El Dorado FHA Loan Rates, Closing Costs & Stats

El Dorado, AR

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    El Dorado's 16 lenders originated 88 FHA loans during 2023. The total origination value was $15,110,000, with an average FHA loan value of $171,705.

    El Dorado FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in El Dorado averaged 6.83% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    El Dorado's average FHA mortgage closing costs are $5,992.

    The average rate for the prior week (2024-04-12) was 6.92% and one month ago for the week of 2024-03-15, the average rate was 6.79%.

    The average rate one year ago was 6.32%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    El Dorado FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the El Dorado level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 20 6.79% $9,500
    UNITED WHOLESALE MORTGAGE, LLC 15 6.42% $7,358
    FirstTrust Home Loans, Inc. 14 6.96% $7,456
    EVERETT FINANCIAL, INC. 10 6.49% $8,704
    QUICKEN LOANS, LLC 9 6.30% $7,745
    First Financial Bank 3 6.63% $6,089
    Mortgage Research Center, LLC 2 7.00% $5,409
    Simmons Bank 2 6.25% $4,577
    ACADEMY MORTGAGE CORPORATION 1 7.13% $6,280
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $8,110
    PENNYMAC LOAN SERVICES, LLC 1 7.13% $12,241
    BROKER SOLUTIONS, INC. 1 6.25% $10,523
    Assurance Financial Group, L.L.C. 1 6.12% $6,154
    THRIVE MORTGAGE, LLC 1 7.13% $4,345
    TOP FLITE FINANCIAL, INC. 1 6.75% $11,898
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.13% $8,692

    The top El Dorado FHA lender as defined by loan originations is HIGHLANDS RESIDENTIAL MORTGAGE, LTD., with 20 FHA loans originated. Their average total fees are $9,500, which is $2,142 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee El Dorado FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($7,358), FirstTrust Home Loans, Inc. ($7,456), EVERETT FINANCIAL, INC. ($8,704), HIGHLANDS RESIDENTIAL MORTGAGE, LTD. ($9,500) and .

    The lowest rate El Dorado FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.42%), EVERETT FINANCIAL, INC. (6.49%), HIGHLANDS RESIDENTIAL MORTGAGE, LTD. (6.79%), FirstTrust Home Loans, Inc. (6.96%) and .

