It’s no wonder Arkansas is nicknamed “The Natural State” when one considers its wealth of hiking trails and unique limestone caves. It’s also the site of much U.S. history, including important turning points in the Civil Rights movement with vibrant cities like Little Rock, Conway, Hot Springs and Searcy. 

What many Arkansans today know for sure is that home prices on the real estate market are on the rise. If you live in Arkansas and are looking to buy a higher-value home, then getting a jumbo loan may be a good option. Government-backed loans can be viable options for borrowers looking for homes in lower price ranges, but jumbo loans are best suited to applicants seeking bigger, more expensive homes.

According to the Arkansas Economic Development Committee, the average sales price of a home in Arkansas is $156,800. While that number has yet to exceed the jumbo loan limit in Arkansas, the state still has plenty of jumbo mortgage activity, as more citizens of The Natural State turn to larger, more modern homes.

For the most recent year, the HDMA data places Arkansas 37th in the country in terms of mortgage origination activity, with a total of $832 million in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Arkansas, you’ll be in good company with plenty of fellow Natural Staters.

What is the jumbo loan limit in Arkansas?

The jumbo loan limit in Arkansas is $726,200 for all counties in the state. Any loan that exceeds $726,200 is a jumbo loan in the state of Arkansas. Any loan that is less than $726,200 is a conforming loan in the state of Arkansas.

4 Top Arkansas jumbo loan lenders

If you’re ready to learn more about the best jumbo mortgage lenders in Arkansas, here are the top options we’ve found through our research.

1. Huntington Bank

Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about the jumbo mortgage rates and here’s what we heard back:

• Loan amounts up to $2.5 million
• Purchase and refinance available
• Refinancing allows you to take up to $750,000 of equity out of your home.
• Second homes are eligible
• Single family and Multi-unit properties are eligible

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

2. Flagstar Bank

Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.

We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage. Here are the highlights:

• Loan amounts up to $3 million on primary residences
• Loan amounts up to $2.5 million on second homes
• Purchase and rate/term refinance options available on primary residences and second homes
• No prepayment penalties
• First-time homebuyers permitted
• No mortgage insurance options available
• Cash-out options available on primary residence

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

3. SoFi

SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan options.

We spoke to a loan officer at SoFi to discuss their jumbo loan mortgage and this is what we learned:

• Loan amounts up to $3 million
• Down payments start at 10% and increase as the loan amount increases.
• No PMI, regardless of your down payment amount, resulting in lower monthly payments.
• 15-year or 30-year fixed rate products available

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

4. Regions Bank

Regions Bank is headquartered in Alabama but operates in 16 states across the country and is on the Fortune 500 list. Founded in 1971, the bank offers a full range of financial products, including jumbo loans.

We contacted Regions Bank to get additional details about the jumbo loan rates. Here are some key terms and highlights:

• Fixed rate and adjustable rate mortgages available
• ARM loans are normally fixed for 3-5 years and then adjust annually
• Lower down payment requirements or lower closing costs available for first-time home buyers

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

Do I need an Arkansas jumbo loan?

You may well need a jumbo loan in Arkansas  if you are interested in a new, more modern property. Why is that? Conventional limits force you to use multiple mortgages to finance more expensive purchases. With the higher limits on a jumbo loan, you can finance your entire purchase with one mortgage, making for much more streamlined finances. 

Keep in mind that conforming loan limits are set by the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, the two government-backed mortgage companies that buy most of the home mortgages made in the U.S. from mortgage lenders and resell them to private investors.

As prices in Arkansas continue to rise, more and more buyers in the marketplace will need the convenience of jumbo loans. When the alternative may be putting down a very significant down payment on a conventional loan like an FHA loan or VA loan to offset conforming limits, you can see why many homeowners of this state need jumbo loans. 

The pros and cons associated with Arkansas jumbo loans

If you are considering a jumbo loan, you’ll want to look at the pros and cons. The most important pro, is that buy larger, more expensive homes is just easier with a jumbo loan 

What are the cons? Well, Arkansas jumbo loans require that you have a good minimum credit score to qualify. These loans often come with higher interest rates, too. Finally, make sure you are prepared for an extended approval process, as well. You have to realize that banks are increasing their risk exposure with jumbo loans, so they will likely want to do their due diligence during the approval process.

Need a jumbo loan in a different state?

If you want to find the best jumbo loans in other states, click on your state below.