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Arkansas FHA Loans

What are FHA Home Loans?
FHA stands for Federal Housing Authority. FHA Loans provide low-cost insured Home Mortgage Loans that suit a variety of purchasing options. Whether you're buying a home or want to refinance your mortgage, FHA loans might be right for you. If you're unsure about your credit rating, or have concerns about a down payment for Little Rock FHA Loans, FHA loans can give you piece of mind with super low closing costs and flexible payment options.


What factors determine if I am eligible for an FHA Loan in Arkansas?
To be eligible for an FHA Mortgage, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be fairly considered. You must be able to make a down payment, cover closing costs and have enough income to pay your monthly debt.

What is the maximum amount that I can borrow?
The maximum amount for an FHA Mortgage is determined by:

Maximum FHA Loan Amount in Arkansas: The Maximum FHA Loan amount allowed for FHA Home Mortgages varies from county to county in AR. The highest maximum FHA Home Loan right now in Arkansas is $271,050. The lowest maximum amount available in any county is $271,050. To see what the limit is in the county in which you're interested, please refer to the FHA mortgage limits chart at the bottom of the page.

Maximum financing: In Arkansas, the maximum FHA financing will be 97.75% of the appraised value of the home or its selling price, whichever is lower.

How much money will I need for the down payment and closing costs?
Arkansas FHA loans require the home buyer to invest at least 3.5% of the sales price in cash for the down payment and closing costs. If the sales price is $100,000 for example, the home buyer must invest at least $3,500. However, the home buyer can use gifts from family, funds from local, state or government agencies, or other sources for the down payment.

What property types are allowed for FHA Loans in Arkansas?
While FHA Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the borrower intends to occupy one part of the multi-unit residence.

More information on FHA Mortgages

What types of refinance programs does FHA offer in Arkansas?
There are three main types of FHA Refinance loans available in Arkansas.

FHA Rate/Term Refinance
The FHA Rate/Term Refinance is for borrowers who currently have a conventional fixed rate or ARM mortgage and wish to refinance into an FHA Mortgage. This program helps borrowers who wish to have a stable, fixed rate FHA Insured Loan.

Cash-Out Refinance
An FHA Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.


Streamline Refinance

The FHA Streamline Refinance is designed to lower the interest rate on a current FHA House Loan or convert a current FHA adjustable rate mortgage into a fixed rate. An FHA Streamline Refinance can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.

How much can I refinance in Arkansas?
The maximum amount for an FHA loan is determined by

Maximum FHA Loan Amount in Arkansas
The maximum loan amount allowed for FHA refinance mortgages varies from county to county in Arkansas. The highest maximum FHA Home Refinance amount right now in Arkansas is $271,050. The lowest maximum amount available in any county is $271,050. To see what the limit is in the county in which you're interested, please refer to the FHA Loan Limit chart at the bottom of this page.

Maximum financing: In Arkansas, the maximum financing for an FHA Rate Term Refinance (No Cash-Out) or FHA Streamline Refinance Program (No Cash-Out) will be 97.75% of the appraised value of the home or its selling price, whichever is lower. The maximum financing for an FHA Cash-Out Refinance in Arkansas is 85%.

What factors determine if I am eligible for an FHA Refinance Loan?
To be eligible for an FHA Mortgage Loan Refinance in AR, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be fairly considered. You must be able to make a down payment, cover closing costs and have enough income to pay your monthly debt.

