For home loans in Arkansas, exemptions exist for transfer taxes and intangible taxes for FHA and VA loans, among others.
According to the Arkansas Code Title 26, Taxation Section 26-60-102 (See below), this exemption is applicable to FHA and VA financed loans, but other circumstances apply:
- The sales price of the property must be $60,000 or less
- The seller must file an affidavit with the county stating that neither the buyer nor the buyer's spouse has owned a home within 3 years of the closing date of the current transaction, and must state the sales price of the home to ensure it is $60k or less.
"(10) An instrument conveying a home financed by the Federal Housing Administration, the United States Department of Veterans Affairs, or the United States Department of Agriculture Rural Development, if the sale price of the home is sixty thousand dollars ($60,000) or less and the seller files with the county recorder of deeds a sworn statement by the buyer stating that neither the buyer nor the spouse of the buyer has owned a home within three (3) years of the date of closing and also stating the sale price of the home;"