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The Natural State

Home Mortgage Rates in Arkansas

Old Mill North of Little Rock, Arkansas.

Located in the Deep South, Arkansas has much to offer new and native residents. Beautiful scenery, burgeoning industry opportunities, and a plethora of available properties make Arkansas a great residential choice.

Average Housing Prices

Arkansas has something for everyone when it comes to the real estate market. There is big city real estate available for those looking to stay close to work and a short drive from major dining and entertainment centers as well as agriculturally based properties for those looking to be at arm’s length from the hustle and bustle of a major city; as well as everything in between.

The more expensive average home prices are in the extreme northwestern corner of the state. Counties such as Boone, Carroll, Madison, Washington, and Newton all have median home prices of $213,000 and up. The eastern ridge of the state, counties like Mississippi, St. Francis, Lee, Phillips, Desha, and Ashley assert the lowest average prices, $91,000 and below. The central areas of the state are more in-sync with the national average, with counties such as Saline, Lonoke, Grant, Yell, and Hot Spring ranging between $137,000 and $168,000; with the national median home price hovering in the range of $173,000, location really does matter when it comes to the price of Arkansas real estate.

Places to Live

Metropolitan Areas

AR Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change % △
1 42 Memphis, TN-MS-AR Metro Area 1,342,842 1,324,829 18,013 1.36%
2 76 Little Rock-North Little Rock-Conway 734,622 699,757 34,865 4.98%
3 105 Fayetteville-Springdale-Rogers 525,032 463,204 61,828 13.35%
4 169 Fort Smith, AR-OK Metro Area 281,227 280,467 760 0.27%
5 277 Texarkana, TX-AR Metro Area 150,098 149,198 900 0.60%
6 315 Jonesboro 129,858 121,026 8,832 7.30%
7 390 Hot Springs 97,477 96,024 1,453 1.51%
8 409 Pine Bluff 91,962 100,258 -8,296 -8.27%
9 426 Russellville 85,331 83,939 1,392 1.66%
10 447 Searcy 79,263 77,076 2,187 2.84%
11 640 Harrison 45,240 45,233 7 0.02%
12 649 Paragould 44,598 42,090 2,508 5.96%
13 665 Blytheville 42,835 46,480 -3,645 -7.84%
14 681 Mountain Home 41,062 41,513 -451 -1.09%
15 699 El Dorado 39,887 41,639 -1,752 -4.21%
16 737 Batesville 37,168 36,647 521 1.42%
17 782 Malvern 33,374 32,923 451 1.37%
18 815 Hope 30,372 31,606 -1,234 -3.90%
19 822 Camden 29,242 31,488 -2,246 -7.13%
20 852 Forrest City 26,196 28,258 -2,062 -7.30%
21 871 Magnolia 23,901 24,552 -651 -2.65%
22 884 Arkadelphia 22,657 22,995 -338 -1.47%
23 911 Helena-West Helena 18,975 21,757 -2,782 -12.79%

Popular Arkansas Cities

Little Rock is the capital city of Arkansas and the county seat of Pulaski County. It has the largest population in the state, with approximately 850,000 people, and offers its residents and visitors a great deal of entertainment opportunities. Little Rock has a healthy economic center, with corporations such as Dillard’s, Windstream Communications, and Acxiom headquartered there. Industries such as biotechnology, healthcare, information technology, and aerospace are all emerging to contribute to Arkansas’ overall economic welfare. Little Rock offers educational opportunities such as the University of Arkansas for Medical Sciences and the University of Arkansas at Little Rock campuses, as well as numerous museums, public libraries, cultural centers, and other notable places. Little Rock offers potential residents thousands of available properties from the center of the city all the way to its outlying suburbs. With properties ranging in price from $600,000 to $130,000, there are many options for homebuyers to choose from.

Little Rock Skyline.