Complete Online Application

Arkansas FHA Mortgage Limits by County
Updated 03/05/2008
County Name         
          Single Family
          Duplex
          Triplex
          Fourplex
ARKANSAS
NON-METRO
271050 347000 419400 521250
ASHLEY 271050 347000 419400 521250
NON-METRO
BAXTER 271050 347000 419400 521250
MOUNTAIN HOME, AR (MICRO)
BENTON 271050 347000 419400 521250
FAYETTEVILLE-SPRINGDALE-ROGERS, AR-MO (MSA)
BOONE 271050 347000 419400 521250
HARRISON, AR (MICRO)
BRADLEY 271050 347000 419400 521250
NON-METRO
CALHOUN 271050 347000 419400 521250
CAMDEN, AR (MICRO)
CARROLL 271050 347000 419400 521250
NON-METRO
CHICOT 271050 347000 419400 521250
NON-METRO
CLARK 271050 347000 419400 521250
ARKADELPHIA, AR (MICRO)
CLAY 271050 347000 419400 521250
NON-METRO
CLEBURNE 271050 347000 419400 521250
NON-METRO
CLEVELAND 271050 347000 419400 521250
PINE BLUFF, AR (MSA)
COLUMBIA 271050 347000 419400 521250
MAGNOLIA, AR (MICRO)
CONWAY 271050 347000 419400 521250
NON-METRO
CRAIGHEAD 271050 347000 419400 521250
JONESBORO, AR (MSA)
CRAWFORD 271050 347000 419400 521250
FORT SMITH, AR-OK (MSA)
CRITTENDEN 271050 347000 419400 521250
MEMPHIS, TN-MS-AR (MSA)
CROSS 271050 347000 419400 521250
NON-METRO
DALLAS 271050 347000 419400 521250
NON-METRO
DESHA 271050 347000 419400 521250
NON-METRO
DREW 271050 347000 419400 521250
NON-METRO
FAULKNER 271050 347000 419400 521250
LITTLE ROCK-NORTH LITTLE ROCK, AR (MSA)
FRANKLIN 271050 347000 419400 521250
FORT SMITH, AR-OK (MSA)
FULTON 271050 347000 419400 521250
NON-METRO
GARLAND 271050 347000 419400 521250
HOT SPRINGS, AR (MSA)
GRANT 271050 347000 419400 521250
LITTLE ROCK-NORTH LITTLE ROCK, AR (MSA)
GREENE 271050 347000 419400 521250
PARAGOULD, AR (MICRO)
HEMPSTEAD 271050 347000 419400 521250
HOPE, AR (MICRO)
HOT SPRING 271050 347000 419400 521250
NON-METRO
HOWARD 271050 347000 419400 521250
NON-METRO
INDEPENDENCE 271050 347000 419400 521250
BATESVILLE, AR (MICRO)
IZARD 271050 347000 419400 521250
NON-METRO
JACKSON 271050 347000 419400 521250
NON-METRO
JEFFERSON 271050 347000 419400 521250
PINE BLUFF, AR (MSA)
JOHNSON 271050 347000 419400 521250
NON-METRO
LAFAYETTE 271050 347000 419400 521250
NON-METRO
LAWRENCE 271050 347000 419400 521250
NON-METRO
LEE 271050 347000 419400 521250
NON-METRO
LINCOLN 271050 347000 419400 521250
PINE BLUFF, AR (MSA)
LITTLE RIVER 271050 347000 419400 521250
NON-METRO
LOGAN 271050 347000 419400 521250
NON-METRO
LONOKE 271050 347000 419400 521250
LITTLE ROCK-NORTH LITTLE ROCK, AR (MSA)
MADISON 271050 347000 419400 521250
FAYETTEVILLE-SPRINGDALE-ROGERS, AR-MO (MSA)
MARION 271050 347000 419400 521250
NON-METRO
MILLER 271050 347000 419400 521250
TEXARKANA, TX-TEXARKANA, AR (MSA)
MISSISSIPPI 271050 347000 419400 521250
BLYTHEVILLE, AR (MICRO)
MONROE 271050 347000 419400 521250
NON-METRO
MONTGOMERY 271050 347000 419400 521250
NON-METRO
NEVADA 271050 347000 419400 521250
HOPE, AR (MICRO)
NEWTON 271050 347000 419400 521250
HARRISON, AR (MICRO)
OUACHITA 271050 347000 419400 521250
CAMDEN, AR (MICRO)
PERRY 271050 347000 419400 521250
LITTLE ROCK-NORTH LITTLE ROCK, AR (MSA)
PHILLIPS 271050 347000 419400 521250
WEST HELENA, AR (MICRO)
PIKE 271050 347000 419400 521250
NON-METRO
POINSETT 271050 347000 419400 521250
JONESBORO, AR (MSA)
POLK 271050 347000 419400 521250
NON-METRO
POPE 271050 347000 419400 521250
RUSSELLVILLE, AR (MICRO)
PRAIRIE 271050 347000 419400 521250
NON-METRO
PULASKI 271050 347000 419400 521250
LITTLE ROCK-NORTH LITTLE ROCK, AR (MSA)
RANDOLPH 271050 347000 419400 521250
NON-METRO
SALINE 271050 347000 419400 521250
LITTLE ROCK-NORTH LITTLE ROCK, AR (MSA)
SCOTT 271050 347000 419400 521250
NON-METRO
SEARCY 271050 347000 419400 521250
NON-METRO
SEBASTIAN 271050 347000 419400 521250
FORT SMITH, AR-OK (MSA)
SEVIER 271050 347000 419400 521250
NON-METRO
SHARP 271050 347000 419400 521250
NON-METRO
ST. FRANCIS 271050 347000 419400 521250
FORREST CITY, AR (MICRO)
STONE 271050 347000 419400 521250
NON-METRO
UNION 271050 347000 419400 521250
EL DORADO, AR (MICRO)
VAN BUREN 271050 347000 419400 521250
NON-METRO
WASHINGTON 271050 347000 419400 521250
FAYETTEVILLE-SPRINGDALE-ROGERS, AR-MO (MSA)
WHITE 271050 347000 419400 521250
SEARCY, AR (MICRO)
WOODRUFF 271050 347000 419400 521250
NON-METRO
YELL 271050 347000 419400 521250
RUSSELLVILLE, AR (MICRO)

FHA loans in Arkansas's top cities:

Little Rock Arkansas FHA Loans Fort Smith Arkansas FHA Loans North Little Rock Arkansas FHA Loans
Fayetteville Arkansas FHA Loans Jonesboro Arkansas FHA Loans Pine Bluff Arkansas FHA Loans
Springdale Arkansas FHA Loans Conway Arkansas FHA Loans Rogers Arkansas FHA Loans
Hot Springs Arkansas FHA Loans Jacksonville Arkansas FHA Loans West Memphis Arkansas FHA Loans
Texarkana Arkansas FHA Loans Russellville Arkansas FHA Loans Paraguold Arkansas FHA Loans
Benton Arkansas FHA Loans El Dorado Arkansas FHA Loans Sherwood Arkansas FHA Loans
Bentonville Arkansas FHA Loans Van Buren Arkansas FHA Loans Searcy Arkansas FHA Loans
                                                                                                                               

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 Why choose an FHA Home Loan?

