BEST OF
10 Best Arkansas Mortgage Lenders of 2021
Here are NerdWallet's 10 best mortgage lenders in Arkansas, whether you're looking for low refinance rates or are shopping for a new home.
These Arkansas mortgage lenders do a lot of business in the state and provide a range of home loan options, including government-backed loans, such as FHA and VA mortgages, and loans geared to first-time home buyers.
Use this list to guide your search for a lender that serves your unique needs and situation.
These Arkansas mortgage lenders do a lot of business in the state and provide a range of home loan options, including government-backed loans, such as FHA and VA mortgages, and loans geared to first-time home buyers.
Use this list to guide your search for a lender that serves your unique needs and situation.
Summary of Best Arkansas Mortgage Lenders of 2021
| Lender | NerdWallet Rating | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Best for borrowers with credit challenges | 620 | 3% | Read review | |
Best for borrowers with credit challenges | 620 | 3% | Read review | |
Best for FHA loans | 640 | 3.5% | at Fairway Independent Mortgage | |
Best for FHA loans | 580 | 3.5% | at loanDepot | |
Best for VA loans | 650 | 0% | at Veterans United | |
Best for VA loans | N/A | 0% | Read review | |
Best for online convenience | 620 | 3% | at Rocket Mortgage by Quicken Loans | |
Best for online convenience | 620 | 3% | Read review | |
Best for first-time home buyers | 620 | 3% | Read review | |
Best for first-time home buyers | 620 | 3% | Read review |
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers multiple low-down-payment loan programs.
- May consider alternative credit data, like bank statements and rent payments.
Cons
- To get sample rates, you'll have to speak with a loan officer.
- Doesn't offer home equity loans or HELOC.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers extensive educational resources for military borrowers.
- Provides digital tools for a streamlined application process.
- Participates in some state down payment assistance and first-time home buyer programs.
Cons
- No mortgage rates displayed online.
- Doesn’t offer home equity loans or lines of credit.
at Fairway Independent Mortgage
at Fairway Independent Mortgage
Min. Credit Score
640
Min. Down Payment
3.5%
Pros
- Offers a robust suite of loan products, including a variety of renovation loans.
- Has a digital application that can be completed in 10 minutes.
- Works with some state housing finance agencies to offer mortgages with down payment and closing cost assistance.
Cons
- Mortgage rates aren't posted online.
at loanDepot
at loanDepot
Min. Credit Score
580
Min. Down Payment
3.5%
Pros
- Offers digital income, asset and employment verification.
- Offers multiple renovation loan options.
- Has over 200 affiliated loan stores nationwide for customers who prefer face-to-face service.
Cons
- Mortgage rates aren't available online; you'll need to contact a loan officer.
- Does not offer home equity loans or lines of credit.
at Veterans United
at Veterans United
Min. Credit Score
650
Min. Down Payment
0%
Pros
- Offers 24/7 customer service over the phone.
- Has online application and pre-qualification.
- Offers a free credit counseling service.
- Employs advisors from each branch of the armed forces.
Cons
- Doesn’t offer home equity loans or HELOCs.
- Veterans United has physical branch offices in only 18 states.
- Information on FHA, USDA and conventional loans is harder to find on their website.
- Charges higher rates and fees than some other lenders.
National / Regional
National
Min. Down Payment
0%
Pros
- Offers a wide range of affordable mortgage products designed for military members.
- Has an online application for preapproval.
- Offers low rates compared with most lenders.
Cons
- Website does not provide customized mortgage rates based on credit score or other factors before you apply.
- Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.
at Rocket Mortgage by Quicken Loans
at Rocket Mortgage by Quicken Loans
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.
- Estimates the loan amount you’ll qualify for within minutes.
- Offers document and asset retrieval capabilities.
Cons
- If you’re a “look me in the eye” type of customer, you’re out of luck.
- Getting a customized interest rate requires a credit check, which can lower your credit score by a few points.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Provides numerous online conveniences, including loan application and process updates.
- Current rates clearly posted for various loan products.
- Offers a wide variety of loan types and products.
Cons
- New applications for home equity lines of credit suspended during COVID-19 crisis.
- Government actions and scandals have damaged consumer trust in recent years.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Allows borrowers to apply entirely online.
- Offers down payment and closing cost assistance programs.
- May give existing customers a discount on mortgage lender origination fees.
Cons
- Does not offer renovation loans.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers multiple online conveniences, including a full mortgage application, e-signatures and digital loan process tracking.
- Offers a wide variety of loan products, including home improvement and manufactured home loans.
Cons
- Does not offer home equity loan products.
- Average interest rates and fees are higher than other lenders.
Last updated on January 20, 2021
Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.
To recap our selections...
NerdWallet's Best Arkansas Mortgage Lenders of 2021
- Carrington: Best for borrowers with credit challenges
- Caliber: Best for borrowers with credit challenges
- Fairway Independent Mortgage: Best for FHA loans
- loanDepot: Best for FHA loans
- Veterans United: Best for VA loans
- Navy Federal: Best for VA loans
- Rocket Mortgage by Quicken Loans: Best for online convenience
- Wells Fargo: Best for online convenience
- Bank of America: Best for first-time home buyers
- Guild Mortgage: Best for first-time home buyers
