Table of Contents
- What is the VA Loan Limit?
- How to Apply for a VA Home Loan?
- What is the Median Home Price?
- What are the VA Appraisal Fees?
- Do I need Flood Insurance?
- How do I learn about Property Taxes?
- What is the Population?
- What are the major cities?
- About Hempstead County
- Veteran Information
- Apply for a VA Home Loan
- VA Approved Condos
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 Hempstead 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 Hempstead County. If you have any questions, you can call us at VA HLC and we’ll help you get started.
- Get your Certificate of Eligibility (COE)
- Give us a call at (877) 432-5626 and we’ll get your COE for you.
- Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
- 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
- Find a home
- We can help you check whether the home is in one of the Hempstead County flood zones
- Get the necessary inspections
- Termite inspection: required
- Well or septic inspections needed, if applicable
- Get the home appraised
- We can help you find a VA-Certified appraiser in Hempstead County and schedule the process
- Construction loan note: Construction permit/appraisal info
- Building permit
- Elevation certificate
- 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.
- 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 Hempstead County is $70,081. In addition, the median household income for residents of the county is $42,860.
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 Hempstead County, there are some minimal flood hazard areas. Particularly on the north side in regions surrounding High Creek. Water Creek, Mud Creek, and Bois D’Ark Creek travel through the county’s center. Finally, in the south by Sandy Bois d’Arc Creek, Black Branch, and Peavine Creek.
How do I learn about Property Taxes?
- Kim Smith is the Hempstead county tax assessor. His office can be reached at 400 S Washington St, Hope, Arkansas, 71801. Additionally, Kim Smith’s office can also be reached by calling (870)-777-6190.
- As a homeowner, Amendment 79 and Act 142 provide that tax relief to make them eligible to receive up to $350.00 tax credit on the property that is their principal residence. Also, homeowners who are 65 years of age or older or 100% disabled may receive a freeze on their assessed value, so their taxes do not increase over the years. Mobile homeowners are also eligible.
What is the Population?
- As of 2019, Hempstead County’s population is 21,532. Moreover, demographically speaking, 54% of the population is White, 30% Black, and 13% Hispanic.
- Most county residents are between 18 and 65 years old, with 25% under 18 years old and 18% older than 65.
- In total, the county has about 8,094 households, with an average of 2.6 people per household.
What are the major cities?
The county has ten cities, including the city of Hope, which serves as the county seat. Some of those important cities are Fulton, Washington, Blevins, Ozan, McCaskill, Perrytown, Patmos, Oakhaven, and McNab.
About Hempstead County
Hempstead County, Arkansas, is home to several outdoor activities, with the Rick Evans/Grandview Prairie Wildlife Management Area including a vast 4,885-acre area in Mound Prairie’s heart and its plantations. It represents the largest tract of black land prairie in public ownership in the nation. Plus, there is controlled fishing and hunting on the grounds.
On the other hand, just south of Spring Hill, recreational activities are provided by the Lester Sitzes III Bois d’Arc Wildlife Administration Region. Near Saratoga, the Grassy Lake and Yellow Creek clubs are private properties and are famous for admiring the virgin cypress and alligators that choose this region as their habitat.
Finally, there are several county events throughout the year. For example, in spring, visitors enjoy the Historic Washington Jonquil Festival and the Twin Rivers Festival at McNab. During the summer, the Hope Watermelon Festival and Frontier Days at Washington are held. Finally, in the fall, people can enjoy the Civil War Weekend in Washington and Christmas in Candlelight in Washington town.
Hempstead County has a veteran population of 1,176.
- County Veteran Assistance Information
- Hempstead County Veteran Service Office – P.O. Box 1420, Hope, Arkansas 71802.
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
At the moment there are no VA-approved condos available in Hempstead County Arkansas. For more information about the VA condo approval process give us a call at (888)573-4496.