Arkansas Mortgage Loans

Griffin Funding proudly serves borrowers throughout the entire state of Arkansas. Whether in a major urban center or a rural community, we provide mortgage loans and personalized financing solutions to meet your needs. Here are a few of the areas we serve:

• Little Rock
• Fayetteville
• Fort Smith
• Springdale
• Jonesboro
• Rogers
• Conway
• Bentonville
• Pine Bluff
• Hot Springs

We offer a comprehensive range of Arkansas home loans to meet your needs. Whether you’re a first-time home buyer in Arkansas, a veteran, or a self-employed individual, we have loan programs for every type of borrower. Some of our most popular mortgage loan types include:

• VA loans: These government-backed mortgages are available to eligible borrowers, active-duty service members, and surviving spouses. VA loans come with competitive interest rates, no down payment requirements, flexible qualification criteria, and the ability to purchase many different types of homes, from mobile homes to single-family residences.
• Bank statement loans: Bank statement loans are ideal for self-employed borrowers who may have non-traditional income documentation. Instead of tax returns, lenders evaluate income based on bank statements, making it easier for entrepreneurs to qualify for a mortgage.
• DSCR loans: Debt service coverage ratio (DSCR) loans are commercial mortgage loans that evaluate a property’s income-generating potential. DSCR loans are best for investors purchasing rental properties or commercial real estate.
• Conventional loans: Conventional loans are traditional mortgages not backed by the government. They require a down payment and tend to have stricter qualification requirements than government-insured and non-QM mortgage loans. Traditional loans are best suited for borrowers with strong credit profiles.
• Asset-based loans: Asset-based loans use your assets, such as savings, investments, or real estate, and convert them into cash to determine your loan eligibility. These loans are beneficial for high-net-worth individuals or those with substantial assets but irregular income streams.
• ITIN loans: Individual taxpayer identification number (ITIN) loans are designed for non-US citizens and individuals without a Social Security number who wish to purchase a home.
• USDA loans: This type of mortgage is backed by the US Department of Agriculture (USDA) and is designed for borrowers purchasing homes in eligible areas. USDA loans have low to no down payment options, making homeownership more accessible.
• FHA loans: FHA loans provide a great home financing option for first-time buyers and those with less than perfect credit. Down payments for FHA loans can be as low as 3.5%.
• Home equity loans: With a home equity loan, you can pull equity out of your home and get funds that can be used for renovations, repairs, or any other major expense.

Arkansas mortgage rates can fluctuate based on various factors, such as the type of mortgage you choose, your creditworthiness, and the loan amount. Generally, mortgage rates are influenced by economic conditions, including changes in the broader financial markets and policy decisions by the Federal Reserve. 

To get an accurate picture of mortgage rates in Arkansas, borrowers typically need to consult with lenders directly or review updated rate information on financial websites. Lenders also offer different rates for various types of mortgages, and these rates can vary based on individual borrower profiles and market conditions. 

Working closely with an Arkansas mortgage lender like Griffin Funding can help you understand current mortgage rates and find the best financing options for your needs.

Securing the best rate on your Arkansas mortgage can help you save on payments in the long run. To ensure favorable terms, consider the following: 

• Choosing the right loan type: Government-backed loans, such as VA and USDA loans, offer more competitive interest rates because they’re backed by federal agencies, making them a favorable option for eligible borrowers. On the other hand, non-QM loans are typically best for self-employed borrowers and real estate investors
• Maximize credit score: A higher credit score typically results in lower interest rates. To improve creditworthiness, pay bills on time, reduce debt over time, and correct any errors in your credit report. 
• Pay off debts: Lowering your debt-to-income (DTI) ratio demonstrates financial responsibility to lenders, potentially leading to lower interest rates on your Arkansas mortgage.  
• Make timely payments: Consistently making on-time payments on existing debt showcases reliability to lenders and can increase your credit score, increasing your odds of securing a lower mortgage rate.  
• Make a larger down payment: The higher your down payment, the lower the lender’s risk, which may result in a lower interest rate on your mortgage loan. Additionally, the higher your down payment, the lower your principal loan amount, which can reduce your monthly payments and how much you pay over the life of the loan. 

Arkansas offers various home-buying programs to assist residents in achieving their homeownership goals. These programs provide financial assistance, favorable terms, and education to help individuals and families: 

• Arkansas Development Finance Authority (ADFA) programs: ADFA offers several programs to assist first-time home buyers and low-to-moderate income individuals with down payment assistance, closing cost assistance, and affordable mortgage options. 
• Arkansas Dream Down Payment Initiative (ADDI): ADDI gives down payment and closing cost assistance to low-income first-time home buyers in targeted areas of Arkansas, helping them overcome financial barriers to homeownership.
• Good Neighbor Next Door Program: This HUD-sponsored program offers eligible law enforcement officers, teachers, firefighters, and emergency medical technicians (EMTs) a 50% discount on the list price of a HUD-owned home in revitalization areas, encouraging homeownership in these communities. 

Griffin Funding is a trusted Arkansas mortgage lender with a comprehensive list of mortgage loan options tailored to your unique financial needs. We’re committed to providing personalized service and competitive rates. Whether you’re purchasing your first home, refinancing, or investing in real estate, our experienced team guides you every step of the way. 

Plus, the Griffin Gold app makes managing your mortgage application and payments easier than ever. Our app lets you track your loan and communicate with us conveniently from your mobile device. 

Apply for an Arkansas mortgage loan today to secure the best home loan for you.