Secure a VA Mortgage in Arkansas

If you’re a veteran who lives in Arkansas, you likely qualify for an Arkansas VA loan.  You can use this loan to purchase a home or to refinance your existing mortgage.  All VA loans are backed by the Department of Veteran Affairs (VA) and are offered exclusively to veterans who have served this nation honorably.

Jump to: Eligibility | Loan Limits

What is the VA Loan?

The VA loan program exists to help veterans transition into home ownership.  It has been shown that when veterans purchase homes, they are able to build wealth and income much more quickly and reliably than otherwise.  The VA intends to give veterans as many opportunities as possible to take advantage of these benefits and become financially successful.

Lenders who provide VA loans are not overseen or administered by the VA.  Rather, the VA guarantees loans made by lenders to qualified veterans.  This eliminates some of the risk associated with lending and allows the lenders to offer good, low rates to the veterans they service.  It also gives lenders an incentive to provide other positive benefits to veterans.

VA Loan Benefits in Arkansas

There are many benefits connected to VA loans.  Whether or not a specific benefit will be advantageous to you will depend on your personal financial goals and your own situation.  The basic benefits, though, apply to most VA loans that are funded.  Some of these are listed here.

• Many different loan term lengths and payment structures to choose from.
• Credit score and income requirements are not as strict as with other loan types.
• No down payment is required in most cases.
• No mortgage insurance requirement.  The VA backing is sufficient.
• No early repayment penalties.  You can save significant income over the life of your loan by paying your mortgage off early.

VA Loan Requirements and Eligibility

There are several basic requirements that must be met in order to qualify for a VA loan.  You must be an American citizen and you must be a veteran of the US Armed Services.  You must have been discharged from service on honorable terms.  A dishonorable discharge will eliminate your eligibility.  You also must have served in active duty for at least 90 days during a time of war or 181 days during a time of peace.  The exact service time length requirements may vary depending on when you served.

Credit is also a concern, and the minimum qualifying score is often 620. Different lenders will have different minimums. 

You’ll need to secure a certificate of eligibility from the VA office.  A VA loan specialist can help you determine what other requirements must be met before you can apply for a VA loan.

VA Refinance

You can use a VA loan to refinance your home through an Arkansas VA Streamline (IRRRL) refinance.  This loan program can help you avoid the hassles associated with a conventional refinance.  The streamlined process eliminates much of the paperwork and minor fees that would otherwise be required.

Another option is the VA Cash-Out refinance, which allows veterans to access their home equity in the form of cash. The VA will guarantee 100% of the home's equity, and so all can be withdrawn for funding tuition, reducing debt, making home improvements or anything else. 

A refinance can save you a lot of money. If you want a lower monthly payments or you need to pay your loan off sooner, a refinance can allow you to do this.  You can save up to thousands of dollars over the life of your loan.  Contact a local Arkansas lender to explore your options.

Arkansas VA Mortgage Rates

Mortgage rates are never set in stone.  Not until you lock in the rate for your mortgage.  Until you do this, mortgage rates will fluctuate and readjust up to two or three times each day.  Each of these adjustments can change your potential monthly payments by as much as $500 dollars or more.  You must pay attention to mortgage rates when you’re searching for a VA loan.

Compare rates offered by various different lenders.  Don’t skip this step.  You can do all the research you want, but if you don’t check out the options that are available to you, you’ll never know for sure which lender can offer the best deal.

VA Lenders in Arkansas

The best way to compare your options is to contact multiple lenders.  Fill out the form above and we’ll put you in touch with up to four lenders in Arkansas who operate in your area.  All our lenders are ready and willing to give you rates and advice about VA loans.  You can also find out VA loan limits for Arkansas.  You’ll be able to find out more from the Department of Veteran Affairs.

Arkansas Military Information

There is one active military base in Arkansas, the Little Rock Air Force Base.  Little Rock Air Force Base is located in central Arkansas, roughly 25 miles northeast of Little Rock. Little Rock Air Force Base is where most VA loan applicants in Arkansas originate.

VA Loan Lending Limits in Arkansas

Below is the list of the maximum VA loan limits for counties in Arkansas:

County	Loan Limit
ARKANSAS	$417,000
ASHLEY	$417,000
BAXTER	$417,000
BENTON	$417,000
BOONE	$417,000
BRADLEY	$417,000
CALHOUN	$417,000
CARROLL	$417,000
CHICOT	$417,000
CLARK	$417,000
CLAY	$417,000
CLEBURNE	$417,000
CLEVELAND	$417,000
COLUMBIA	$417,000
CONWAY	$417,000
CRAIGHEAD	$417,000
CRAWFORD	$417,000
CRITTENDEN	$417,000
CROSS	$417,000
DALLAS	$417,000
DESHA	$417,000
DREW	$417,000
FAULKNER	$417,000
FRANKLIN	$417,000
FULTON	$417,000
GARLAND	$417,000
GRANT	$417,000
GREENE	$417,000
HEMPSTEAD	$417,000
HOT SPRING	$417,000
HOWARD	$417,000
INDEPENDENCE	$417,000
IZARD	$417,000
JACKSON	$417,000
JEFFERSON	$417,000
JOHNSON	$417,000
LAFAYETTE	$417,000
LAWRENCE	$417,000
LEE	$417,000
LINCOLN	$417,000
LITTLE RIVER	$417,000
LOGAN	$417,000
LONOKE	$417,000
MADISON	$417,000
MARION	$417,000
MILLER	$417,000
MISSISSIPPI	$417,000
MONROE	$417,000
MONTGOMERY	$417,000
NEVADA	$417,000
NEWTON	$417,000
OUACHITA	$417,000
PERRY	$417,000
PHILLIPS	$417,000
PIKE	$417,000
POINSETT	$417,000
POLK	$417,000
POPE	$417,000
PRAIRIE	$417,000
PULASKI	$417,000
RANDOLPH	$417,000
ST. FRANCIS	$417,000
SALINE	$417,000
SCOTT	$417,000
SEARCY	$417,000
SEBASTIAN	$417,000
SEVIER	$417,000
SHARP	$417,000
STONE	$417,000
UNION	$417,000
VAN BUREN	$417,000
WASHINGTON	$417,000
WHITE	$417,000
WOODRUFF	$417,000
YELL	$417,000

Lenders in: Arkansas.