yr | 10yr |
 |
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Popular Arkansas Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Benton |
21,906 |
$41,503 |
| Bentonville |
19,730 |
$39,936 |
| Conway |
43,167 |
$37,063 |
| El Dorado |
21,530 |
$27,045 |
| Fayetteville |
58,047 |
$31,345 |
| Fort Smith |
80,268 |
$32,157 |
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| Regions Mortgage |
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The new Regions Mortgage, headquartered in Memphis, Tenn., is one of the nation's top residential mortgage loan originators and service providers. The new balanced and focused mortgage business, which includes warehouse lender Regions Funding and Top 15 non-conforming wholesaler EquiFirst, offers a full array of residential mortgage products and services through its retail, wholesale and correspondent lending channels and a warehouse lending banker/broker. The new Regions Mortgage was formed as a result of the merger of Regions Financial Corp. and Union Planters Corp. to create the new Regions Financial Corporation. Legacy mortgage groups Regions Mortgage and Union Planters Mortgage joined forces and now offer better and more efficient service as the new Regions Mortgage. With operations throughout the South, Midwest and Texas, the new Regions Mortgage's primary business focus is the origination, marketing and servicing of long-term mortgage loans. Homebuyers have a large selection of more than 100 financing options from which to select - from conventional loans to niche mortgage products. With offerings that include fixed and adjustable terms, 100% financing programs, jumbo loans, FHA/VA loans, second home loans and investment property loans, Regions Mortgage is able to assist customers at every stage of life with their varying needs. Customer Service:
Regions Mortgage Customer Service
P.O. Box 18001
Hattiesburg, MS 39404-8001
800-986-2462
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| ENG Lending |
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At ENG Lending, we believe the future of finance is combining top-notch technology with old-fashioned customer service. When you work with us, you are not a "loan applicant" or "credit score." You are a unique individual with a dream. Our expert loan officers with years of experience are here to assist you live your passions and discover the home equity, home refinance or new home purchase loan that suits your lifestyle and needs. It is your home loan, your way. That is the future of finance. In the complex world of 80/20 financing, loan to values, credit scores, sub-prime and conforming, No Doc, No Down, etc.… we at ENG keep the loan process simple. We realized long ago that our customers were looking for two things and two things only: The best loan with the lowest possible rate, and the highest standards of customer service which is what we provide. Zero intimidation, zero confusion, and zero hassle! We are changing the mortgage industry one happy customer at a time, and our commitment to this high standard has spread like wildfire. We do not spend hundred of thousands of dollars on mass advertising campaigns, Super-Bowl sponsorships, or other flaunty promotions to gain business. Instead, we focus on simple, honest communication with our customers. Our philosophy of one happy customer equals five new happy customers has proved true- and as long as people adhere to this time-honored tradition, we will continue to grow. Corporate Headquarters:
ENG Lending
#5 Statehouse Plaza, Suite 500
Little Rock, AR 72212
501-687-BANK (LOCAL)
501-687-9000 (FAX)
1-866-878-BANK (TOLL FREE)
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| Nationwide Lending Group |
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Thank you for choosing Nationwide Lending Group as your broker of choice. We have developed nationwide loan officers in order to personalize your experience with us.
Our commitment is to provide excellent service at competitive rates. We at Nationwide Lending Group pride ourselves on our professional staff. Employing individuals who are both highly experienced and knowledgeable and who are passionate about their mission to help consumers achieve home ownership, a staff is in place whose performance is unparalleled. Whether you are in California, Florida or in those states in between, we can help. We can provide financing in all 50 states, so remember we are just a phone call away. Customer service is our focus. Your satisfaction and referrals are the future of our business. Let us be your guide through all of the current mortgage options and business transactions. Nationwide Lending Group maintains valued relationships with numerous investors that enable us to provide a broad range of mortgages. We have the ability to bring every option to you, from 100% financing programs to Pick-A- Pay mortgages. We also maintain a network of reliable, high quality appraisers, settlement agents, and other professionals required to complete your mortgage transaction. Nationwide Lending Group
One Nationwide Plaza
Columbus, OH 43215
Voice: 866-236-7799 ext 400
Fax: 877-860-3199 Nationwide Lending Group is a real estate broker licensed by the AR Dept of Real Estate License
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