Arkansas First-Time Homebuyer Calculator
First-time homebuyer costs in Arkansas: $6,475 FHA down payment, $4,995 closing costs, 0.62% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for Arkansas. Includes down payment, closing costs (2.7%), PMI (required below 20% down), property tax (0.62%), and homeowners insurance ($2,600/yr). DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
Arkansas homebuyer facts: Median price $185,000 | 20% down = $37,000 | FHA 3.5% down = $6,475 | Closing costs ~$4,995 | Property tax 0.62% | No attorney required.
Frequently Asked Questions
How much do I need to buy a house in Arkansas?
For Arkansas's median home ($185,000): FHA minimum down payment is $6,475 (3.5%), plus $4,995 in closing costs. Total minimum: ~$11,470. With 20% down to avoid PMI: ~$41,995.
What are closing costs in Arkansas?
Arkansas closing costs average 2.7% of the home price, or about $4,995 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and optional attorney fees. Transfer taxes are 0.33%.
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