Buying a home, especially your first, can be a life-changing experience. Your community may have measures in place to help you fulfill your dream of homeownership. Check with your loan officer to find out what type of options are available to you.
- Down Payment Assistance Programs for qualified applicants
- Financing of up to 100% or more available to some applicants
- 30 year fixed mortgages
- Income and property restrictions may apply
- Subject to availability in each state
If this is not your first home and you’ve been through this process before, we still have you covered. We can help you decide the best way to structure your loan for your financial goals.
- No private mortgage insurance for loans with 20% down payment
- Private mortgage insurance rates can vary based on credit score and loan to value
- No private mortgage insurance options for less than 20% down payment
- Second mortgage options to eliminate mortgage insurance
The lack of a substantial down payment doesn’t have to end your dream of homeownership. There are programs for low or no down payment options for those looking to finance a primary residence.
- VA loans (see “I’m a Veteran”)
- State Bond Programs
- USDA loans (see “I want to buy a home in a rural area.”
Up to 100% financing is available through:
- Gift funds for down payment allowed
You do not have to be a first time homebuyer for some programs
Loan amounts, income, and property restrictions may apply
Service to our country is a tremendous sacrifice and one that benefits us all. We are committed to making home buying easy and affordable for these American heroes. Veterans Affairs (VA) offers special homebuyer benefits to active duty and qualified veteran members. The VA loan provides 100% financing and flexible qualifying standards.
- Up to 100% financing available
- No monthly private mortgage insurance
- Seller can pay up to 4% of purchase price toward closing costs
- At least one borrower must be a veteran, active duty or reserve member to be eligible
Those who live in regions designated as a Rural Area by the United States Department of Agriculture (USDA) may be eligible for financing up to 100%. USDA loans are often available in areas that seem close to a nearby city. To learn if you are living in a Rural Area, and for more information on USDA income restrictions, click here.
- 100% financing available
- Property must be located in a USDA designated area
- Income restrictions apply
A fixed rate home loan is the preferred choice for many homebuyers. A fixed rate loan provides the peace of mind that comes with knowing your rate will not change over the life span of your loan. This option is especially attractive to buyers who plan on making this their home for many years.
- Rate is fixed for the life of the loan
- Loan term can be 10, 15, 20 or 30 years
- Other loan lengths may be available
For short term investors or others who are confident they will only own their financed home for a limited time, an adjustable rate (ARM) can be an attractive option. The rate is fixed for a small period and adjusts over time, usually 3, 5, 7 or 10 year periods. Sometimes qualifying for an ARM loan can be more restrictive.
- Most loans types are available with an Adjustable Rate
Self-employment is not a barrier to buying a home. The process may be a little different and will require documentation (typically a two-year history) to qualify you for a loan. If you don’t have a two-year history but are still interested in buying a home, contact someone on the Bank of Little Rock Mortgage team.
A past bankruptcy or foreclosure does not necessarily mean you can’t get a mortgage loan. If your foreclosure was three or more years ago, and/or your chapter seven bankruptcy was discharged more than two years ago, there’s a chance we can help. Chapter 13 bankruptcy guidelines vary. Don’t hesitate to talk to one of our bankers today.
Owning a home as an investment can be a great asset. Loans to purchase investment properties can be different from a personal home loan. If you want to be a landlord, we can help you make that dream come true.
- Down payment as low as 20%
- Up to 10 properties can be financed
There are a number of ways we can assist you with your condo purchase. If the condo is qualifying, you can apply for a variety of loan programs. If your condo does not qualify for any of those loan offerings, talk to one of our bankers to learn more about your financing options.
Every day we provide the financing to help clients build their own homes. Give us a call or contact a Bank of Little Rock Mortgage banker today to discuss your plans and the variety of loan options we offer.
- Closing your construction and permanent loan with us could save you on closing costs.
- Our construction loan rates are competitive.
- Based on your expertise, you may be able to serve as your own contractor.