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 Madison 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 Madison 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 Madison 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 Madison 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 Madison 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 March 31, 2021, the median home value for Madison County is $120,124. In addition, the median household income for residents of the county is $41,682.
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.
- At the moment, there is no digital data available for Madison County provided by FEMA. Nonetheless, some minimal flood hazard areas could be located at zones close to rivers and creeks such as Sinking Creek, Cave Creek, Brush Creek, and Kings River.
How do I learn about Property Taxes?
- Will Jones is the Madison County tax assessor. His office can be reached at PO Box 334 Huntsville, Arkansas, 72740. Additionally, Will’s office can also be reached by calling (479) 738-2325.
- The state of Arkansas provides programs and tax credits to incentivize job growth. For instance, Act 1042 of 2017 provides an income tax credit for each qualified youth apprentice who is at least 16 years of age and is employed to learn an occupation or is currently an apprenticeship or is at a work-based learning program. To receive such benefits, a taxpayer must obtain a certification from the Office of Apprenticeship of the US Department of Labor or the Department of Career Education.
What is the Population?
- The county’s population of 16,576 is 89% White, 5.9% Hispanic, and 1.9% Mixed Race.
- Most county residents are between 18 and 65 years old, with 23% under 18 years old and 19% older than 65.
- In total, the county has about 6,279 households, with an average of 2.5 people per household.
What are the major cities?
The county has one large city and two towns, including Huntsville, which serves as the county seat. The other towns making up the county are Hindsville and St. Paul.
About Madison County
Madison County was officially founded on September 30, 1836, and named after President James Madison. Located in northern Arkansas, the county features some of the most beautiful outdoor spots, including the Ozark National Forest. Truly experience local history at any of the interesting historical landmarks and structures in the county. An excellent education is assured to all local children and young adults, thanks to Madison County’s strong education system.
If you are a true nature-lover, then you are sure to enjoy the many beautiful outdoor spots in Madison County. Withrow Springs State Park features over 700 acres of beautiful Arkansas wilderness and is the perfect place for camping, hiking, bird watching, and more. Withrow Springs State Park also features several natural springs, great for fishing and cooling off.
The Ozark National Forest is another great spot for hiking, featuring miles of scenic trails. Along the trails in Ozark National Forest, you can see waterfalls, wildlife, and more! For more outdoor fun, be sure to visit the Kings River Overlook and Hobbs State Park.
Learn about local history at any of the unique historical landmarks and structures in Madison County. The Cannon Creek Bridge is an impressive historic bridge standing in the county since 1929 and added to the National Register of Historic Places on September 22, 2004. The Huntsville Commercial Historic District is home to many interesting historical sites dating back to the 1930s. It also features 32 historic structures.
Furthermore, every child and young adult will receive quality educational opportunities in the Madison County education system. When it comes to higher educational opportunities, there are many colleges and universities within driving distance.
The county is currently home to 857 veterans.
- Madison County is home to one VFW post:
- Post 10021 Louis L. Sroufe Memorial Post – 32807 Hwy 74 W Kingston, Arkansas 72742.
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 Madison County. However, it is still possible to get a condo through the condo approval process. Call us at (877) 432-5626, and we will assist you through the process.