2023 FHA Loan Limits in Arkansas
Arkansas homebuyers can borrow up to $472,030 to buy a single-family home with a loan backed by the Federal Housing Administration (FHA) in 2023. This is the maximum FHA loan amount for all Arkansas counties – there are no designated “high-cost areas” in the state.
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Arkansas FHA loan limits by county
| County name | One unit | Two unit | Three unit | Four unit | Median sale price |
|---|---|---|---|---|---|
| ARKANSAS | $472,030 | $604,400 | $730,525 | $907,900 | $85,000 |
| ASHLEY | $472,030 | $604,400 | $730,525 | $907,900 | $59,000 |
| BAXTER | $472,030 | $604,400 | $730,525 | $907,900 | $150,000 |
| BENTON | $472,030 | $604,400 | $730,525 | $907,900 | $300,000 |
| BOONE | $472,030 | $604,400 | $730,525 | $907,900 | $172,000 |
| BRADLEY | $472,030 | $604,400 | $730,525 | $907,900 | $66,000 |
| CALHOUN | $472,030 | $604,400 | $730,525 | $907,900 | $80,000 |
| CARROLL | $472,030 | $604,400 | $730,525 | $907,900 | $155,000 |
| CHICOT | $472,030 | $604,400 | $730,525 | $907,900 | $50,000 |
| CLARK | $472,030 | $604,400 | $730,525 | $907,900 | $211,000 |
| CLAY | $472,030 | $604,400 | $730,525 | $907,900 | $108,000 |
| CLEBURNE | $472,030 | $604,400 | $730,525 | $907,900 | $149,000 |
| CLEVELAND | $472,030 | $604,400 | $730,525 | $907,900 | $133,000 |
| COLUMBIA | $472,030 | $604,400 | $730,525 | $907,900 | $119,000 |
| CONWAY | $472,030 | $604,400 | $730,525 | $907,900 | $154,000 |
| CRAIGHEAD | $472,030 | $604,400 | $730,525 | $907,900 | $185,000 |
| CRAWFORD | $472,030 | $604,400 | $730,525 | $907,900 | $152,000 |
| CRITTENDEN | $472,030 | $604,400 | $730,525 | $907,900 | $303,000 |
| CROSS | $472,030 | $604,400 | $730,525 | $907,900 | $111,000 |
| DALLAS | $472,030 | $604,400 | $730,525 | $907,900 | $56,000 |
| DESHA | $472,030 | $604,400 | $730,525 | $907,900 | $78,000 |
| DREW | $472,030 | $604,400 | $730,525 | $907,900 | $140,000 |
| FAULKNER | $472,030 | $604,400 | $730,525 | $907,900 | $208,000 |
| FRANKLIN | $472,030 | $604,400 | $730,525 | $907,900 | $152,000 |
| FULTON | $472,030 | $604,400 | $730,525 | $907,900 | $95,000 |
| GARLAND | $472,030 | $604,400 | $730,525 | $907,900 | $175,000 |
| GRANT | $472,030 | $604,400 | $730,525 | $907,900 | $208,000 |
| GREENE | $472,030 | $604,400 | $730,525 | $907,900 | $140,000 |
| HEMPSTEAD | $472,030 | $604,400 | $730,525 | $907,900 | $90,000 |
| HOT SPRING | $472,030 | $604,400 | $730,525 | $907,900 | $139,000 |
| HOWARD | $472,030 | $604,400 | $730,525 | $907,900 | $86,000 |
| INDEPENDENCE | $472,030 | $604,400 | $730,525 | $907,900 | $115,000 |
| IZARD | $472,030 | $604,400 | $730,525 | $907,900 | $95,000 |
| JACKSON | $472,030 | $604,400 | $730,525 | $907,900 | $97,000 |
| JEFFERSON | $472,030 | $604,400 | $730,525 | $907,900 | $133,000 |
| JOHNSON | $472,030 | $604,400 | $730,525 | $907,900 | $146,000 |
| LAFAYETTE | $472,030 | $604,400 | $730,525 | $907,900 | $80,000 |
| LAWRENCE | $472,030 | $604,400 | $730,525 | $907,900 | $67,000 |
| LEE | $472,030 | $604,400 | $730,525 | $907,900 | $104,000 |
| LINCOLN | $472,030 | $604,400 | $730,525 | $907,900 | $133,000 |
| LITTLE RIVER | $472,030 | $604,400 | $730,525 | $907,900 | $176,000 |
| LOGAN | $472,030 | $604,400 | $730,525 | $907,900 | $146,000 |
| LONOKE | $472,030 | $604,400 | $730,525 | $907,900 | $208,000 |
| MADISON | $472,030 | $604,400 | $730,525 | $907,900 | $300,000 |
| MARION | $472,030 | $604,400 | $730,525 | $907,900 | $179,000 |
| MILLER | $472,030 | $604,400 | $730,525 | $907,900 | $176,000 |
| MISSISSIPPI | $472,030 | $604,400 | $730,525 | $907,900 | $79,000 |
| MONROE | $472,030 | $604,400 | $730,525 | $907,900 | $112,000 |
| MONTGOMERY | $472,030 | $604,400 | $730,525 | $907,900 | $151,000 |
| NEVADA | $472,030 | $604,400 | $730,525 | $907,900 | $90,000 |
| NEWTON | $472,030 | $604,400 | $730,525 | $907,900 | $172,000 |
| OUACHITA | $472,030 | $604,400 | $730,525 | $907,900 | $80,000 |
| PERRY | $472,030 | $604,400 | $730,525 | $907,900 | $208,000 |
| PHILLIPS | $472,030 | $604,400 | $730,525 | $907,900 | $48,000 |
| PIKE | $472,030 | $604,400 | $730,525 | $907,900 | $117,000 |
| POINSETT | $472,030 | $604,400 | $730,525 | $907,900 | $185,000 |
| POLK | $472,030 | $604,400 | $730,525 | $907,900 | $107,000 |
| POPE | $472,030 | $604,400 | $730,525 | $907,900 | $150,000 |
| PRAIRIE | $472,030 | $604,400 | $730,525 | $907,900 | $100,000 |
| PULASKI | $472,030 | $604,400 | $730,525 | $907,900 | $208,000 |
