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IRS offers incentive to first-time homebuyers in Arkansas

IRS offers incentive to first-time homebuyers in Arkansas

The Arkansas Development Finance Authority (ADFA) recently introduced a program that offers a Federal Tax Credit for First-Time-Homebuyers.  It is called the Mortgage Credit Certificate (MCC) Program.  The MCC Program is offered by the Internal Revenue Service to encourage borrowers to buy their first home. 

For borrowers that qualify, if offers them up to a $2,000 Federal tax credit for each year that the house they are buying is used as their principal residence.  To qualify borrowers must be first-time-homebuyers, except in targeted counties; must meet household income limits, which vary by county; and not exceed a purchase price of $225,000.  The MCC is not part of the home financing, but rather an incentive the IRS offers to get first-time-homebuyers to buy a home.

Quapaw Quarter among 'Best Old House Neighborhoods'

Quapaw Quarter among 'Best Old House Neighborhoods'

Little Rock’s Quapaw Quarter, which includes downtown and several adjacent historic neighborhoods, has been named one of the best places to buy an old house by This Old House Magazine.  The magazine states, “Anyone looking for a more laid-back lifestyle that includes more strolling than driving would be wise to check out the Quarter. There are also community gardens, farmer's markets, museums, theaters, and hospitals, all within walking distance. Most restoration work in the National Historic Districts is eligible for state rehabilitation tax credits.”

The article is available online here; the print edition will be released at a later date.

Foreclosure rates decrease in LR Metro area

Foreclosure rates decrease in LR Metro area

LITTLE ROCK, Ark. (KTHV) -- A new housing report out Monday indicates foreclosure rates in the Little Rock-North Little Rock-Conway area are falling.

These figures – coming from CoreLogic – show foreclosure rates in November 2011 at nearly one and a quarter percent.

Down from this same time last year, that rate is also lower than the national foreclosure rate, which still sits at almost three and a half percent.

The report also says homeowners are having trouble keeping up with their house payments.

The local mortgage delinquency rate is over five and a quarter percent – more than it was at this time last year.

Foreclosure rates fall

Foreclosure rates fall

LITTLE ROCK, Ark. (KTHV) -- A new housing report out today indicates foreclosure rates in the Little Rock-North Little Rock-Conway area are falling. These figures – coming from CoreLogic – show foreclosure rates in October 2011 at nearly one and a quarter percent.

Down from this same time last year, the rate in the area is also lower than the national foreclosure rate.

That rate still sits at over three and a half percent.

The report also says homeowners are having trouble keeping up with their house payments.

The local mortgage delinquency rate is over five percent – more than it was at this time last year.

Housing Authority gets new name, new identity

Housing Authority gets new name, new identity

Agency Commits to Giving Every Street a Neighborhood, Making Every House a Home

Foreclosure rates drop, homeowners still struggling

Foreclosure rates drop, homeowners still struggling

LITTLE ROCK, Ark. (KTHV) -- A new housing report out today indicates foreclosure rates in the Little Rock, North Little Rock and Conway areas are falling, despite the fact many are behind on their house payments.

These figures – coming from CoreLogic – show foreclosure rates in September 2011 at nearly one and a quarter percent.

Down from this same time last year, the rate is also lower than the national foreclosure rate. That rate still sits at almost three and a half percent.

However, the report also says homeowners are having trouble keeping up with their house payments.

The local mortgage delinquency rate is nearing five percent – more than it was at this time last year.