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Arkansas FHA Home Loan

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2020 Arkansas FHA Loan Requirements

Arkansas FHA Loan | Requirements | 2020 FHA Loan Limits

FHA loans provide a great opportunity to buy a home in Arkansas.  The FHA (Federal Housing Administration) was created to help the average American have a chance at owning their own home.  One of the reasons that FHA loans are so popular is because of the low down payment option.  FHA loans allow you to purchase a home with only a 3.5% down payment.  There are also less strict requirements to get an FHA loan (compared to conventional loans), such as being able to qualify with a credit score as low as 500.

Arkansas FHA Loan Requirements

  • Credit Score – To qualify for the 3.5% down payment, you must have a 580 credit score or higher. If your credit score is between a 500-579, you still may qualify for an FHA loan, but will be required to put 10% down.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistent employment/income.
  • Financial Statements – You should expect to be required to provide your 2 most recent bank statements, pay stubs, and tax returns.
  • Debt-to-Income – You can not have a debt-to-income ratio higher than 43%.  However, if you have “compensating factors” you might be able to get approved with higher debt levels (a compensating factor could be more money in savings, longer job history, or great credit).
  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. FHA loans are not available to purchase an investment property, second home, or vacation home.
  • Mortgage Insurance – All FHA loans, regardless of the lender, require two types of mortgage insurance.  This includes the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium).  FHA MIP acts similarly to how PMI (Private Mortgage Insurance) on a conventional loan acts.  You can use this FHA loan calculator to estimate your monthly payment and mortgage insurance costs.
  • FHA Loan Limits – FHA loans have maximum lending limits, which are set at the county level. You can view the 2020 FHA loan limits for all counties in Arkansas below.

Would you like to see if you qualify for an FHA loan?  We can help match you with a mortgage lender that offers FHA loans in Arkansas.  To have an FHA lender contact you, request a free consultation.

2020 Arkansas FHA Loan Limits

Below are the 2020 FHA loan limits for every county in Arkansas:

County Single Family 2 Family 3 Family 4 Family
ARKANSAS $331,760 $424,800 $513,450 $638,100
ASHLEY $331,760 $424,800 $513,450 $638,100
BAXTER $331,760 $424,800 $513,450 $638,100
BENTON $331,760 $424,800 $513,450 $638,100
BOONE $331,760 $424,800 $513,450 $638,100
BRADLEY $331,760 $424,800 $513,450 $638,100
CALHOUN $331,760 $424,800 $513,450 $638,100
CARROLL $331,760 $424,800 $513,450 $638,100
CHICOT $331,760 $424,800 $513,450 $638,100
CLARK $331,760 $424,800 $513,450 $638,100
CLAY $331,760 $424,800 $513,450 $638,100
CLEBURNE $331,760 $424,800 $513,450 $638,100
CLEVELAND $331,760 $424,800 $513,450 $638,100
COLUMBIA $331,760 $424,800 $513,450 $638,100
CONWAY $331,760 $424,800 $513,450 $638,100
CRAIGHEAD $331,760 $424,800 $513,450 $638,100
CRAWFORD $331,760 $424,800 $513,450 $638,100
CRITTENDEN $331,760 $424,800 $513,450 $638,100
CROSS $331,760 $424,800 $513,450 $638,100
DALLAS $331,760 $424,800 $513,450 $638,100
DESHA $331,760 $424,800 $513,450 $638,100
DREW $331,760 $424,800 $513,450 $638,100
FAULKNER $331,760 $424,800 $513,450 $638,100
FRANKLIN $331,760 $424,800 $513,450 $638,100
FULTON $331,760 $424,800 $513,450 $638,100
GARLAND $331,760 $424,800 $513,450 $638,100
GRANT $331,760 $424,800 $513,450 $638,100
GREENE $331,760 $424,800 $513,450 $638,100
HEMPSTEAD $331,760 $424,800 $513,450 $638,100
HOT SPRING $331,760 $424,800 $513,450 $638,100
HOWARD $331,760 $424,800 $513,450 $638,100
INDEPENDENCE $331,760 $424,800 $513,450 $638,100
IZARD $331,760 $424,800 $513,450 $638,100
JACKSON $331,760 $424,800 $513,450 $638,100
JEFFERSON $331,760 $424,800 $513,450 $638,100
JOHNSON $331,760 $424,800 $513,450 $638,100
LAFAYETTE $331,760 $424,800 $513,450 $638,100
LAWRENCE $331,760 $424,800 $513,450 $638,100
LEE $331,760 $424,800 $513,450 $638,100
LINCOLN $331,760 $424,800 $513,450 $638,100
LITTLE RIVER $331,760 $424,800 $513,450 $638,100
LOGAN $331,760 $424,800 $513,450 $638,100
LANOKE $331,760 $424,800 $513,450 $638,100
MADISON $331,760 $424,800 $513,450 $638,100
MARION $331,760 $424,800 $513,450 $638,100
MILLER $331,760 $424,800 $513,450 $638,100
MISSISSIPPI $331,760 $424,800 $513,450 $638,100
MONROE $331,760 $424,800 $513,450 $638,100
MONTGOMERY $331,760 $424,800 $513,450 $638,100
NEVADA $331,760 $424,800 $513,450 $638,100
NEWTON $331,760 $424,800 $513,450 $638,100
OUACHITA $331,760 $424,800 $513,450 $638,100
PERRY $331,760 $424,800 $513,450 $638,100
PHILLIPS $331,760 $424,800 $513,450 $638,100
PIKE $331,760 $424,800 $513,450 $638,100
POINSETT $331,760 $424,800 $513,450 $638,100
POLK $331,760 $424,800 $513,450 $638,100
POPE $331,760 $424,800 $513,450 $638,100
PRAIRIE $331,760 $424,800 $513,450 $638,100
PULASKI $331,760 $424,800 $513,450 $638,100
RANDOLPH $331,760 $424,800 $513,450 $638,100
SALINE $331,760 $424,800 $513,450 $638,100
SCOTT $331,760 $424,800 $513,450 $638,100
SEARCY $331,760 $424,800 $513,450 $638,100
SEBASTIAN $331,760 $424,800 $513,450 $638,100
SEVIER $331,760 $424,800 $513,450 $638,100
SHARP $331,760 $424,800 $513,450 $638,100
ST. FRANCIS $331,760 $424,800 $513,450 $638,100
STONE $331,760 $424,800 $513,450 $638,100
UNION $331,760 $424,800 $513,450 $638,100
VAN BUREN $331,760 $424,800 $513,450 $638,100
WASHINGTON $331,760 $424,800 $513,450 $638,100
WHITE $331,760 $424,800 $513,450 $638,100
WOODRUFF $331,760 $424,800 $513,450 $638,100
YELL $331,760 $424,800 $513,450 $638,100

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