The Best Mortgage Lenders in Drasco, AR
Compare verified mortgage lenders serving Drasco, Arkansas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Drasco
Featured Mortgage Lenders
Arvest Bank Mortgage
Arvest Bank
Arvest Bank is one of the most established and highly-rated regional lenders serving the Drasco area with multiple nearby branches. They maintain exceptional customer satisfaction ratings and offer comprehensive mortgage services including specialized USDA rural development loans that are particularly relevant for Drasco residents. Their local presence in Heber Springs (just 15 miles from Drasco) provides personalized service with the stability of a major regional bank that has served Arkansas communities for over six decades.
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Allied Mortgage
Allied Mortgage & Financial Services, Inc.
Allied Mortgage is a highly-regarded Arkansas-based mortgage company with extensive experience serving rural communities throughout the state. They specialize in USDA loans which are ideal for Drasco's rural classification and have built a strong reputation for competitive rates and exceptional customer service. Their team includes local mortgage experts who understand the specific needs of Cleburne County residents and can navigate the unique aspects of rural property financing.
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First Security Bank Mortgage
First Security Bank
First Security Bank has deep roots in north-central Arkansas with multiple locations serving the Drasco area. They are particularly strong in rural mortgage lending and have extensive experience with USDA loans that benefit Drasco homebuyers. Their local loan officers provide personalized service with quick decision-making and competitive rates. The bank's long history in the region (over 90 years) demonstrates their commitment to Arkansas communities and reliable mortgage services.
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Frequently Asked Questions
Common questions about mortgage lending in Drasco, AR
What are the current average mortgage rates for homebuyers in Drasco, AR?
Mortgage rates in Drasco typically align with national averages but can vary slightly based on local lender competition. As of 2024, conventional 30-year fixed rates in Cleburne County generally range from 6.5% to 7.25%, though rural properties may see slightly higher rates. It's best to compare offers from local Arkansas lenders like First Service Bank or Centennial Bank for the most competitive Drasco-specific rates.
Are there any special mortgage programs for first-time homebuyers in Drasco?
Yes, Drasco homebuyers can access the Arkansas Development Finance Authority (ADFA) Move-Up program, which offers competitive interest rates and down payment assistance. Additionally, USDA loans are particularly relevant for Drasco's rural location, offering 100% financing with no down payment required for eligible borrowers in designated rural areas like Cleburne County.
How does Drasco's rural location affect the mortgage approval process?
Drasco's rural classification can impact lending in several ways. USDA loans are widely available, but some conventional lenders may require additional property inspections for rural homes. Appraisals might take longer due to fewer comparable sales in the area, and well/septic systems often require specific testing that urban properties don't need.
What unique closing costs should I expect when buying a home in Drasco?
Drasco homebuyers should budget for rural-specific costs including well and septic inspections ($400-$600), potentially higher title insurance due to limited records, and additional survey requirements for larger land parcels. Cleburne County also charges typical Arkansas transfer taxes and recording fees, but you may save on some urban expenses like municipal impact fees.
Are there local down payment assistance programs specifically for Cleburne County residents?
While Drasco itself doesn't have city-specific programs, Cleburne County residents qualify for the ADFA Down Payment Assistance program, which provides up to 4% of the loan amount. Some local employers like the Heber Springs School District or Cleburne County offices may offer employer-assisted housing programs, though these vary by institution.
Why Choose a Mortgage Lender in Drasco?
Local Market Knowledge
Lenders who understand Drasco's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Arkansas.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Drasco and get competitive rates on your home loan.