Fayetteville, Arkansas, is another popular Arkansas city. Located in the north central area of the state, Fayetteville is the seat of Washington County and has a population of 58,000 people; it is home to the University of Arkansas track and field program, and its popularity gave Fayetteville the nickname of “Track Capital of the World”. It ranks 8th on Forbes Magazine's “Top 10 Best Places in America for Business and Careers” and 7th on Kiplinger's 2008 "Best Cities to Work, Live and Play”. Notable places in Fayetteville include The Botanical Garden of the Ozarks, the University of Arkansas, and the Northwest Arkansas Mall. Major industries that contribute to Fayetteville’s economic climate include aerospace and national defense, computer services, agriculture, and consumer products. Corporations such as Apria, Bausch & Lomb, Hormel, Cargill, and Cisco all call Fayetteville home. Greater Fayetteville and its outlying areas offer over 1,500 real estate opportunities. From single-family homes to apartments, condominiums, or even land to develop, Fayetteville welcomes newbies!

Fastest Growing Cities

Arkansas, especially the central and northwestern areas of the state, is overall one of the fastest growing states in America; with approximately 1,000 new families moving in each month, it seems that the state is already bursting at the seams. The capital city of Little Rock is one city that is experiencing gold rush-like expansion. Road construction, new commercial and residential construction, and jobs are blossoming in an economic climate that the rest of the country would envy. Fort Smith is undergoing a transformation that has those born in the area that left and returned scratching their heads and checking their GPS systems to see if they are in the right area; they are finding it almost unrecognizable. Low taxes, more millionaires per capita, and the beautiful Ozarks beckon new residents.

