Arkansas Mortgage Rates and Loan Options
From the Delta to the Grand Prairie, Arkansas is home to over 600,000 acres of lakes and 9,700 miles of streams and rivers, including the Mississippi River, which makes up most of this beautiful state's eastern border.  

In terms of property value, the State of Arkansas ranks among the lowest in the United States, with a median home value of approximately $90,000.  It also ranks among the lowest for property taxes, making it one of the cheapest states in the country in which to own property. 

Arkansas residents benefit from the existence of the Arkansas Fair Housing Commission, whose mission is to ensure fair lending practices across the state.  Its residents are protected from predatory lending companies and mortgage discrimination, and enjoy diverse options for affordable loans and mortgage rates.

Down Payment Assistance for Mortgage Loans in AR
For those on a tight budget with little money for down payments, the Arkansas government offers a down payment assistance program with loans in the form of a second mortgage.  The loan has an extremely low mortgage interest rate, and helps the homeowner cover the closing costs of their first mortgage.

Low Mortgage Rates for Arkansas First Time Homebuyers
First time homebuyers can take advantage of the Arkansas Home to Own program, offered through the Arkansas Development Finance Authority, where a borrower can obtain extremely low AK mortgage interest rates, up to a maximum home purchase price.  

The same loan program also allows first time borrowers using a VA or USDA loan to get as much as 100 percent financing (no down payment) while still not being required to pay mortgage insurance. This allows new homeowners to keep mortgage payments relatively low without sacrificing their down payment dollars.

Arkansas Mortgage Interest Rates for Government Insured Loans
The Federal Housing Administration is a great source for government insured loans made through its lending partners. These loans typically have maximum loan limits which are dependent upon the county and city in which your home or potential purchase is located. Loans made for Fannie Mae or Freddie Mac have a maximum loan limits. For information about current loan limits in Arkansas, please visit: https://entp.hud.gov/idapp/html/hicostlook.cfm. 

Both Fannie Mae/Freddie Mac and conforming FHA insured loans made on homes in Arkansas offer mortgage rates set at the prevailing market rates.  To qualify, banks will review your credit profile and income documentation.

These loans are great options for first-time homebuyers who do not have the ability to save significant down payments. In many cases, FHA loans can be obtained with a down payment that is a very low percentage of the purchase price.