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Drew 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 Drew county. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA home 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 Drew 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 Drew 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 Drew 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 February 28, 2021, the median home value for Drew County is $102,967. In addition, the median household income for residents of the county is $46,997.

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.
  • There are some minimal flood hazard areas in Drew County, particularly at zones on the east side by Seven Devils Lake, Bayou Bartholomew, and some of their attached streams. Also, on the west side of the county by Lake Monticello, Hungry Run Creek, and some of their connected streams.

How do I learn about Property Taxes?

  • Beth Davis is the Drew County tax assessor. Her office can be reached at 210 S. Main St. Monticello, Arkansas, 71655 or by calling (870) 460-6220.
  • In Arkansas, homeowners may receive a homestead property tax credit of up to $375 per year and must apply for the credit with the county assessor’s office to receive such a benefit.

What is the Population?

  • The county’s population of 18,219 is 66% White, 28% Black, and 3% Hispanic.
  • Most county residents are between 18 and 65 years old, with 21% under 18 years old and 18% older than 65.
  • In total, the county has about 7,157 households, with an average of 2.4 people per household.

What are the major cities?

The county has 4 large cities or communities, including Monticello, which serves as the county seat. Other cities and towns essential to the county are Wilmar, Winchester, and Jerome.

About Drew County

Located in southern Arkansas, Drew County is the perfect place for those looking for somewhere quiet to settle down. Make sure to check out all the amazing historical landmarks and structures in the county, where you can get a true view of American history.

Enjoy all the beauty of the Arkansas landscape at any of the scenic outdoor spots in the county. A great education is available to everyone in Drew County, thanks to the excellent local schools. The county was officially founded on November 26, 1846, and was named after Thomas Drew, who was the third Governor of Arkansas.

The Garvin Cavaness House is a beautiful historic home that has been standing in the county since the early 1900s and is now the home of the County Museum. The Garvin Cavaness House was added to the National Register of Historic Places on May 23, 1980. The Monticello Commercial Historic District is home to many interesting historic structures, some dating back to the 1920s. Other historic landmarks in the county include the Lambert House, Hotchkiss House, and many more.

Don’t miss out on any of the beautiful outdoor spots in Drew County, where you can take in amazing views. The Loggy Bayou is a beautiful local waterway, perfect for fishing, canoeing, and birdwatching. Several trails can be found nearby the Loggy Bayou, where you can see amazing local wildlife and wetlands. There are many different lakes in the county, where you can enjoy great views and all your favorite aquatic activities. Just a few of the lakes in the county include Big Lake, Lake Wallace, Bynum Lake, and more. Be sure to check out all the local parks!

Furthermore, excellent educational opportunities are also available to everyone in Drew County, thanks to its many great schools! There are many educational resources in the county, including several libraries, tutoring programs, and more. The University of Arkansas at Monticello offers a variety of Bachelor’s Degree and Associate’s Degree programs, it also offers Master’s programs and quality athletic programs.

Veteran Information

Drew County has a current veteran population of 1,127.

  • Drew County is home to one VFW Post 
    • Post 4515 Miles-Foss Post – 148 Veterans Drive, Monticello, Arkansas 71655.
  • County Veteran Assistance Information
    • District 9 Veteran Service Office – 210 South Main Street, Monticello, Arkansas 71655.

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

No VA-approved condos are available in Drew County Arkansas. For more information about VA home loans give us a call at (888)573-4496. We can help you through the condo approval process.