Arkansas Census Data

According to the United States census an estimated 2,988,248 people live in the state of Arkansas. The state has 52,035.48 mi² of land area, which gave it a population density of 57.43 per mi². Here is a list of cities with more than 2,000 residents, with their estimated population as of June 2016 & the 2010 United States Census. For Census Designated Places (CDP) where there was no population estimate available for 2016 the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank Geography County 2016 Pop 2010 Pop Change % △ Land mi² Pop Den mi²
1 Little Rock Pulaski 198,541 193,524 5,017 2.59% 119.2 1,665.61
2 Fort Smith Sebastian 88,133 86,209 1,924 2.23% 61.97 1,422.19
3 Fayetteville Washington 83,826 73,580 10,246 13.92% 53.85 1,556.66
4 Springdale Washington & Benton 78,557 69,797 8,760 12.55% 41.8 1,879.35
5 Jonesboro Craighead 74,889 67,263 7,626 11.34% 79.87 937.64
6 North Little Rock Pulaski 66,278 62,304 3,974 6.38% 51.5 1,286.95
7 Conway Faulkner 65,300 58,908 6,392 10.85% 45.34 1,440.23
8 Rogers Benton 65,021 55,964 9,057 16.18% 37.94 1,713.78
9 Bentonville Benton 47,093 35,301 11,792 33.40% 31.29 1,505.05
10 Pine Bluff Jefferson 43,841 49,083 -5,242 -10.68% 44.58 983.42
11 Hot Springs Garland 36,867 35,193 1,674 4.76% 35.02 1,052.74
12 Benton Saline 35,775 30,681 5,094 16.60% 22.24 1,608.59
13 Sherwood Pulaski 30,657 29,523 1,134 3.84% 20.61 1,487.48
14 Texarkana Miller 30,283 29,919 364 1.22% 41.65 727.08
15 Russellville Pope 29,583 27,920 1,663 5.96% 28.28 1,046.07
16 Jacksonville Pulaski 28,518 28,364 154 0.54% 28.1 1,014.88
17 Bella Vista Benton 28,406 26,461 1,945 7.35% 44.26 641.80
18 Paragould Greene 28,232 26,113 2,119 8.11% 31.2 904.87
19 Cabot Lonoke 25,797 23,776 2,021 8.50% 20.12 1,282.16
20 West Memphis Crittenden 25,284 26,245 -961 -3.66% 28.44 889.03
21 Searcy White 24,318 22,858 1,460 6.39% 18.34 1,325.95
22 Van Buren Crawford 23,367 22,791 576 2.53% 15.45 1,512.43
23 Bryant Saline 20,005 16,688 3,317 19.88% 20.8 961.78
24 El Dorado Union 18,339 18,884 -545 -2.89% 16.27 1,127.17
25 Maumelle Pulaski 18,122 17,163 959 5.59% 12.05 1,503.90
26 Siloam Springs Benton 16,448 15,039 1,409 9.37% 11.07 1,485.82
27 Forrest City St. Francis 14,480 15,371 -891 -5.80% 16.29 888.89
28 Blytheville Mississippi 14,375 15,620 -1,245 -7.97% 20.79 691.44
Hot Springs Village CDP Garland & Saline 13,477 12,807 670 5.23% 53.52 251.81
29 Harrison Boone 13,170 12,943 227 1.75% 11.08 1,188.63
30 Centerton Benton 12,861 9,515 3,346 35.17% 11.76 1,093.62
31 Mountain Home Baxter 12,363 12,448 -85 -0.68% 11.73 1,053.96
32 Marion Crittenden 12,362 12,345 17 0.14% 20.42 605.39
33 Magnolia Columbia 11,601 11,577 24 0.21% 13.24 876.21
34 Camden Ouachita 11,219 12,183 -964 -7.91% 16.45 682.01
35 Malvern Hot Spring 10,941 10,318 623 6.04% 8.66 1,263.39
36 Helena-West Helena Phillips 10,827 12,282 -1,455 -11.85% 13.33 812.23
37 Arkadelphia Clark 10,793 10,714 79 0.74% 7.26 1,486.64
38 Batesville Independence 10,740 10,248 492 4.80% 10.98 978.14
39 Hope Hempstead 9,892 10,095 -203 -2.01% 10.08 981.35
40 Monticello Drew 9,753 9,467 286 3.02% 11.02 885.03
41 Clarksville Johnson 9,524 9,178 346 3.77% 18.48 515.37
42 Greenwood Sebastian 9,362 8,952 410 4.58% 9.82 953.36
43 Stuttgart Arkansas 8,945 9,326 -381 -4.09% 7.22 1,238.92
44 Lowell Benton 8,922 7,327 1,595 21.77% 9.15 975.08
45 Beebe White 8,120 7,315 805 11.00% 10.11 803.17
46 Wynne Cross 8,078 8,367 -289 -3.45% 8.86 911.74
47 Newport Jackson 7,756 7,879 -123 -1.56% 13.43 577.51
East End CDP Saline 7,248 6,998 250 3.57% 20.06 361.32
48 Trumann Poinsett 7,129 7,243 -114 -1.57% 5.02 1,420.12
49 Heber Springs Cleburne 7,092 7,165 -73 -1.02% 8.39 845.29
50 Osceola Mississippi 7,086 7,757 -671 -8.65% 9.79 723.80
51 Farmington Washington 6,804 5,974 830 13.89% 9.83 692.17
52 Morrilton Conway 6,722 6,767 -45 -0.66% 8.74 769.11
53 De Queen Sevier 6,565 6,594 -29 -0.44% 5.95 1,103.36
54 Pocahontas Randolph 6,469 6,608 -139 -2.10% 7.36 878.94
55 Warren Bradley 5,757 6,003 -246 -4.10% 7.21 798.47
56 Alma Crawford 5,672 5,419 253 4.67% 5.4 1,050.37
57 Mena Polk 5,642 5,737 -95 -1.66% 6.71 840.83
58 Pea Ridge Benton 5,401 4,794 607 12.66% 7.38 731.84
59 Berryville Carroll 5,377 5,356 21 0.39% 6.1 881.48
60 Greenbrier Faulkner 5,370 4,706 664 14.11% 7.92 678.03
61 Prairie Grove Washington 5,347 4,380 967 22.08% 8.02 666.71
62 Crossett Ashley 5,128 5,507 -379 -6.88% 5.97 858.96
63 White Hall Jefferson 5,079 5,526 -447 -8.09% 6.98 727.65
64 Ward Lonoke 4,866 4,067 799 19.65% 4.14 1,175.36
65 Sheridan Grant 4,827 4,603 224 4.87% 12.14 397.61
66 Barling Sebastian 4,801 4,649 152 3.27% 10.38 462.52
