Arkansas FHA Loan
Everyone wants to have their own beautiful home and if you are looking to purchase a nice and cozy home in the heart of Arkansas then all you need is a Arkansas FHA loan. According to census data collected for the year 2000 there were 1,173,043 housing units in Arkansas, which is a 17.2% increase from the 1,000,667 home units in 1990. Out of these 609,188 housing units were located in urban areas or clusters, while 563,855 were located in the rural area. Home ownership rate in Arkansas is about 69.4% while the Arkansas vacancy rate, that includes seasonal lodging, is about 11.1%. The average household size in Arkansas is 2.49 people.
There are different Arkansas FHA Loans available for home buyers and homeowners alike:
- The FHA Streamline Refinance program offers homeowners a low cost way of improving rate and terms on their existing Arkansas FHA loan
- Arkansas Home Buyers can get either a traditional Fixed Rate or one year Adjustable Rate Mortgage with FHA
- Individual Arkansas homeowners 62 or older are eligible for the outstanding income supplement of the FHA Reverse Mortgage program
- FHA Arkansas opportunities means you can get a manufactured home loan if the mobile home to financed meets age requirements and is tied to land
- The FHA 203K program offers Arkansas residence huge benefits
- Every FHA mortgage has VERY competitive FHA rates, regardless of credit score
The Federal Housing Administration or FHA is a part of the Department of Housing and Urban Development (HUD) and it administers various single family mortgage insurance programs including in Arkansas. Now all of these programs operate with assistance from FHA-approved lending institutions or through an Arkansas Mortgage company. This mortgage lender in Arkansas has to submit applications so that the property can be appraised and also to get the buyer's credit approved. The lenders fund the mortgage loans which in turn are insured by the FHA. HUD is not responsible for making direct loans to help people buy homes.
The 203(k) loan program is another FHA Arkansas program that is used primarily for rehabilitation and repair of single family homes or properties. It is an important program for the Arkansas community and neighborhood revitalization and it helps in expanding home ownership opportunities.
There are many Arkansas residents who have used the Section 203(k) program successfully in partnership with state as well as the local housing agencies and nonprofit organizations to rehabilitate various real estate properties.
The FHA Department believes that this program is an excellent opportunity for an mortgage lender in Arkansas to demonstrate their commitment towards lending to lower income communities. This will also make sure they meet their responsibilities under the Community Reinvestment Act (CRA).