Is the Fort Smith Real Estate Market UP or DOWN? Either way, as a buyer in the Fort Smith Real Estate Market, you’ve got to stay informed on consistent. Those changes can and will have a huge impact on your purchase power when it comes to buying a home in the Fort Smith Real Estate Market Area!
The Arkansas Development Finance Authority a.k.a. ADFA is Arkansas’ largest source of low-cost financing for low-to-moderate income housing development, small industries, government, education, agricultural business enterprise & health care.
Long story short! They help First time home buyers with additional finances to purchase a home. A buyer’s purchase power is very important!
ADFA is very pleased to announce that effective Tuesday, April 28, 2009 the interest rate on our 30 year fixed rate first mortgage will be 5.25%. There will continue to be a 1% loan origination fee ( to the lender) and a 1% discount fee ( to ADFA). This is a very limited amount of “recycled” mortgage revenue bond proceeds that is available at this rate. This rate is available only for new reservations on government loans (FHA, RD, VA). They are not accepting any reservations for conventional loan products.
NOTE: Loans already reserved cannot be cancelled and re-reserved at the new lower rate.
ADFA continues to offer two forms of down payment assistance for our borrowers. Our regular DPA “hard” second mortgage is available at an interest rate of 5.50%. Also, a forgivable “soft” second mortgage is available from the HOME Dept. at ADFA.
If you would like additional information on whether you qualify for this program, please call me at 479-414-1894 or email me at Ray@RayNellum.com . I will be very happy to walk you through the process.
