A 3rd party broker that specializes in mortgages guaranteed by the US government

Chicot County, Arkansas VA Home Loan Information

Table of Contents


What is the VA Loan Limit?

2021 VA Home Loan Limit: $0 down payment up to $5,000,000* (subject to lender limits) /2 open VA loans at one time $548,250 (Call 877-432-5626 for details).

How to Apply for a VA Home Loan?

This is a quick look at how to apply for a VA home loan in Chicot county. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA house loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in Chicot County. If you have any questions, you can call us at VA HLC and we’ll help you get started.

  1. Get your Certificate of Eligibility (COE)
    • Give us a call at (877) 432-5626 and we’ll get your COE for you.
  2. Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
  3. Get pre-approved, to get pre-approved for a loan, you’ll need:
    • Previous two years of W2s
    • Most recent 30 days paystubs or LES (active duty)
    • Most recent 60 days bank statements
    • Landlord and HR/Payroll Department contact info
  4. Find a home
    • We can help you check whether the home is in one of the Chicot County flood zones
  5. Get the necessary inspections
    • Termite inspection: required
    • Well or septic inspections needed, if applicable
  6. Get the home appraised
    • We can help you find a VA-Certified appraiser in Chicot County and schedule the process
    • Construction loan note: Construction permit/appraisal info
      1. Building permit
      2. Elevation certificate
  7. Lock in your interest rates
    • Pro tip: Wait until the appraisal lock in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
  8. Close the deal and get packing!
    • You’re ready to go.

What is the Median Home Price?

As of January 31, 2021, the median home value for Chicot County is $45,721. Also, the median household income for residents of the county is $34,147.

How much are the VA Appraisal Fees?

  • Single-Family: $500.
  • Individual Condo: $500.
  • Manufactured Homes: $550.
  • 2-4 Unit Multi-Family: $550.
  • Appraisal Turnaround Times: 10 days.

Do I need Flood Insurance?

  • The VA requires properties are required to have flood insurance if they are in a Special Flood Hazard Area.
  • In Chicot County, there are some areas with reduced flood risk due to levees. On the east side, the areas with reduced flood risks are Lake Chicot and Bayou Macon Creek that travel across the county from north to south.

How do I learn about Property Taxes?

  • Joe Dan Yee is the Chicot County tax assessor. His office can be reached at 108 Main St, Lake Village, Arkansas 71653. Also, Joe’s office can be reached by calling (870)-265-8025.
  • Arkansas has excellent programs for those who want to invest in the state and create jobs. For example, the Consolidated Incentive Act 182 provides an income tax credit to an eligible company for creating new jobs after the company has signed a financial incentive agreement with the Economic Development Commission from the state.

What is the Population?

  • Chicot County’s population is 10,118. Additionally, demographically speaking, 54% of the population is African American, with 38% White population, and 6% are Latinos.
  • Most county residents are between 18 and 65 years old, with 21% under 18 years old and 21% older than 65.
  • In total, the county has about 4,068 households, with an average of two people per household.

What are the major cities?

The county has three cities, including Lake Village, which serves as the county seat. Other major cities in the county are Eudora, Dermott.

About Chicot County

Chicot County is home to the extremely popular at Lake Chicot State Park to enjoy fishing for amazing species such as catfish and bluegill. Plus, visitors and locals enjoy water sports and birding, which are popular, along with cabins, campgrounds, a marina, and other recreational assets.

For camping enthusiasts, there are several campgrounds strategically situated on the lakeside. Also, swimming sites, a walking trail, an amphitheater, picnic areas, and boat ramps are at Lakefront Park.

The historic Lakeport Plantation near the same town is the only remaining historical plantation situated along the Mississippi River’s Arkansas stretch.

When it comes to historical sites, the Greek revival home is one, not a miss. Restored in one of the Arkansas State University’s heritage places to become available to anyone who would like a tour, including some exhibits about the people, residents, and workers from the farms with hundreds of years of history.

Moreover, further historical exhibits for history fans can be at the Lake Chicot Pumping Plant, which also used to have and the longest cable-stayed bridge on the Mississippi River, to provide quick transit from Lake Village to Greenville, Mississippi. It started operations in 2010, replacing a bridge that was back in 1940.

Finally, residents from the state and neighboring areas come in multitudes to Lake Village to shop at the Paul Michael Company for a vast collection of home interior decoration pieces, ranging from vintage to modern furniture and other home items.

Veteran Information

Chicot County is known as a military town with a current veteran population of 468.

  • County Veteran Assistance Information
    • Chicot County Veteran Service Center – 531 Highway 65 South Lake Village, Arkansas 71653.

VA Home Loan Information

  • For more information about VA Home Loans and how to apply, click here.
  • If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government-guaranteed home loans available.  
  • VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.

VA Approved Condos

There are currently no VA-approved condos available in Chicot County. Although, if you want more information about VA home loans call us at (877) 432-5626.