67 Walnut Ridge Lawrence 4,674 4,890 -216 -4.42% 16.01 291.94
68 Cherokee Village Sharp & Fulton 4,649 4,671 -22 -0.47% 19.81 234.68
69 Dardanelle Yell 4,601 4,745 -144 -3.03% 3.66 1,257.10
70 Nashville Howard 4,501 4,627 -126 -2.72% 5.62 800.89
71 Vilonia Faulkner 4,478 3,815 663 17.38% 7.08 632.49
72 Ashdown Little River 4,472 4,723 -251 -5.31% 7.06 633.43
73 Haskell Saline 4,445 3,990 455 11.40% 5 889.00
Gibson CDP  Pulaski 4,417 3,543 874 24.67% 4.45 992.58
74 Dumas Desha 4,289 4,706 -417 -8.86% 3.25 1,319.69
75 Lonoke Lonoke 4,237 4,245 -8 -0.19% 4.6 921.09
Piney CDP Garland 4,073 4,699 -626 -13.32% 6.5 626.62
76 Fordyce Dallas 3,955 4,300 -345 -8.02% 6.76 585.06
77 Booneville Logan 3,898 3,990 -92 -2.31% 4.08 955.39
78 McGehee Desha 3,888 4,219 -331 -7.85% 6.77 574.30
79 Shannon Hills Saline 3,832 3,143 689 21.92% 2.24 1,710.71
Rockwell CDP Garland 3,763 3,780 -17 -0.45% 3.14 1,198.41
80 Gentry Benton 3,726 3,158 568 17.99% 4.25 876.71
81 Austin Lonoke 3,722 2,038 1,684 82.63% 3.03 1,228.38
82 Johnson Washington 3,639 3,354 285 8.50% 3.76 967.82
83 Cave Springs Benton 3,634 1,729 1,905 110.18% 7.86 462.34
84 Piggott Clay 3,611 3,849 -238 -6.18% 5.2 694.42
85 Marianna Lee 3,599 4,115 -516 -12.54% 3.59 1,002.51
86 Ozark Franklin 3,573 3,684 -111 -3.01% 7.29 490.12
87 Tontitown Washington 3,497 2,460 1,037 42.15% 18.11 193.10
88 Paris Logan 3,454 3,532 -78 -2.21% 4.53 762.47
89 Waldron Scott 3,372 3,618 -246 -6.80% 5 674.40
90 Gravette Benton 3,271 2,325 946 40.69% 4.02 813.68
91 Gosnell Mississippi 3,225 3,548 -323 -9.10% 1.7 1,897.06
92 Manila Mississippi 3,220 3,342 -122 -3.65% 3.5 920.00
Landmark CDP Pulaski 3,171 3,555 -384 -10.80% 9.21 344.30
93 DeWitt Arkansas 3,143 3,292 -149 -4.53% 3 1,047.67
94 Corning Clay 3,118 3,377 -259 -7.67% 3.12 999.36
95 Brookland Craighead 3,098 1,642 1,456 88.67% 7.53 411.42
96 Pottsville Pope 3,095 2,838 257 9.06% 13.09 236.44
97 Prescott Nevada 3,073 3,296 -223 -6.77% 6.51 472.04
98 Atkins Pope 3,059 3,016 43 1.43% 6.16 496.59
99 Elkins Washington 2,965 2,648 317 11.97% 3.94 752.54
100 Bald Knob White 2,907 2,897 10 0.35% 4.46 651.79
North Crossett CDP Ashley 2,898 3,119 -221 -7.09% 10.3 281.36
101 Mountain View Stone 2,860 2,748 112 4.08% 7.2 397.22
102 Alexander Saline & Pulaski 2,820 2,901 -81 -2.79% 2.21 1,276.02
103 Little Flock Benton 2,806 2,585 221 8.55% 7.45 376.64
104 Brinkley Monroe 2,798 3,188 -390 -12.23% 5.49 509.65
105 Green Forest Carroll 2,782 2,761 21 0.76% 2.33 1,193.99
106 England Lonoke 2,753 2,825 -72 -2.55% 2.17 1,268.66
107 Hamburg Ashley 2,743 2,857 -114 -3.99% 3.41 804.40
108 Dermott Chicot 2,735 2,316 419 18.09% 3.56 768.26
109 Hoxie Lawrence 2,678 2,780 -102 -3.67% 6.51 411.37
Salem CDP Saline 2,621 2,607 14 0.54% 3.18 824.21
Holiday Island CDP Carroll 2,596 2,373 223 9.40% 10.73 241.94
110 West Fork Washington 2,550 2,317 233 10.06% 3.74 681.82
111 Bethel Heights Benton 2,535 2,372 163 6.87% 2.37 1,069.62
112 Clinton Van Buren 2,518 2,602 -84 -3.23% 12.79 196.87
113 Marked Tree Poinsett 2,505 2,566 -61 -2.38% 5.64 444.15
114 Charleston Franklin 2,466 2,494 -28 -1.12% 4.28 576.17
115 Danville Yell 2,444 2,409 35 1.45% 4.23 577.78
116 Mayflower Faulkner 2,430 2,234 196 8.77% 3.96 613.64
117 Lincoln Washington 2,425 2,249 176 7.83% 2.74 885.04
118 Huntsville Madison 2,418 2,346 72 3.07% 3.84 629.69
119 Lake City Craighead 2,405 2,082 323 15.51% 3.02 796.36
120 Lavaca Sebastian 2,400 2,289 111 4.85% 2.1 1,142.86
121 Lake Village Chicot 2,387 2,575 -188 -7.30% 2.47 966.40
122 Harrisburg Poinsett 2,312 2,288 24 1.05% 2.03 1,138.92
123 Wrightsville Pulaski 2,308 2,114 194 9.18% 2.06 1,120.39
124 Bono Craighead 2,279 2,131 148 6.95% 1.44 1,582.64
125 Earle Crittenden 2,276 2,414 -138 -5.72% 3.24 702.47
126 Southside Independence 2,255 102 2,153 2110.78% 9.82 229.63
127 Elm Springs Washington & Benton 2,249 1,535 714 46.51% 5.75 391.13
128 Fairfield Bay Van Buren & Cleburne 2,247 2,338 -91 -3.89% 15.27 147.15
129 Carlisle Lonoke 2,172 2,214 -42 -1.90% 4.89 444.17
130 Star City Lincoln 2,150 2,274 -124 -5.45% 4.74 453.59
131 Glenwood Pike & Montgomery 2,141 2,228 -87 -3.90% 8.76 244.41
132 Gurdon Clark 2,137 2,212 -75 -3.39% 2.48 861.69
133 Gassville Baxter 2,131 2,078 53 2.55% 3.42 623.10
Prairie Creek CDP Benton 2,116 2,066 50 2.42% 4.35 486.44
134 Horseshoe Bend Izard, Fulton & Sharp 2,084 2,184 -100 -4.58% 13.4 155.52
135 Eudora Chicot 2,078 2,269 -191 -8.42% 3.07 676.87
136 Eureka Springs Carroll 2,074 2,073 1 0.05% 6.77 306.35
137 Augusta Woodruff 2,020 2,199 -179 -8.14% 1.96 1,030.61
138 Judsonia White 2,002 2,019 -17 -0.84% 2.87 697.56
Lake Hamilton CDP Garland 1,970 2,135 -165 -7.73% 1.95 1,010.26

