5 Best Jumbo Loans in Arkansas


Jumbo mortgage loans in Arkansas are one of the best answers for buyers looking for home loans for new and more expensive homes.

Key Terms

  • Jumbo loans in Arkansas exceed conventional mortgages when it comes to conforming loan limits.
  • Borrowers likely will not need a large down payment with an Arkansas jumbo loan.
  • With jumbo loans, Arkansans can finance a larger home purchase with just one mortgage.

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.

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What is the jumbo loan limit in Arkansas?

The jumbo loan limit in Arkansas is $647,200 for all counties in the state. Any loan that exceeds $647,200 is a jumbo loan in the state of Arkansas. Any loan that is less than $647,200 is a conforming loan in the state of Arkansas.

Arkansas Jumbo Loan Limits (December 2022)

Arkansas county-by-county jumbo loan, conforming loan and FHA loan limits.

Arkansas
County
Arkansas
Jumbo loan
(1-unit)
Arkansas
Conforming
loan limit
(1-unit)
Arkansas
FHA loan limit
(1-unit)
Arkansas$647,200+$647,200 $420,680
Ashley$647,200+$647,200 $420,680
Baxter$647,200+$647,200 $420,680
Benton$647,200+$647,200 $420,680
Boone$647,200+$647,200 $420,680
Bradley$647,200+$647,200 $420,680
Calhoun$647,200+$647,200 $420,680
Carroll$647,200+$647,200 $420,680
Chicot$647,200+$647,200 $420,680
Clark$647,200+$647,200 $420,680
Clay$647,200+$647,200 $420,680
Cleburne$647,200+$647,200 $420,680
Cleveland$647,200+$647,200 $420,680
Columbia$647,200+$647,200 $420,680
Conway$647,200+$647,200 $420,680
Craighead$647,200+$647,200 $420,680
Crawford$647,200+$647,200 $420,680
Crittenden$647,200+$647,200 $420,680
Cross$647,200+$647,200 $420,680
Dallas$647,200+$647,200 $420,680
Desha$647,200+$647,200 $420,680
Drew$647,200+$647,200 $420,680
Faulkner$647,200+$647,200 $420,680
Franklin$647,200+$647,200 $420,680
Fulton$647,200+$647,200 $420,680
Garland$647,200+$647,200 $420,680
Grant$647,200+$647,200 $420,680
Greene$647,200+$647,200 $420,680
Hempstead$647,200+$647,200 $420,680
Hot Spring$647,200+$647,200 $420,680
Howard$647,200+$647,200 $420,680
Independence$647,200+$647,200 $420,680
Izard$647,200+$647,200 $420,680
Jackson$647,200+$647,200 $420,680
Jefferson$647,200+$647,200 $420,680
Johnson$647,200+$647,200 $420,680
Lafayette$647,200+$647,200 $420,680
Lawrence$647,200+$647,200 $420,680
Lee$647,200+$647,200 $420,680
Lincoln$647,200+$647,200 $420,680
Little River$647,200+$647,200 $420,680
Logan$647,200+$647,200 $420,680
Lonoke$647,200+$647,200 $420,680
Madison$647,200+$647,200 $420,680
Marion$647,200+$647,200 $420,680
Miller$647,200+$647,200 $420,680
Mississippi$647,200+$647,200 $420,680
Monroe$647,200+$647,200 $420,680
Montgomery$647,200+$647,200 $420,680
Nevada$647,200+$647,200 $420,680
Newton$647,200+$647,200 $420,680
Ouachita$647,200+$647,200 $420,680
Perry$647,200+$647,200 $420,680
Phillips$647,200+$647,200 $420,680
Pike$647,200+$647,200 $420,680
Poinsett$647,200+$647,200 $420,680
Polk$647,200+$647,200 $420,680
Pope$647,200+$647,200 $420,680
Prairie$647,200+$647,200 $420,680
Pulaski$647,200+$647,200 $420,680
Randolph$647,200+$647,200 $420,680
St. Francis$647,200+$647,200 $420,680
Saline$647,200+$647,200 $420,680
Scott$647,200+$647,200 $420,680
Searcy$647,200+$647,200 $420,680
Sebastian$647,200+$647,200 $420,680
Sevier$647,200+$647,200 $420,680
Sharp$647,200+$647,200 $420,680
Stone$647,200+$647,200 $420,680
Union$647,200+$647,200 $420,680
Van Buren$647,200+$647,200 $420,680
Washington$647,200+$647,200 $420,680
White$647,200+$647,200 $420,680
Woodruff$647,200+$647,200 $420,680
Yell$647,200+$647,200 $420,680

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5 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. BMO Harris Bank

BMO Harris Bank is an established player in the mortgage industry that ranks 16th largest by total assets in the country. The bank offers a full range of financial products, including a jumbo loan.

We spoke to a BMO Harris loan officer to get additional details about the jumbo mortgage, many of which aren’t published. Here are some key terms and highlights:

  • 10% down to $1 million (740+ credit score)
  • 15% down to $1.5 million (720+ credit score)
  • 20% down to $2 million (700+ credit score)
  • 25% down to $3 million (700+ credit score)
  • 30% down to $5 million (700+ credit score)
  • 45% down over $5 million (700+ credit score)
  • 30/20/15/10 year fixed
  • 5/6, 7/6, and 10/6 ARMs
  • All 50 states
  • 12 months reserves

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. 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.

5. 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.

If you’re looking to explore jumbo mortgage loans in other states, check out our national overview of jumbo loans as a starting point in your search.

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Joshua Holt

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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