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Arkansas FHA Home Loan

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2023 Arkansas FHA Loan Requirements

Arkansas FHA Loan | Requirements | 2023 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 2023 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.

2023 Arkansas FHA Loan Limits

Below are the 2023 FHA loan limits for every county in Arkansas:

County Single Family 2 Family 3 Family 4 Family
ARKANSAS  $472,030  $604,400  $730,525  $907,900
ASHLEY  $472,030  $604,400  $730,525  $907,900
BAXTER  $472,030  $604,400  $730,525  $907,900
BENTON  $472,030  $604,400  $730,525  $907,900
BOONE  $472,030  $604,400  $730,525  $907,900
BRADLEY  $472,030  $604,400  $730,525  $907,900
CALHOUN  $472,030  $604,400  $730,525  $907,900
CARROLL  $472,030  $604,400  $730,525  $907,900
CHICOT  $472,030  $604,400  $730,525  $907,900
CLARK  $472,030  $604,400  $730,525  $907,900
CLAY  $472,030  $604,400  $730,525  $907,900
CLEBURNE  $472,030  $604,400  $730,525  $907,900
CLEVELAND  $472,030  $604,400  $730,525  $907,900
COLUMBIA  $472,030  $604,400  $730,525  $907,900
CONWAY  $472,030  $604,400  $730,525  $907,900
CRAIGHEAD  $472,030  $604,400  $730,525  $907,900
CRAWFORD  $472,030  $604,400  $730,525  $907,900
CRITTENDEN  $472,030  $604,400  $730,525  $907,900
CROSS  $472,030  $604,400  $730,525  $907,900
DALLAS  $472,030  $604,400  $730,525  $907,900
DESHA  $472,030  $604,400  $730,525  $907,900
DREW  $472,030  $604,400  $730,525  $907,900
FAULKNER  $472,030  $604,400  $730,525  $907,900
FRANKLIN  $472,030  $604,400  $730,525  $907,900
FULTON  $472,030  $604,400  $730,525  $907,900
GARLAND  $472,030  $604,400  $730,525  $907,900
GRANT  $472,030  $604,400  $730,525  $907,900
GREENE  $472,030  $604,400  $730,525  $907,900
HEMPSTEAD  $472,030  $604,400  $730,525  $907,900
HOT SPRING  $472,030  $604,400  $730,525  $907,900
HOWARD  $472,030  $604,400  $730,525  $907,900
INDEPENDENCE  $472,030  $604,400  $730,525  $907,900
IZARD  $472,030  $604,400  $730,525  $907,900
JACKSON  $472,030  $604,400  $730,525  $907,900
JEFFERSON  $472,030  $604,400  $730,525  $907,900
JOHNSON  $472,030  $604,400  $730,525  $907,900
LAFAYETTE  $472,030  $604,400  $730,525  $907,900
LAWRENCE  $472,030  $604,400  $730,525  $907,900
LEE  $472,030  $604,400  $730,525  $907,900
LINCOLN  $472,030  $604,400  $730,525  $907,900
LITTLE RIVER  $472,030  $604,400  $730,525  $907,900
LOGAN  $472,030  $604,400  $730,525  $907,900
LONOKE  $472,030  $604,400  $730,525  $907,900
MADISON  $472,030  $604,400  $730,525  $907,900
MARION  $472,030  $604,400  $730,525  $907,900
MILLER  $472,030  $604,400  $730,525  $907,900
MISSISSIPPI  $472,030  $604,400  $730,525  $907,900
MONROE  $472,030  $604,400  $730,525  $907,900
MONTGOMERY  $472,030  $604,400  $730,525  $907,900
NEVADA  $472,030  $604,400  $730,525  $907,900
NEWTON  $472,030  $604,400  $730,525  $907,900
OUACHITA  $472,030  $604,400  $730,525  $907,900
PERRY  $472,030  $604,400  $730,525  $907,900
PHILLIPS  $472,030  $604,400  $730,525  $907,900
PIKE  $472,030  $604,400  $730,525  $907,900
POINSETT  $472,030  $604,400  $730,525  $907,900
POLK  $472,030  $604,400  $730,525  $907,900
POPE  $472,030  $604,400  $730,525  $907,900
PRAIRIE  $472,030  $604,400  $730,525  $907,900
PULASKI  $472,030  $604,400  $730,525  $907,900
RANDOLPH  $472,030  $604,400  $730,525  $907,900
ST. FRANCIS  $472,030  $604,400  $730,525  $907,900
SALINE  $472,030  $604,400  $730,525  $907,900
SCOTT  $472,030  $604,400  $730,525  $907,900
SEARCY  $472,030  $604,400  $730,525  $907,900
SEBASTIAN  $472,030  $604,400  $730,525  $907,900
SEVIER  $472,030  $604,400  $730,525  $907,900
SHARP  $472,030  $604,400  $730,525  $907,900
STONE  $472,030  $604,400  $730,525  $907,900
UNION  $472,030  $604,400  $730,525  $907,900
VAN BUREN  $472,030  $604,400  $730,525  $907,900
WASHINGTON  $472,030  $604,400  $730,525  $907,900
WHITE  $472,030  $604,400  $730,525  $907,900
WOODRUFF  $472,030  $604,400  $730,525  $907,900
YELL  $472,030  $604,400  $730,525  $907,900

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