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Types of Mortgages in Arkansas

There are two types of mortgages popular in Arkansas. Fixed-rate mortgages, or FRMs, are those that include principle and interest in the monthly payment amount and are stable throughout the life of the loan, and adjustable-rate mortgages, or ARMs, are loans that include principle and interest that change periodically throughout the life of the loan. Both FRMs and ARMs are available in 10, 15, 20, 30, and even some 40 year increments, and can be either first mortgages, second mortgages, or refinance options.

Fixed-rate mortgages in Arkansas, just like other states, have interest rates based upon many factors, including inflation, the borrower’s credit score, employment situation, and debt to income ratio. This interest rate is the fee the lender assesses to the borrower; in other words, it is the cost of borrowing the money from the lender. When the borrower pays the money back, he or she also pays back the interest to the bank; this is how the bank makes money off mortgage loans. In an FRM situation, the interest rate is set and cannot change for the life of the loan; that is, the lender will charge this set rate in addition to the principle amount borrowed.

Adjustable-rate mortgages are the opposite. Instead of being a rate that does not change over the life of the loan, the rate adjusts periodically based upon the conditions of the loan. For instance, an ARM that adjusts on a monthly basis has an interest rate that will change every month; as a result, the mortgage payment amount will change each month. The benefit to an ARM is that in times of lower interest rates ARM borrowers will receive a lower interest rate, resulting in a lower monthly payment; the disadvantage to an ARM is that it is unpredictable, and in times of higher interest rates the monthly payment amount will rise. In some situations, the terms of the mortgage will place a cap on the interest rate adjustment or on the payment amount. This is advantageous because it sets a ceiling for how much the borrower will pay given a specific set of circumstances.

