If you think you want to buy a house you need to call me.…..This is a fantastic opportunity for first time home buyers to get into the Real Estate Market, but there is a deadline!

To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as “first time” buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.

Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)

Applying for the credit will be easy – or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.

I am sure everyone has heard there are no more 100% Loans out there….NOT TRUE ! There is. A 0% Down Payment loan called an RD Loan (Rural Development) The USDA loans are set for 30 years at a fixed rate, and there is no limit on the price you pay for the home. The only qualifying factor for the home itself is that it be situated within an approved USDA eligible area. Usually in the outlying areas such as Bella Vista, Centerton, Pea Ridge, Farmington, Prairie Grove, etc… and some parts of Bentonville may be eligible.

Typically, the USDA financing office likes to see a minimum credit score at or very close to 620. Borrowers with credit scores as low as 580 may be approved, however, they may not have any of the following:

  • foreclosure in past 36 months.
  • Bankruptcy discharged within 36 months.
  • More than one 30 day late on consumer debts in past 12 months.
  • Accounts converted to collections within past 12 months.
  • Tax liens or delinquent government debts (including student loans).
  • Judgments outstanding in past 12 months.


Lenders are permitted to use a non-traditional credit report or verify your creditworthiness with other sources, such as: utility payment records, rental payments, insurance payments, child care payments, payments to local stores, payments on medical bills, etc.

There is NO minimum loan amount for the USDA Rural Development loan program. However, maximums do apply. Typically, borrowers are limited to the appraised value of the home plus the 2 percent Guarantee Fee. The great news here is that you may finance 100 percent of the purchase price of your home (102 percent if you are financing in the 2 percent Guarantee Fee).

There are a lot of good deals to be made all over but more importantly right here in Northwest Arkansas. Whether you are a “first time home buyer” or an astute Real Estate Investor, there ARE deals! I have access to all of the Bank Owned Properties that are currently on the market. So Call Me!