Wouldn’t you want to settle down in the state of Ernest Hemingway, the famous writer or Maya Angelou, the African American poet? You only have to apply for FHA mortgage Arkansas to make this dream come true. FHA Home Loan Group is here to make your application a walk in the park, because we can take you through the pre-qualification stage in minutes, help you find a lender, and assist in making the retailer settle 6% of the closing costs.
Indeed, because FHA mortgage AR comes with as little down payment as 3.5%, you will receive 97% loan-to-value (LTV). This means you will get nearly the total amount of borrowings minus the 3.5% deposit. Here then are the stages you need to pass to make this a reality:
Pre-qualification
In order to pass our pre-qualification stage, you need to affirm to these stipulations:
- Do you intend to make the new home your primary residence?
- Do you have bank statements of the past 60 days?
- Are your tax returns for the last 2 years available?
- Do you have a credit report or a credit score of at least 620?
If the answers are positive to all of the above, you have as good as passed the pre-qualification test for FHA mortgage Arkansas!
Finding an Eligible Lender
The next step to help get the entire 97 percent financing help is to look for a lender. Credible, Housing Department (HUD)-approved institutions should have these qualities:
- They have consistently participated in the program in the past year.
- They offer a competitive interest rate in comparison with their competitors.
- They are certified by HUD to offer FHA mortgage AR.
Settling Closing Costs
The closing costs are easy to settle because they are few. There are even cases where you can hasten the process, as follows:
- Coerce the seller to pay up to 6% of the closing costs.
- Avoid administration costs by applying online but settle only escrow costs, such as, documentation fees.
- The government, a relation or an NGO can help pay part or all the money down on FHA mortgage Arkansas.
Arkansas State also allows the residents to receive grants equal to 6% of the deposit from the government.
Property Requirements
After passing the above stages, you may also want to ease your way through the remaining obligations, including property stipulations. FHA mortgage AR has the following requirements concerning your future home:
- Look for a home that does not exceed the amount you can borrow. The average borrowing limit for most counties is $271050, for a single-family unit.
- The home must be in a county within the state.
- The property ought to be a condo, an existing one-to-four unit, a planned development or a mobile home.
There is indeed a very easy chance to secure FHA mortgage Arkansas by applying through FHA Home Loan Group. This is the only program other than USDA and VA that offers you more than 97% worth of actual financing, thanks to the guaranteed status of the program that removes much of the conventional down payment.
Please talk to us today, let’s help you. Call [888] 2024479