  • Arkansas FHA Loan Programs require a Low 3.5% down payment.
  • Non-occupant, co-borrower are permitted to qualify for an FHA Home Loan.
  • Arkansas FHA Loan Income requirements use expanded qualifying ratios.
  • There are no prepayment penalties for FHA Mortgage Home Loans.
  • An Arkansas FHA Loan is fully assumable.
  • FHA Mortgage Insurance has lower premiums.
  • FHA Loan Requirements allow for non-income qualifying, streamline refinance.
  • An FHA Home Mortgage is available in all areas of the country, provided a market exists for the property and the home meets HUD's minimum property standards.
  • An FHA Home Loan may be used to purchase or refinance a new or existing one to four family home in urban and rural areas, including manufactured homes on permanent foundations.
  • Arkansas FHA Loan Terms are offered at periods of 15 or 30 years.


 FHA Refinance Programs

FHA Rate/Term Refinance
The FHA Rate/Term Refinance is for borrowers who currently have a conventional fixed rate or ARM mortgage and wish to refinance into an FHA Mortgage. This program helps borrowers who wish to have a stable, fixed rate FHA Insured Loan.

Cash-Out Refinance
An FHA Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

FHA Streamline Refinance
The FHA Streamline Refinance is designed to lower the interest rate on a current FHA mortgage or convert a current FHA adjustable rate mortgage into a fixed rate. An FHA Streamline Refinance can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.


 FHA Refinance Questions & Answers

What are the guidelines for an FHA Refinance?
If the borrower wishes to take cash out of the property, then the maximum financing amount is 85% of the appraised value, depending on the borrowers qualifications. If the borrower does not take cash out then the maximum financing will be 97.75% of the appraised value of the home or the amount you are refinancing plus closing costs, whichever is lower.

Why should I consider refinancing into a FHA-insured mortgage?
FHA refinance mortgages do not come with prepayment penalties, have no teaser rates nor balloon payments. They are offered at market rate with terms up to 30 years and are fully amortized, meaning that you pay towards principal and interest every month.

What if I have a prepayment penalty and other refinancing costs and there isn’t enough equity in my home to refinance?
If you do not have sufficient equity in your home to add your prepayment penalty and/or other refinancing costs into your new HUD FHA Mortgage, then you should ask your lender to consider a second mortgage to pay the difference or a short payoff on your existing loan. Offering either of these options is at the discretion of the lender.

Does it matter that the value of my home is now less than what I still owe?
Not to The FHA, but your current lender will have to be willing to accept a short payoff on the existing loan OR to hold a second mortgage to make up the difference needed to pay off the existing mortgage and the home’s value.

 What are the advantages of FHA Loans versus Conventional Loans?

FHA-insured loans offer many benefits and protections that you won't find in other loans including:

FHA Loans are Credit Flexible
FHA loans are not totally credit score driven. Instead, they are written in a way that provides the borrower the benefit of the doubt that there had been, at some point in their past, circumstances beyond their control, and as long as the borrower has recovered from those circumstances in a reasonable manner, they're generally going to be credit-eligible for an FHA refinance loan.

FHA Loans have Great Interest Rates and Low Monthly Mortgage Insurance
A distinct advantage of an FHA insured loan, as compared to a conforming loan, is great interest rates and lower monthly mortgage insurance (MI). Depending on the program, standard FHA loan interest rates are usually better than a conforming 30-Year Fixed loan.

FHA Loans Require a Less Home Equity or Cash
FHA refinance Loans have as low as a 3.5% cash or home equity requirement for refinance and the money can come from a family member, employer or charitable organization as a gift.

FHA Offers More Protection to Keep Your Home
The FHA has been around since 1934 and will continue to be here to protect you. Should you encounter hard times after buying your home, the FHA has many options to help you keep you in your home and avoid foreclosure.

Streamlined Refinance and Assumable Loans
One of the most important advantages of an FHA loan is the ability for the loan to be assumed. This gives the buyer a significant advantage in a high interest rate market. FHA loans are eligible for streamline refinance, a program HUD offers that allows the borrower to easily refinance the loan to reduce their interest rate and lower their monthly payment.


FHA Mortgage   |   FHA Refinance   |   FHA LOAN REQUIREMENTS   |   FHA MORTGAGE CALCULATOR   |   FHA MORTGAGE RATES

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