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 Hot Spring 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 Hot Spring 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 Hot Spring 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 Hot Spring 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 Hot Spring 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 Hot Spring County is $101,289. In addition, the median household income for residents of the county is $43,889.
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 Hot Spring County, there are some minimal flood hazard areas. Particularly on the north side in areas surrounding Blakely Creek and Praire Bayou. On the west side by Antioch Creek DeLisle Creek. Also, Blakely Creek in the northeast and Black Brand and Tenmile Creek in the southeast.
How do I learn about Property Taxes?
- Blake Riggan is the Hot Spring county tax assessor. His office can be reached at 210 Locust St, Malvern, Arkansas, 72104. Additionally, Blake’s office can also be reached by calling (501)-332-2461 from Monday through Friday from 8:00 AM to 4:30 PM.
- As part of a tax relief program, homeowners in Arkansas may receive up to a $350.00 property tax credit on their homesteads. Eligibility for the credit is confined to a homeowner’s principal place of residence. A homeowner is any resident who the registered owner of in record, by deed or by the recorded sales contract, or the beneficiary of a revocable trust owning the homestead.
What is the Population?
- The county’s population of 33,771 is 82% White, 11% Black, and 4% Hispanic.
- Most county residents are between 18 and 65 years old, with 20% under 18 years old and 19% older than 65.
- In total, the county has about 12,599 households, with an average of 2.5 people per household.
What are the major cities?
The county has 2 cities, including the city of Malvern, which serves as the county seat. Some of the important cities and towns that make up this county are Rockport, Donaldson, Friendship, Midway, and Perla.
About Hot Spring County
Hot Spring County, Arkansas, is host to the annual Brickfest celebration and includes several entertainment forms such as games, arts, and crafts. Several businesses also process the massive stores of sand and gravel found in this region.
What is more, the Acme Brick Company is responsible for producing a significant quantity of mineral processing in the region. Timber production still a thriving industry that large companies, such as Deltic Timberland and Georgia Pacific, have undertaken.
There are fantastic opportunities for rest and recreation thanks to the region’s five “diamond lakes.” DeGray Lake Resort State Park is Arkansas’s only resort state park and is a favorite for water sports, camping, and golf. It is also a famous site for fishing and boating.
Besides, in the lake areas, individuals who enjoy collecting flock to Magnet Cove to increase their collections.
When it comes to outdoor activities in Hot Spring County, the Rockport Ledge portion of the Ouachita River has become exceedingly popular with whitewater and paddling fanatics.
Lake Catherine State Park features various attractions for outdoor enthusiasts such as hiking trails, campgrounds, cabins, and more activities throughout the year for all fans of the natural wonders.
Finally, the whitewater playground formed from the Ouachita River provides more outdoor opportunities to enjoy, such as kayaking and other water sports.
Hot Spring County has a veteran population of 2,374.
- Hot Spring County is home to one VFW post:
- Post-2586 Harmon & Atkins Post – 1 Collage Circle, Rm D-100A, Malvern, Arkansas 72104.
- County Veteran Assistance Information
- Hot Spring County Veterans Service Office – P.O. Box 888, Malvern, Arkansas 72104.
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
Currently, there are no VA-approved condos available in Hot Spring County Arkansas. For more information about the VA condo approval process give us a call at (888)573-4496.