Deciding to purchase a house in Arkansas is a huge financial decision, but with the unique benefits provided by the VA loan, your dream of homeownership just got that much easier.
With the average listing price of a home in Arkansas landing at $278,352, the VA loan’s signature $0-money-down benefit is a considerable advantage for Arkansas homebuyers.
See also: VA Loan Options for Other States
VA loans are made by private lenders and guaranteed by the Department of Veterans Affairs. Because private lenders make the loans and not the VA, you need to find a lender licensed in the state you plan to purchase or refinance.
For example, if you're purchasing a home in Little Rock, AR, you'll need to find a lender licensed in Arkansas to do the loan.
VA borrowers in Arkansas should also consider the cost and impact of VA loan limits and property taxes when making their home purchase.
As of January 1, 2020, VA borrowers in Arkansas with their full VA loan entitlement are not restricted by VA loan limits. This means you can borrow as much as a lender is willing to lend without needing a down payment.
However, Veterans without their full VA loan entitlement are still bound to Arkansas’s VA loan limits.
As of January 1, 2020, VA loan limits for all counties in Arkansas are $548,250.
Another consideration for VA buyers in Arkansas is property taxes. For certain VA buyers, there are exemptions
You may be eligible for a property tax exemption in Arkansas if you meet one of the following conditions as a result of service:
If you are required to pay property tax in Arkansas, the American Community Survey by the U.S. Census Bureau estimates you may pay the following in each county:
|County||Property Tax Rate|
|Hot Spring County||0.59%|
|Little River County||0.51%|
|St. Francis County||0.58%|
|Van Buren County||0.55%|
View the graphic below to learn more about how VA loans work in Arkansas.