FHA Loan Calculator for Arkansas

FHA Loans in Arkansas

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Arkansas's median home of $170,000, that's a minimum down payment of $6,000.

FHA Loan Limits in Arkansas

FHA loan limits vary by county and are tied to conforming limits. In most Arkansas counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. All Arkansas counties are at the standard conforming limit.

FHA vs Conventional in Arkansas

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Arkansas's median home at $170,000, buyers who can put down $34,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

Arkansas closing costs average $2,200. Arkansas has minimal state-level transfer taxes, keeping closing costs modest. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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