Think of buying a home in the Fort Smith Real Estate Market? Great, but there are a few changes within the mortgage industry that you need to consider. Lenders have tighten their rules and regulations across the nation, and Fort Smith Real Estate Market is NOT an exception to the rule. Fort Smith home sales are still very good, but you should be aware of some mortgage changes as well. Be sure to contact your lender to make sure you are getting the loan that best suits your needs!
Key Changes:
FHA: Effective January 1, 2009 – New LTV will be 96.5%. Borrower must make a 3.5% investment. The buyer’s closing cost cannot be financed into the loan, as closing cost will not be considered in meeting the cash investment requirement.
ADFA (First Time Home Buyer): Effective Friday, October, 10th, 2008, ADFA's 1st mortgage rate will adjust regularly as market conditions change. Please contact your lender to check on the current rate. Since the rate can change at any time you can go on the ADFA website at http://www.arkansas.gov/adfa/ to find the current rate. This change is simply to bring ADFA in line with the way other investors make rate changes.
Previous Bankruptcy: New requirements extend minimum allowable time prior between file date of the bankruptcy and the date of the credit report from 24 months to 48 months. 
If you are looking to Buy or Sell a home in the Fort Smith Real Estate Market, remember, "To Buy or Sell'um, Call Ray Nellum" 479-414-1894. I look forward to helping you with all of your Fort Smith Real Estate Needs!!
