A 3rd party broker that specializes in mortgages guaranteed by the US government

Nevada County, Arkansas VA Home Loan Information

Table of Contents


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 Nevada 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 Nevada County. If you have any questions, you can call us at VA HLC and we’ll help you get started.

  1. Get your Certificate of Eligibility (COE)
    • Give us a call at (877) 432-5626 and we’ll get your COE for you.
  2. Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
  3. 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
  4. Find a home
    • We can help you check whether the home is in one of the Nevada County flood zones
  5. Get the necessary inspections
    • Termite inspection: required
    • Well or septic inspections needed, if applicable
  6. Get the home appraised
    • We can help you find a VA-Certified appraiser in Nevada County and schedule the process
    • Construction loan note: Construction permit/appraisal info
      1. Building permit
      2. Elevation certificate
  7. 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.
  8. 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 Nevada County is $49,335. In addition, the median household income for residents of the county is $38,042.

How much are the VA Appraisal Fees?

  • Single-Family: $575.
  • Individual Condo: $575.
  • Manufactured Homes: $625.
  • 2-4 Unit Multi-Family: $625.
  • 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, FEMA does not provide data for Nevada County. Nonetheless, some minimal flood hazard areas could be found by streams such as Terre Rouge Creek that borders the county to the north, and Canney Creek.

How do I learn about Property Taxes?

  • Danny Martin is the Nevada County tax assessor. His office can be reached at 215 E 2nd St S #106, Prescott, Arkansas, 71857 by calling (870) 887-3410.
  • For many years, Amendment 79, which Arkansas voters passed, is a law that allows a credit of up to $350 on the general taxes of an eligible taxpayer’s primary residence.
  • In Arkansas, veterans can receive tax exemptions. For instance, A disabled veteran who has been awarded special monthly compensation by the Department of Veterans Affairs for service-connected one hundred percent total and permanent disability shall be exempt from payment of all state taxes on the homestead and personal property owned by the veteran community.

What is the Population?

  • The county’s population of 8,252 is 62% White, 30% Black, and 4.7% Hispanic.
  • Most county residents are between 18 and 65 years old, with 22% under 18 years old and 21% older than 65.
  • In total, the county has about 3,367 households, with an average of 2.4 people per household.

What are the major cities?

The county has 5 cities and large communities, including Prescott, which serves as the county seat. The other cities and towns making up the county are Rosston, Bodcaw, Bluff City, Willisville, and Cale.

About Nevada County

Nevada County, Arkansas was created in 1871, and it received its name, not after any famous person, but after the state of Nevada, which have similar shapes. Although it has the same name, locals pronounce it differently.

Even though the county is one of the least populated in the whole region of Arkansas, its residents are hardworking people that specialize in timber, cattle, and poultry. Besides, there are other industries in the area, such as transportation and a manufacturing plant that makes roofing materials, as well as tourist destinations.

More than 10% of the county’s population are students. Granted, the 4 public schools in Nevada County, offer academic instruction to over 1,300 scholars.

Additionally, higher education is readily accessible to any high-school graduates in the region. One of the closest and highly prestigious college institutions is the University of Arkansas Southwest Research and Extension Center, located in the city of Hope.

On the other hand, the fact that the county is mostly rural and natural grounds allow for unique vegetation and wildlife to thrive, including turkeys, deer, squirrels, doves, and quails.

White Oak Lake and White Oak State Park are perhaps the most popular sites to experience nature and outdoor recreation. Besides ample opportunities for fishing, visitors can experience camping, hiking, biking, water sports, and boating.

Furthermore, other attractions contributing to the county’s economy and tourism are the various annual festivals that celebrate the timber and poultry activities in this region.

Veteran Information

The county is currently home to 445 veterans.

  • Nevada County is home to one VFW post:
    • Post 8671 Leo Mann Post – 1040 Wildcat Road, Prescott, Arkansas 71857.
  • County Veteran Assistance Information
    • Nevada County Veterans Service Office – 215 E 2nd Street S, Prescott, Arkansas 71857.

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 Nevada County. Although it is still possible to get a condo through the condo approval process. Just give us a call at (877) 432-5626 and we will help you through the process.