Arkansas’ Best Mortgage Lenders & Current Mortgage Rates

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If you’re thinking of buying a home in Arkansas, there are a lot of options. There are nearly 1.4 million housing units in the state, and the homeownership rate of 66% is just above the national average of 64%, according to the U.S. Census Bureau’s 2018 American Community Survey.

Arkansas’s median housing value is $133,100, which is well below the national median of $229,700. Although home values vary by region, they remain relatively low across the state, with the highest reported median price by county being $172,000.

U.S. News’ Best Arkansas Mortgage Lenders

Methodology: U.S. News conducted an in-depth review of leading direct mortgage lenders in Arkansas. Research was based on program availability, customer satisfaction ratings and qualification requirements. Because each consumer has different needs, the top finishers in several key areas were chosen.

Best for VA loans

Veterans United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, D.C., and specializes in VA loans. In 2019, Veterans United Home Loans generated the largest number of VA loans in the nation.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, refinance, USDA and VA
  • Minimum FICO credit score: 660
  • Maximum loan amount: $1.5 million
  • Better Business Bureau rating: A+

Best Features

  • Requires no military service

  • Sets no minimum loan amount

See full profile

Best for large loan amounts

Bank of America serves roughly 66 million customers in all 50 states. The lender offers conventional, Federal Housing Administration, Department of Veterans Affairs and jumbo loans, as well as home equity lines of credit and mortgage refinancing.

Lender Highlights

  • Mortgage types: ARMs, conventional, FHA, first-time homebuyer program, home equity lines of credit, refinancing, VA
  • Minimum FICO credit score: 600
  • Maximum loan amount: $5 million
  • Better Business Bureau rating: A+

Best Features

  • Wide variety of mortgages

  • Annual percentage rate or closing cost discounts for qualifying Bank of America and Merrill Lynch clients

  • No closing costs and no annual, balance transfer and cash advance fees for HELOCs

See full profile

Best for online service

Caliber Home Loans of Coppell, Texas, offers mortgages nationwide, including conventional, refinance, jumbo and adjustable-rate loans. Government-backed options are FHA, USDA and VA. Caliber has been in business since 2008 and is solely focused on home loans.

Before You Apply

  • Mortgage types: conventional, FHA, jumbo, refinance, USDA and VA
  • Minimum FICO credit score: 580
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A

Best Features

  • Offers a first-time homebuyer program

  • Accepts mortgage applicants with FICO credit scores as low as 580

See full profile

Best for product selection

Guild Mortgage, founded in 1960, specializes in home loans and serves borrowers nationwide. The lender’s full suite of products includes conventional and government-backed mortgages and home equity loans.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, jumbo, manufactured home, refinance, reverse, USDA and VA
  • Minimum FICO credit score: 600
  • Maximum loan amount: varies
  • Better Business Bureau rating: A+

Best Features

  • Receives strong customer service ratings from the Better Business Bureau

  • Offers a broad range of mortgage products

  • Provides special mortgage programs for first-time buyers and manufactured homebuyers

See full profile

Best for customer service

LoanDepot was established in 2010 and since then has financed more than $70 billion in mortgages. It offers FHA, conventional and other mortgage options. Borrowers may qualify for a loan with a FICO credit score as low as 580.

Highlights:

  • Mortgage types offered: Conventional, FHA, VA, ARM, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Home equity loans
  • Minimum FICO credit score: 500 with conditions
  • Maximum debt-to-income ratio: 43% for FHA
  • Maximum combined loan-to-value ratio: 90%
  • J.D. Power satisfaction rating: Four out of five

Best Features

  • LoanDepot mortgages have a lifetime guarantee, which means if you ever decide to refinance an existing loanDepot loan, the company will waive the lender fees and reimburse appraisal fees.

See full profile

Best for online service

PrimeLending is a Dallas-based mortgage lender with several mortgage loan options, including conventional loans, jumbo loans, government-backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.

Highlights:

  • Loan types: conventional, FHA, VA, USDA, ARM, refinancing
  • Minimum FICO Score: 600
  • Maximum loan-to-value ratio: not disclosed
  • Maximum debt-to-income ratio: 43%
  • Total closing costs: 2% to 6% of loan amount
  • Equity required: not disclosed
  • J.D. Power Satisfaction rating: not rated

Best Features

  • Offers a wide variety of mortgage loans.

  • Provides mortgage loans nationwide.

  • Helps with closing costs.

See full profile

Best for product availability

Quicken Loans is a nationwide mortgage lender with several mortgage options. Known for customer service, the lender has an A+ Better Business Bureau rating and received a rating of five (among the best) in the 2018 U.S. Primary Mortgage Origination Satisfaction Study.

Highlights:

  • Mortgage types offered: ARM, FHA, VA, Refinancing (FHA), USDA, Conventional, Refinancing (conventional)
  • Minimum FICO credit score: 580 (FHA), other loans vary
  • Maximum debt-to-income ratio: 60%
  • J.D. Power satisfaction rating: Five out of five

Best Features

  • Complete loan process available online.

  • Wide variety of mortgage products.

  • Good customer service ratings.

See full profile

What Are the Mortgage Rates in Arkansas?

The average 30-year, fixed-rate conforming mortgage rate in Arkansas is 2.91%.

Annual percentage rates available for a home loan in Arkansas range from 2.5% to 3.5%.

What Are Today’s Mortgage Rates?








Loan Types

This Week’s Rate

Last Week’s Rate

30-year fixed-rate mortgage 3.03% 3.02%
15-year fixed-rate mortgage 2.56% 2.55%
30-year fixed-rate jumbo mortgage 3.09% 3.06%
5/1 ARM 3.06% 3.1%
5/1 jumbo ARM 2.87% 2.94%

*Rates as of Oct. 21, 2020

Mortgage Calculator

Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.

What Are Some Arkansas Homebuyer Programs?

Arkansas homebuyers can get help with down payments and closing costs from these Arkansas Development Finance Authority homeownership and down payment assistance programs.

  • Available to: First mortgage borrowers.
  • Income limits: Vary by county.
  • First-time homebuyers only?: No.
  • Loan options: 30-year fixed-rate mortgages.
  • Down payment and closing cost assistance: May be combined with other ADFA programs if eligible.

  • Available to: Borrowers with low to moderate income who are either first-time homebuyers, a veteran or veteran’s spouse, or purchasing a home in a targeted county. Borrowers must also be using one of ADFA’s mortgage programs.
  • Income limits: Vary by county (see income limits).
  • First-time homebuyers only?: No.
  • Benefit: Qualifying tax-paying homebuyers can claim a tax credit of up to 50% of the mortgage interest paid per year, capped at $2,000 annually. The credit may be claimed for the life of the loan as long as the home remains the primary residence.

  • Available to: Applicants of an ADFA Move-Up first mortgage who complete a homebuyer education class.
  • Income limits: Vary by county.
  • First-time homebuyers only?: No.
  • Down payment and closing cost assistance: Borrowers get $1,000 to $10,000 for closing cost assistance from a second mortgage with a 10-year term.

  • Available to: Qualifying low-income Arkansans who complete a homebuyer education class.
  • Income limits: Vary by county (see income limits).
  • First-time homebuyers only?: No.
  • Down payment and closing cost assistance: Down payment assistance of up to 10% of the purchase price of the home, not to exceed $10,000, as a second mortgage loan forgivable over five years.

Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.



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