If you’re a first-time homebuyer in Arkansas, it’s important to understand the home buying process and prepare accordingly. Here’s a quick guide from Stone Bank to help you navigate the process:
- Determine Your Budget: Before you start house hunting, determine how much you can afford to spend on a home. Use a mortgage calculator to estimate monthly payments, and don’t forget to consider additional costs such as property taxes, homeowner’s insurance, and maintenance.
- Get Pre-Approved: Once you have a budget in mind, get pre-approved for a mortgage from Stone Bank. Our home loan experts will help you understand what type of loan you can qualify for and how much you can borrow.
- Find a Real Estate Agent: A good real estate agent can help you find homes in Arkansas that meet your criteria and negotiate on your behalf. Look for an agent who is knowledgeable about the market in the area of Arkansas you’re interested in and one who has experience working with first-time homebuyers.
- Start House Hunting: With your budget and pre-approval in hand, start looking for homes that meet your needs. Consider factors such as location, size, and features that are important to you.
- Make an Offer: Once you find a home you like, work with your real estate agent to make an offer. They can help you negotiate the price and terms of the contract.
- Inspect the Home: After your offer is accepted, have the home inspected by a professional. This will help you identify any potential issues with the property and make an informed decision about whether to move forward with the purchase.
- Close the Deal: If the inspection goes well and you’re satisfied with the terms of the contract, it’s time to close the deal. This typically involves signing a lot of paperwork, but with Stone Bank’s secure document portal, we’ve streamlined the process to make your closing easy.
With the right preparation and guidance, buying your first home in Arkansas can be an exciting and rewarding experience.
Borrowers with credit score of 580 or higher may qualify for 3.5% down payment. Credit score between 500 and 579 can be eligible for 10% down. The home must serve as the borrower’s primary residence. Max loan amounts available on HUD website and vary by county. Mortgage insurance premiums (MIP) apply. Available for first time home buyers. Closing costs and fees may apply. Appraisal and inspection required. This is not a commitment to lend. Credit and collateral are subject to approval. Terms and conditions are subject to change and are subject to applicants qualification.
Stone Bank is a VA approved lender; Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. VA loans are subject to VA loan limits and eligibility requirements”. All loans are subject to credit and property approval. Rates, terms, and program guidelines are subject to change without notice. Not all consumers will qualify. The VA funding fee may apply and may be financed into the loan amount. VA loans are available for primary residences only and are not intended for investment properties. The term “VA loan” refers to the VA home loan benefit program administered by the U.S. Dept of Veterans Affairs, not a government-issued loan from the private entity. Information on this site is for educational purposes only and should not be considered legal, financial, or tax advice. Official VA resources are available at va.gov. Any questions about VA home loan eligibility, call the VA Loan Service at 877-827-3702.
Stone Bank is not acting on behalf of the USDA, HUD, or the federal government. Not endorsed by or affiliated with USDA. USDA Home loans are subject to income limitations and the property must be located in an eligible rural area. All loans are subject to credit and property approval. Programs, rates, fees, closing costs, terms, and conditions are subject to change without notice. Not all applicants will be approved. USDA Home loans are for primary residences only; investment properties or secondary homes are ineligible. Household income cannot exceed specific limits based on the area’s median income. Upfront and annual guarantee fees may apply. Questions regarding loan officer licensing may visit NMLS at nationwidelicensingsystem.org.