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Arkansas Mortgage - What to Expect When Buying a Home in Arkansas
Maybe you are buying your first home in Arkansas, or perhaps you are relocating to Arkansas from another state. Either way, its important that you educate yourself on Arkansas home loans before shopping for a home and mortgage. This article explains what you will need to know before buying a home in Arkansas:
The median price of a home in Arkansas is $72,800. The price of homes in Arkansas varies widely between zip codes. For example, in Fayetteville, Arkansas, the median price of a home in the summer of 2005 was $207,000; however, in both Little Rock and Fort Smith, Arkansas, the median price of a home was $165,000. Average interest rates in Arkansas are among the highest in the nation.
Arkansas law states that closed-rate second-rate mortgages and home equity lines of credit are not eligible for purchase. In addition, Arkansas Income Tax Surcharge Act imposes a 3% levy on Arkansas taxpayers.
Arkansas HomeToOwn program offers FHA and VA programs to qualified residents, and they offer programs like the Community Home Buyer Program, Fannie Mae My Community Mortgage program, and Rural Development program. All of these programs offer below-market interest rates and down payment assistance to qualified buyers.
Jessica Elliott recommends that you visit Mortgage Lenders Plus.com for more information about Arkansas Mortgage Rates and Loans .
More Useful Resource and Updates on current mortgage rate mortgage rates lowcostmortga
- How the interest rate cut could affect us (icWales)
Nigel John, managing director of Hern & Crabtree estate and letting agents, based in Cardiff, said: ?The rate cut could be amazing news for the housing market as long as the mortgage lenders pass on the reduction in the cost of borrowing.
- (AFX UK Focus) 2008-11-05 21:35 US mortgage rates fell on Wednesday - BestInfo (Interactive Investor)
NEW YORK, Nov 5 (Reuters) - The average rate on a 30-year U.S. mortgage with no upfront points fell 1/8 of a percentage point on Wednesday to 6 percent, according to BestInfo Inc. If the mortgage market on Thursday continues in its current direction, rates may remain the same. The 30-year mortgage rate with one upfront point fell 1/8 of a percentage point to 5-3/4 percent. The 30-year mortgage ...
- Banks that pocket rate cuts face tougher action (Independent)
Gordon Brown urged the banks to pass on the full benefit of yesterday's surprise 1.5 per cent cut in interest rates to mortgage-holders and small businesses. His call came as Labour MPs called for legislation to force banks to lower their mortgage rates in line with rate reductions by the Bank of England to ensure that the impact of the downturn is softened and people who need it most get help.
- It's time to think about refinancing that high-rate mortgage (The Record)
Many Americans affected by the economic crisis want their unaffordable mortgages reworked through special programs for people facing foreclosure. But you don't have to be in financial trouble to benefit from mortgage refinance, real estate experts say.
- Companies cutting jobs early in current slump (The Columbus Dispatch)
Steven Ridenhour knows how to build a car. But after the Chrysler plant where he worked for 15 years in suburban St. Louis shut down last week, Ridenhour has little else to show on his resume.
- Perpetual reopens income/mortgage funds (The West Australian)
Fund manager Perpetual Ltd has re-opened applications for its income and mortgage funds at the request of a number of clients.
- Jobless rate jumps to highest since '94 (Denver Post)
The nation's unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, far worse than economists expected and stark proof the economy is deteriorating at an alarmingly rapid pace.
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