Whether you are looking to settle in Arkansas’ lowlands or highlands, purchasing a home is a big and often worthwhile investment. An FHA loan in Arkansas is one mortgage option that has many Razorbacks calling the hogs.
The FHA loan program allows buyers in Arkansas the ability to avoid high down payments and work with not-so-perfect credit scores when financing their home. Check out the information below to see if an Arkansas FHA loan is right for you.
With a median home cost of nearly half the national average, it’s no wonder the total value of FHA loans in Arkansas was $19 million! Regardless if you want to be surrounded by wildlife in the Ozark Mountains, or maybe in the college town of Fayetteville, living in Arkansas is a great choice.
It’s important to have an idea of how much you can borrow before you begin shopping for your new home. For all of Arkansas the maximum FHA loan limit is $472,030. This limit is adjusted yearly, and can vary depending on areas with high cost of living. However, Arkansas baseline limit applies in all counties.
You may be eligible for an FHA loan, if you:
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.