| RANDOLPH | $472,030 | $604,400 | $730,525 | $907,900 | $110,000 |
| SALINE | $472,030 | $604,400 | $730,525 | $907,900 | $208,000 |
| SCOTT | $472,030 | $604,400 | $730,525 | $907,900 | $89,000 |
| SEARCY | $472,030 | $604,400 | $730,525 | $907,900 | $90,000 |
| SEBASTIAN | $472,030 | $604,400 | $730,525 | $907,900 | $152,000 |
| SEVIER | $472,030 | $604,400 | $730,525 | $907,900 | $90,000 |
| SHARP | $472,030 | $604,400 | $730,525 | $907,900 | $115,000 |
| ST. FRANCIS | $472,030 | $604,400 | $730,525 | $907,900 | $68,000 |
| STONE | $472,030 | $604,400 | $730,525 | $907,900 | $184,000 |
| UNION | $472,030 | $604,400 | $730,525 | $907,900 | $95,000 |
| VAN BUREN | $472,030 | $604,400 | $730,525 | $907,900 | $95,000 |
| WASHINGTON | $472,030 | $604,400 | $730,525 | $907,900 | $300,000 |
| WHITE | $472,030 | $604,400 | $730,525 | $907,900 | $138,000 |
| WOODRUFF | $472,030 | $604,400 | $730,525 | $907,900 | $101,000 |
| YELL | $472,030 | $604,400 | $730,525 | $907,900 | $150,000 |
How are FHA loan limits determined?
The FHA loan limits typically change yearly based on a percentage of the conforming loan limits published by the Federal Housing Finance Agency (FHFA) for conventional loans. The limits reflect changes in the average U.S. home price over the last year and include limits for “low-cost” areas and more expensive “high-cost” areas.
Here’s how the calculations work:
The low-cost limit or “floor” is $472,030 for a single-family home and is 65% of the national conforming loan limit of $726,200 for 2023. If you’re in the market to buy a multifamily home in Arkansas, the low-cost limits increase with each unit:
- $604,400 for a two-unit home
- $730,525 for a three-unit home
- $907,900 for a four-unit home
If you decide to buy outside the state of Arkansas near an expensive part of the country, the high-cost limit is set at 150% of the conforming loan limit, which allows you to borrow up to $1,089,300 for a single-family home. Also known as the “ceiling,” this amount also provides more borrowing power for multifamily homes in pricier parts of the country.
How to qualify for an FHA loan in Arkansas
FHA loans may be a good choice if your conventional mortgage plans aren’t working out because of low credit scores or too much debt compared to your income. With the median sales price topping out at $303,000 in the most expensive county in Arkansas (Crittenden), you’ll have plenty of room to borrow with the FHA limit at $472,030.
Here’s a breakdown of the most current requirements to qualify for an FHA loan in Arkansas:
Down payment and credit score. You’ll need at least a 580 credit score to make the minimum 3.5% down payment. Friends and family members can even pitch in with a gift to help out. It’s possible to get approved for an FHA loan with a score as low as 500 if you can come up with a 10% down payment.
Debt-to-income ratio. FHA lenders measure your total debt compared to your income to calculate your debt-to-income (DTI) ratio. Although lenders prefer a 43% DTI ratio, exceptions may be made with strong credit scores or extra cash reserves.
Mortgage insurance. You’ll pay two types of FHA mortgage insurance to protect lenders in case you default. The first is an upfront mortgage insurance premium (UFMIP) worth 1.75% of your loan amount, which is usually added to your mortgage balance. The other is an annual mortgage insurance premium (MIP) of 0.45% to 1.05% of the loan amount, divided by 12 and added to your monthly payment. One note about FHA mortgage insurance: You’ll pay it regardless of your down payment.
Occupancy. FHA loans can only be used to finance a primary residence. The program doesn’t allow financing on second homes or rental properties.
FHA home appraisals. You’ll need an FHA appraisal for any purchase loan. FHA appraisal guidelines are stricter than conventional loans.
Buying a multifamily property with an FHA loan
Qualified homebuyers can buy a multifamily home and use the rental income to qualify for a 3.5% down payment FHA loan (conventional guidelines typically require at least 15% down for multifamily purchases.) As long as you plan to live in the home for a year after you buy it, you can use the higher multifamily FHA loan limits to buy a two- to four-unit home.
FHA lenders in Arkansas
| Lender name | LT rating | Minimum FHA credit score |
|---|---|---|
| Rocket Mortgage | 5 stars | 580 |
| Guild Mortgage | 3 stars | 540 |
| Churchill Mortgage | 3 stars | 620 |
| PenFed Mortgage | 3 stars | 620 |
| Flagstar Mortgage | 4 stars | 580 |