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Arkansas Mortgage Rates

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Last updated: Jul 13, 2024
6.607% APR 30 Year Fixed
$1,560 / month
Rate: 6.375%
Fees: $1,629
Points: 1.792
Pts amt: $4,480
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  • Easy to qualify, no obligation
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  • Minimum 620 credit score needed to prequalify
  • 0% down USDA loan for rural homebuyers
  • 97% of borrowers would recommend to friends or family
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Arkansas Mortgage Overview

The median home value of homes in Arkansas is just $127,800, making it a great place for first-time homebuyers. You don't need a large down payment and can own a home in the 'Natural State' surrounded by incredible wilderness areas and natural springs.

If you're looking to move to the 'Natural State' of Arizona, here are the top ways to get financing:

Arkansas conventional loans

First-time homebuyers with good credit can get the great rates and low costs of a conventional loan. With just a 660 credit score and debt ratio of around 40 percent or less, you can borrow up to 97 percent of the home's value. You'll pay Private Mortgage Insurance but can cancel it once you less than 80 percent of the home's value.

Arkansas FHA loans

If you don't qualify for a conventional loan, the FHA loan is a great option. You need just a 3.5 percent down payment but can qualify with a credit score as low as 580 or even a score of 500 with a 10 percent down payment. FHA loans have more flexible guidelines, making it even easier to buy your first home.

Arkansas VA loans

If you served or are serving in the military, the VA loan is a great way to buy a home with no down payment. Veterans need just a 620 credit score and adequate income to cover your commitments and have enough money left to cover your daily cost of living. VA loans have great rates and low closing costs.

Arkansas USDA loans

If you live in a rural area (or will move to one) and haven't owned a home before (or in the last 3 years), the USDA loan can be a good option. This program is for families with income lower than 115% of the income for the area, and who are buying a home for their primary residence. The USDA program doesn't require a down payment.

First-Time Homebuyer Programs in Arkansas

Arkansas Dream Down Payment Initiative

The ADDI helps low income families by providing up to 10 percent of the sales price for the down payment. The funds are a second mortgage that's forgivable after five years.

ADFA Down Payment Assistance Programs

The ADFA DPA provides $10,000 for a down payment and/or closing costs. This is a second mortgage with a low interest rate over a 10-year term.

ADFA Move-Up Loan

The ADFA Move-Up Loan is a conventional, FHA, VA, or USDA loan with a 30-year term and low interest rates making it easier for first-time homebuyers to buy their first home.

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