Arkansas Home Buying
New home buyers and those interested in real estate investing are looking to new developments by builders such as Anderson Construction. This company is building “green” homes in the Mountain Home or Twin Lakes area, whereas luxury homes in Arkansas are being constructed by Conway Custom Builders in Conway and Faulkner area.
With lending guidelines tightening to obtain a home mortgage, it’s taking first time home borrowers and those interested in real estate investing longer to obtain a mortgage loan for both new and existing homes. Borrowers interested in improving their credit rating are reviewing their credit score then taking appropriate action to increase their number. Typically mortgage lenders and mortgage brokers in Arkansas are looking for scores over 700, along with a traditional 20% down payment. Lenders are advising borrowers to obtain a copy of their credit rating through a national credit bureau reporting service before applying for a mortgage loan. Review and repair the report by correcting inaccuracies or old information that is still lingering on the report. Also, use mortgage calculators or a home purchase calculator to determine how much house is affordable.