A primary mortgage is the first mortgage placed on a property; a second mortgage is just that, another mortgage placed on a property that already has one. It is subordinate to the first mortgage. In cases of default, primary mortgages are paid off, or satisfied, first, before a second mortgage is; as such, these mortgages are riskier for lenders and usually come with a higher interest rate. Second mortgages can also come in the form of home equity loans (HELOCs), and are typically used for home improvements or to obtain full financing on a property rather than pay private mortgage insurance.

Refinance mortgages are placed on properties to pay off first and/or second mortgages, normally because the borrower can obtain a lower rate, lower their monthly payments, or to pay off various forms of debt. Borrowers refinance to cash out their equity and use the money to pay bills or take care of other financial obligations; they can also refinance to shorten the length of a loan, or lengthen it to lower monthly payments.

Natural Disasters

Earthquakes

Most of Arkansas has a very low earthquake risk. The northeastern corner of the state near where Arkansas, Illinois, Indiana, Kentucky, Tennessee, and Missouri converge there is a fault line which leads to moderate to high earthquake risk. Here is a list of counties with a risk above very low.

  • Low risk: Independence, Lawrence, Randolph, Sharp, Woodruff
  • Moderate risk: Clay, Craighead, Crittenden, Cross, Greene, Jackson, Mississippi, Poinsett, Saint Francis

Standard rental and homeowner insurance policies typically do not cover earthquake damage, though they usually cover losses caused by fires which resulted from an earthquake. You can supplement your homeowner's insurance with an earthquake policy.

Flood Insurance

Homeowner's insurance policies typically do not cover flooding. Most of the state has a very low risk of flooding. Some areas close to the Missississippi river have a high to very high flooding risk. Here is a county-by-county breakdown of areas with an elevated risk of flooding.

  • Low risk of flooding: Baxter, Boone, Crawford, Franklin, Johnson, Saint Francis, Saline, Sebastian, Washington
  • Moderate risk of flooding: Arkansas, Clark, Cleburne, Conway, Crittenden, Dallas, Drew, Faulkner, Garland, Hempstead, Hot Spring,Howard, Independence, Jefferson, Lonoke, Mississippi, Pope, Pulaski, Randolph, Sharp, White
  • High risk of flooding: Ashley, Chicot, Lawrence, Poinsett, Yell
  • Very high risk of flooding: Desha, Lee, Lincoln

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don€™t incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government€™s costs in the next disaster.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Tornadoes

Most of the state is considered to have a moderate to high tornado risk. A basic homeowners policy should cover financial damages from tornadoes.

Hail

Hail damage is common across the state. Damage from hail is typically covered by home insurance policies.

Arkansas: A Non-Recourse State

Non-recourse states do not allow lenders to actively pursue a borrower who has defaulted on a mortgage. This is beneficial because the borrower is not held individually legally responsible for the outstanding loan amount. This is because when the loan is closed, the borrower must put up some kind of collateral to the lender to secure the loan in case of default; in most cases, this is the property the loan is being taken out for. As a result, if the borrower defaults on the loan, the lender can come and take the property back as satisfaction for the loan and nothing else. In recourse states the lender can come after the borrower for satisfaction by any means, including wage garnishments, liens, and legal actions.

Arkansas Foreclosure Laws

Foreclosures in Arkansas are handled inside as well as outside of the court system. Either way, the lender must appraise the property before the scheduled foreclosure date.
In foreclosures handled through the court system, the court gets to decide the amount in default and then gives the borrower a brief amount of time to remit that amount to the lender. If the borrower is unable to pay the amount in full within that period, the property then is put up for sale; this is usually 30 days after the court first hears the matter.

In foreclosures handled outside of the court system, mortgages that contain “Power of Sale” clauses let lenders foreclose on property in default by filing a “Notice of Default” with the county. The borrower then has the opportunity to stop the foreclosure process and keep the property by paying the delinquent amount in full any time before the foreclosure sale occurs.

Arkansas has much to offer, including great real estate opportunities, a growing economy, popular cities, and rapid growth. Carefully considering purchasing property in Arkansas is important, and borrowers need to make sure they understand the different types of loans available and the consequences if those financial responsibilities go unfulfilled.