Bella Vista, AR Mortgage Rates today
Total Mortgage is a leading mortgage lender in Arkansas. We are here to assist you in securing competitive Arkansas mortgage rates. We compare the current rates from different sources, such as credit unions, lenders, and mortgage companies, across the state to find the right financing options for existing homeowners. Here, you will find the most competitive interest rates in the state. We aim to help you save monthly money on your Mortgage and quickly achieve your homeownership dreams. If you have any doubts or queries about the process of securing the most competitive mortgage rates in Arkansas, feel free to contact our team. Total Mortgage has the vision to help Arkansas first-time home buyers find the rates for a hassle-free homeownership journey.
If you have any questions about securing the best mortgage rates in Arkansas, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
Compare today's mortgage rates for Bella Vista, AR
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5.750%
6.531% APR
$2,989/mo
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6.625%
7.087% APR
$2,305/mo
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5.750%
6.792% APR
$2,287/mo
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6.375%
7.453% APR
$2,246/mo
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5.750%
6.373% APR
$2,127/mo
infoLatest revision - November 04 2024 12:30pm EST.We update the table twice every day with the current mortgage rates.
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Frequently Asked Questions
What is considered a reasonable mortgage interest rate?
If you are taking a mortgage, you need to consider the interest rate, annual percentage rate (APR), closing costs, and other fees applicable to the loans. You must compare all these metrics from lenders you are interested in to choose the best one for your property.
Should I lock my mortgage rate?
Locking the mortgage rates is a good idea, as these rates are subject to different market changes. The rates could be rising, and once you lock the rates, you pay a monthly fixed mortgage payment. Also, if you expect a potential increase consequent to a Federal Reserve meeting, consider locking the mortgage rates.
Arkansas First-Time Home Buyer Programs
ADFA Move-Up Loan Program
Run by the Arkansas Development Finance Authority (ADFA Arkansas), the Move-Up Program is the best for people with low & moderate incomes to buy homes. Some of the features of the program are -
- 30-year fixed mortgage rates in Arkansas
- It can be used with a traditional loan, or a government-guaranteed, or an insured loan.
- You can qualify for even lower mortgage rates if your annual income is less than 80% of your AMI.
- Use this program with other financial assistance programs in Arkansas run by ADFA.
Buyers need to meet the following criteria -
- The home must be your primary residence. It should be a single-family home.
- Taking a homebuyer education course is mandatory, especially if you are a first-time home buyer in Arkansas.
- Your yearly income should be less than $137,000.
- The credit score should be at least 640 or more.
- 45% debt-to-income ratio.
Down Payment Assistance in Arkansas
Arkansas Dream Down Payment Initiative (ADDI)
This is another exciting offer from ADDI. Under this Arkansas Dream down payment initiative (ADDI), homebuyers can get up to 10% of the purchase price of their home or up to $10,000. It is for low-income borrowers. The US Department of Housing and Urban Development funds the Arkansas Dream down payment initiative.
Key features of the program are -
- It is a second loan assistance.
- It is forgivable after 5 years.
- Requires no monthly payment.
- First-time home buyers in Arkansas can use this program to obtain free MCC.
- The income limit for this program is fixed.
- The purchase price limit is location-based.
- Applicants need to finish an eight-hour homebuyer education course till the loan closes.
Mortgage Credit Certificate (MCC)
Applying for an MCC helps lower the tax bills. This is available in conjunction with the ADFA Move-Up loan program. It is available as a first-time home buyer loan in Arkansas. It is also available to veterans and their better halves and for people interested in buying a home in an area in the state that is IRS-marked as an 'area of chronic economic distress.'
Key features of the program are -
- Annual tax credit up to 35% of the interest
- Up to $2,000 annually as tax credit
- These facilities are available until the homebuyer occupies the property as their primary residence.
- A recapture tax applies if the homebuyer sells the home within the first nine years. A tax expert is the right person to speak to to understand the implications.
Qualification criteria for homebuyers -
- A household income limit is applicable depending on the family's size and the county's location.
- The purchase price of the property should not be more than $300,000.
- It is essential to apply for MCC to get maximum benefits before closing the Mortgage.
- 0.50% of the Mortgage is payable as a one-time issuance fee.
ADFA Down Payment Assistance (DPA)
If you are eligible for a Move-Up loan, you may also qualify for another ADFA Arkansas program, which is the DPA program (Down Payment Assistance in Arkansas). Homebuyers get closing cost assistance between $1,000 and $15,000. This is a second mortgage with the same mortgage rates as the Move-up program, but it needs to be repaid in 10 years.
Other Arkansas Homebuyer Programs
The below mentioned programs are for informational purposes only and may not be offered by Total Mortgage. We strive to provide comprehensive information about various mortgage assistance options available in the market. Eligibility requirements and program availability vary depending on your location, income, and loan type. We recommend you contact a Total Mortgage Loan Officer directly for details on qualification and enrollment. Check your eligibility(app.totalmortgage.com/apply?utm_source=assistance-programs)
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
Little Rock Down Payment Assistance Program
Little Rock Down City offers financial assistance in Arkansas to buy a suitable property within the city limits. Down payment assistance is up to 6% of the property purchase price up to $10,000. It is ideal for low- and moderate-income groups, especially first-time homebuyers in Arkansas. Forgivable after five years, this loan is available only through lenders physically present in Arkansas.
Jonesboro Homeownership Assistance Program
This program is aimed at low- and moderate-income first-time home buyers in the city of Jonesboro. Under this program, homebuyers are eligible for down payment assistance and closing costs in Arkansas. The funds are directly transferred to the applicant's title company. It is imperative that the HUD Housing Quality Standards and federal income rules are met. Homebuyers need to finish a HUD-approved education course for homebuyers.
FHA Loans
The Federal Housing Administration offers mortgage loans funded by private mortgage lenders. The minimum credit score is 580, and down payment assistance is up to 3.5%. If the credit score is 500 or lower, buyers can get 10% down payment assistance.
VA Loans
This loan is for veterans, active service members, and spouses. It is one of the most popular programs with first-time homebuyers in Arkansas, as the rates are competitive and no down payment is required.
USDA Loans
If you wish to buy a home in a rural state setting, the USDA loan is a great way to fund your home. There is no down payment required.
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
*Terms and Conditions Apply. For complete details click here.
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Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.
