The Best Mortgage Lenders in Summit, AR
Compare verified mortgage lenders serving Summit, Arkansas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Summit
Featured Mortgage Lenders
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender with a strong presence in Arkansas, known for its exceptional customer service and competitive rates. Founded in 1996, it has built a reputation for reliability and efficiency, offering a wide range of loan products tailored to first-time homebuyers and experienced investors alike. With high customer satisfaction ratings and a commitment to community involvement, Fairway is a trusted choice for mortgages in the Summit area, providing personalized support through local loan officers.
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New American Funding
New American Funding
New American Funding is a highly regarded mortgage lender with a significant footprint in Arkansas, offering innovative loan solutions and dedicated local service. Established in 2003, it emphasizes diversity and customer care, with competitive rates and a streamlined application process. The company has received numerous awards for its excellence in lending and community support, making it a reliable option for residents in Summit seeking flexible mortgage options and expert guidance.
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LoanDepot
loanDepot, Inc.
loanDepot is a nationally recognized mortgage lender with a strong regional presence, providing efficient and technology-driven loan services to clients in Summit and across Arkansas. Founded in 2010, it combines digital convenience with personalized support, offering competitive rates and a variety of loan products. Known for its quick processing and high customer satisfaction, loanDepot is a popular choice for those seeking reliable mortgage solutions with a modern approach.
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Frequently Asked Questions
Common questions about mortgage lending in Summit, AR
What are the current average mortgage rates for homebuyers in Summit, AR?
Mortgage rates in Summit typically align with national averages but can be slightly lower due to the rural nature of the area and lower cost of living. As of late 2024, 30-year fixed rates in Summit generally range from 6.5% to 7.25%, though this varies by lender, credit score, and loan type. Local credit unions like Diamond Lakes Federal Credit Union often offer competitive rates for Summit residents.
Are there any first-time homebuyer programs specifically available in Summit, AR?
Yes, Summit homebuyers can access the Arkansas Development Finance Authority's (ADFA) First-Time Home Buyer Program, which offers competitive interest rates and down payment assistance. Additionally, the ADFA's Mortgage Credit Certificate program provides a federal tax credit to help reduce your tax liability. Local lenders are familiar with these programs and can guide you through the application process specific to Summit's housing market.
How does Summit's rural location affect the mortgage approval process?
Summit's rural classification can impact mortgage lending through USDA Rural Development loans, which are widely available here and offer 100% financing with no down payment required. However, some lenders may require additional property inspections due to the area's older housing stock and potential well/septic systems. Appraisals might also take slightly longer as appraisers often travel from larger nearby cities.
What types of properties in Summit typically qualify for USDA loans?
Most properties within Summit's city limits and surrounding Pike County qualify for USDA Rural Development loans, given the area's rural designation. Eligible properties include single-family homes, approved condos, and manufactured homes that meet USDA property requirements. The home must be your primary residence and located in an eligible rural area, which encompasses nearly all of Summit and its vicinity.
Are there local down payment assistance programs available for Summit homebuyers?
Yes, through the ADFA's Down Payment Assistance program, Summit homebuyers can receive up to 4% of their loan amount as a second mortgage that's forgiven over time. Some local employers, including the school district and healthcare facilities, may offer employer-assisted housing programs. Additionally, several Summit-area lenders provide their own down payment assistance options for qualified buyers with moderate incomes.
Why Choose a Mortgage Lender in Summit?
Local Market Knowledge
Lenders who understand Summit'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 Summit and get competitive rates on your home loan.