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 Lonoke 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 Lonoke 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 Lonoke 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 Lonoke 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 Lonoke 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 Lonoke County is $148,795. Also, the median household income for residents of the county is $59,094.
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 Lonoke County, and particularly there are some floodways in zones Lonoke city and by the Two Prairie Bayou. Also, Crooked Creek on the south, Cypress Bayou and Wattensaw to the north, and on the various water bodies and streams on the west side.
How do I learn about Property Taxes?
- Donna Pedersen is the Lonoke County tax assessor. Her office can be reached at 212 N Center St, Lonoke, Arkansas, 72086. Additionally, Donna’s office can also be reached by calling (501) 676-6938.
- Arkansas is a state known for its programs and tax credits to incentivize job growth. For example, Act 1166 of 2011 provides an investment tax credit for any taxpayer incurring costs and expenses because of the rehabilitation or development expenditures of eligible central business improvement district property.
What is the Population?
- The county’s population of 73,309 is 86% White, 6% Black, and 5% Hispanic.
- Most county residents are between 18 and 65 years old, with 25% under 18 years old and 13% older than 65.
- In total, the county has about 26,895 households, with an average of 2.6 people per household.
What are the major cities?
The county has at least nine large cities and communities, including Lonoke, which serves as the county seat. Other cities and towns making up the county are Cabot, Carlisle, England, Ward, Austin, Humnoke, Keo, Coy, and Allport.
About Little River County
Lonoke County, Arkansas, is home to an Agricultural industry that plays a significant role in its economic life. However, other industries provide a substantial number of jobs to the region. For example, the largest employers are Remington Arms, LLC Industries, MKT Fastening and Ammonia Hold, Stratton Seed, and Brandt/PMC Manufacturing.
The north section of the county is home to the Little Rock Air Force Base. Additionally, the county’s strategic position brings tourism to the region and economic growth with it.
As far as education, Lonoke County is proud to have its schools consistently in the top-raking of students with the county’s highest performances. There are more than 14,000 students enrolled in the 24 schools throughout the county. Besides, some of the higher education opportunities in the region are provided by the Arkansas State University and Park University at Little Rock.
Since Lonoke County is located in the central part of the state, it offers an excellent pathway of historical landmarks and trails, including the Southwest Trail and the Trail of Tears that date back to the Civil War.
Some tourist destinations include the Holland Bottoms State Wildlife Management Area and the Joe Hogan Fish Hatchery, one of the most giant working fish hatcheries in the country and globally, which is home to an aquarium and bird watching experiences.
Lonoke County has a veteran population of 6,686.
- Lonoke County is home to one VFW post:
- Post 4548 Micheal W. Ray Post – 6704 Old Highway 67, Cabot, Arkansas 72023.
- County Veteran Assistance Information
- Lonoke County Veterans Service Office – 114 North 1st Street, Cabot, Arkansas 72023.
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 Lonoke County Arkansas. For more information about the VA condo approval process give us a call at (888)573-4496.