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 Lee 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 Lee 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 Lee 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 Lee 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 Lee 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 Lee County is $44,645. In addition, the median household income for residents of the county is $29,681.
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.
- Currently, there is no digital data available for Lee County. Yet, there could be some minimal flood hazard areas at zones close to the various rivers located in the county, such as the Mississippi River on the south side, L’Anguille River, Saint Francis River, and its attached streams such as Crooked Creek.
How do I learn about Property Taxes?
- Becky Hogan is the Lee County tax assessor. Her office can be reached at 15 E. Chestnut Street, Marianna, Arkansas, 72360. Additionally, Becky’s office can also be reached by calling (870) 295-7750.
- 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 8,857 is 54% Black, 41% White, and 2% Hispanic.
- Most county residents are between 18 and 65 years old, with 18% under 18 years old and 20% older than 65.
- In total, the county has about 3,206 households, with an average of 2.3 people per household.
What are the major cities?
The county has at least 6 large cities and towns, including Marianna, which serves as the county seat. Other cities and towns within the county are Aubrey, Moro, Haynes, LaGrange, and Rondo.
About Lee County
Lee County, Arkansas is home to many significant rivers and streams, its fertile soil has allowed agriculture and timber production to thrive. Moreover, rice and soybeans are also produced, but king cotton has been the fastest-growing farming industry in recent years.
The modern area has also brought other industries and manufacturing plants that contribute to Lee County’s thriving economy. Some of them include auto parts, clothing manufacturing plants, and a Coca-Cola bottling plant.
Even though this is a small county, it provides quality education to almost 1,000 students in its 2 public schools. Besides, young students benefit greatly from the nearby University of Arkansas campus.
Of course, the county offers a wide variety of opportunities to enjoy nature and outdoor activities. For example, the Mississippi River State Park is one of the most popular ones for locals and visitors of all ages. Some of the activities to look forward to here are camping, boating, kayaking, and fishing.
Moreover, one of the most enjoyable experiences at the Mississippi River State Park is walking and hiking on the trails to admire the astonishing forest and wildlife. Also, the site’s visitor center allows for family reunions and other group events.
Finally, other popular sites to visit in Lee County are Bear Creek Lake, St. Francis National Forest, and Tunica Lake. Plus, some popular events held in the county are the Annual Heritage Party, which celebrates the region’s rich history, and the Annual Osceola Heritage Music Festival featuring live music, food, and carnival.
Lee County has a veteran population of 338.
- Lee County is home to one VFW post
- Post 4449 Elmer G. Bradshaw Post – 295 South Alabama Street, Marianna, Arkansas Street, 72360.
- County Veteran Assistance Information
- Marianna Veterans Service Office – 15 East Chestnut Street, Marianna, Arkansas 72360.
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 no VA-approved condos available in Lee County Arkansas. For more information about the VA condo approval process give us a call at (888)573-4496.