Home financing in Hempstead County.

Home financing simply means borrowing money to buy, build, or improve a home — and agreeing to pay it back over time, usually with interest.

The most common tool is a mortgage, a loan where the home itself serves as collateral.

If you stop making payments, the lender can eventually take the property back through foreclosure, which is why choosing the right loan and payment size matters from the start.

In Hempstead County, buyers most commonly use one of these four loan types:

• **Conventional loans** — offered by banks and credit unions, usually requiring a 620+ credit score and a 3–20% down payment.

• **FHA loans** — government-backed loans that allow credit scores as low as 580 and down payments as low as 3.5%. These are popular for first-time buyers in rural counties.

• **USDA Rural Development loans** — because most of Hempstead County qualifies as a rural area, many buyers here can access zero-down USDA loans through the USDA Rural Development office.

• **ITIN loans** — for buyers who do not have a Social Security number but have an Individual Taxpayer Identification Number (ITIN). These are offered by select community banks and credit unions and are a legitimate, safe option.

Small real-estate investors may also explore portfolio loans (held by the lender rather than sold to a secondary market) or small-balance commercial loans for duplexes and rental properties.

Hope, the county seat, and the surrounding towns of Nashville, Fulton, and Blevins are home to a workforce shaped by agriculture, timber, poultry processing, light manufacturing, and small retail. Many residents are self-employed farmers, independent contractors, small-business owners, or seasonal workers — and that matters when qualifying for a loan.

**Income that lenders will count:**

- W-2 wages from an employer

- Self-employment income (documented with two years of tax returns)

- Farm income (Schedule F on your federal tax return)

- Rental income from existing investment properties

- Social Security, disability, or retirement income

**What if your income is hard to document?** Some community lenders and CDFIs in the region offer bank-statement loans — qualifying you based on 12–24 months of bank deposits rather than tax returns. Ask specifically about this option.

**Credit:** Most conventional programs want a 620+ score, FHA accepts 580+, and USDA typically requires 640+. If your score is lower, local credit unions and CDFIs sometimes work with you through credit-building programs before you apply.

**No Social Security number?** ITIN holders are eligible for home loans through select lenders (see Section 4). You do not need citizenship or permanent residency to buy a home in Arkansas.

**Down payment:** USDA loans require zero down for eligible properties and income levels. FHA requires 3.5%. Some local and state programs offer down-payment assistance — see the Arkansas Development Finance Authority (ADFA) programs below.

Getting your paperwork together before you speak to a lender saves time and stress. Every lender is different, but here is what most will ask for:

**Identity & residency:**

- Government-issued photo ID (driver's license, passport, or consular ID card)

- Social Security number **or** ITIN

- For ITIN loans: passport + ITIN letter from the IRS is usually enough

**Income:**

- Last two years of federal tax returns (all pages, all schedules)

- Last two years of W-2s or 1099s

- Last 30 days of pay stubs (if employed)

- Self-employed? Bring a profit-and-loss statement prepared by an accountant

- Farm operators: Schedule F and any FSA farm records

**Assets & bank history:**

- Last two to three months of bank statements (all pages)

- Documentation of any gift funds (a signed letter from the donor)

**Property:**

- Purchase contract (once you have one)

- Address of the property

**Debts:**

- A list of current monthly obligations: car payments, student loans, credit cards, child support

Tip: Lenders will pull your credit report themselves — you do not need to bring it. But it is smart to review your own report at AnnualCreditReport.com before you apply so there are no surprises.