    El Dorado FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    EL DORADO, AR UNION 2022 $420,680 $538,650 $651,050 $809,150
    EL DORADO, AR UNION 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - El Dorado (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $93,250 (-6.2%) $163,006 (13.4%) 0.00 154
    2018-02-01 $108,550 (-5.8%) $177,567 (17.6%) 0.00 160
    2018-03-01 $114,750 (-4.1%) $173,371 (14.4%) 0.00 155
    2018-04-01 $109,925 (-7.8%) $167,479 (13.0%) 0.00 152
    2018-05-01 $110,450 (-1.8%) $171,082 (15.9%) 0.00 152
    2018-06-01 $131,400 (13.8%) $179,825 (18.7%) 0.00 148
    2018-07-01 $144,900 (13.7%) $185,960 (14.0%) 0.00 157
    2018-08-01 $147,500 (18.1%) $191,120 (15.1%) 0.00 165
    2018-09-01 $149,500 (31.3%) $197,587 (23.0%) 0.00 160
    2018-10-01 $154,950 (32.4%) $197,504 (18.7%) 0.00 154
    2018-11-01 $156,400 (53.2%) $198,854 (25.9%) 0.00 153
    2018-12-01 $149,500 (40.7%) $195,321 (21.0%) 0.00 146
    2019-01-01 $149,500 (60.3%) $200,524 (23.0%) 0.00 140
    2019-02-01 $157,325 (44.9%) $213,430 (20.2%) 0.00 147
    2019-03-01 $161,014 (40.3%) $216,415 (24.8%) 0.00 145
    2019-04-01 $163,750 (49.0%) $219,111 (30.8%) 0.00 136
    2019-05-01 $177,450 (60.7%) $228,451 (33.5%) 0.00 127
    2019-06-01 $170,900 (30.1%) $221,197 (23.0%) 0.00 136
    2019-07-01 $164,700 (13.7%) $209,795 (12.8%) 0.00 140
    2019-08-01 $166,077 (12.6%) $207,050 (8.3%) 0.00 131
    2019-09-01 $168,143 (12.5%) $208,376 (5.5%) 0.00 128
    2019-10-01 $169,625 (9.5%) $209,186 (5.9%) 0.00 126
    2019-11-01 $167,250 (6.9%) $209,452 (5.3%) 0.00 130
    2019-12-01 $157,750 (5.5%) $208,216 (6.6%) 0.00 123
    2020-01-01 $149,625 (0.1%) $210,095 (4.8%) 0.00 114
    2020-02-01 $147,250 (-6.4%) $212,190 (-0.6%) 0.00 110
    2020-03-01 $146,125 (-9.3%) $215,142 (-0.6%) 0.00 113
    2020-04-01 $147,250 (-10.1%) $209,869 (-4.2%) 0.00 108
    2020-05-01 $135,000 (-23.9%) $209,850 (-8.1%) 0.00 105
    2020-06-01 $160,000 (-6.4%) $240,843 (8.9%) 0.00 114
    2020-07-01 $178,450 (8.4%) $254,934 (21.5%) 0.00 111
    2020-08-01 $189,900 (14.3%) $256,814 (24.0%) 0.00 115
    2020-09-01 $216,100 (28.5%) $275,385 (32.2%) 0.00 104
    2020-10-01 $222,200 (31.0%) $273,856 (30.9%) 0.00 100
    2020-11-01 $216,000 (29.2%) $269,948 (28.9%) 0.00 86
    2020-12-01 $194,750 (23.5%) $264,571 (27.1%) 0.00 78
    2021-01-01 $182,900 (22.2%) $247,120 (17.6%) 0.00 77
    2021-02-01 $182,700 (24.1%) $230,524 (8.6%) 0.00 74
    2021-03-01 $182,700 (25.0%) $233,633 (8.6%) 0.00 63
    2021-04-01 $197,450 (34.1%) $238,126 (13.5%) 0.00 66
    2021-05-01 $183,700 (36.1%) $250,837 (19.5%) 0.00 69
    2021-06-01 $180,650 (12.9%) $259,997 (8.0%) 0.00 69
    2021-07-01 $195,000 (9.3%) $266,781 (4.7%) 0.00 54
    2021-08-01 $195,000 (2.7%) $273,786 (6.6%) 0.00 56
    2021-09-01 $193,225 (-10.6%) $283,290 (2.9%) 0.00 49
    2021-10-01 $195,000 (-12.2%) $269,355 (-1.6%) 0.00 57
    2021-11-01 $181,175 (-16.1%) $247,599 (-8.3%) 0.00 61
    2021-12-01 $177,450 (-8.9%) $257,555 (-2.7%) 0.00 48
    2022-01-01 $177,450 (-3.0%) $278,159 (12.6%) 0.00 38
    2022-02-01 $163,750 (-10.4%) $278,235 (20.7%) 0.00 48
    2022-03-01 $172,425 (-5.6%) $271,389 (16.2%) 0.00 45
    2022-04-01 $179,500 (-9.1%) $276,787 (16.2%) 0.00 40
    2022-05-01 $193,625 (5.4%) $265,426 (5.8%) 0.00 45
    2022-06-01 $194,000 (7.4%) $260,310 (0.1%) 0.00 50
    2022-07-01 $185,000 (-5.1%) $265,804 (-0.4%) 0.00 54
    2022-08-01 $203,375 (4.3%) $247,648 (-9.6%) 0.00 63
    2022-09-01 $202,250 (4.7%) $241,902 (-14.6%) 0.00 64
    2022-10-01 $199,000 (2.1%) $235,321 (-12.6%) 0.00 68
    2022-11-01 $193,125 (6.6%) $243,537 (-1.6%) 0.00 75
    2022-12-01 $188,000 (6.0%) $237,052 (-8.0%) 0.00 78
    2023-01-01 $193,125 (8.8%) $250,096 (-10.1%) 0.00 70
    2023-02-01 $180,000 (9.9%) $253,800 (-8.8%) 0.00 67
    2023-03-01 $171,175 (-0.7%) $253,169 (-6.7%) 0.00 73
    2023-04-01 $150,000 (-16.4%) $239,027 (-13.6%) 0.00 78
    2023-05-01 $145,000 (-25.1%) $238,301 (-10.2%) 0.00 71
    2023-06-01 $159,250 (-17.9%) $242,705 (-6.8%) 0.00 75
    2023-07-01 $169,000 (-8.7%) $252,959 (-4.8%) 0.00 71
    2023-08-01 $198,100 (-2.6%) $241,375 (-2.5%) 0.00 76
    2023-09-01 $180,450 (-10.8%) $215,850 (-10.8%) 0.00 71
    2023-10-01 $175,675 (-11.7%) $213,026 (-9.5%) 0.00 88
    2023-11-01 $162,675 (-15.8%) $211,116 (-13.3%) 0.00 52
    2023-12-01 $192,400 (2.3%) $240,185 (1.3%) 0.00 53
    2024-01-01 $197,700 (2.4%) $249,906 (-0.1%) 0.00 50
    2024-02-01 $209,175 (16.2%) $252,948 (-0.3%) 0.00 56
    2024-03-01 $202,450 (18.3%) $251,046 (-0.8%) 0.00 57
    El Dorado's median listing price for 2024-03-01 was $202,450, a difference of $31,275 (18.3%) versus the prior year and $-6,725 versus the prior month.

    El Dorado's median listing price comes in at 0% of the national average.

    El Dorado's average listing price for 2024-03-01 was $251,046, a difference of $-2,123 (-0.8%) versus the prior year and $-1,902 versus the prior month.

    For the 2024-03-01 period, El Dorado had 57 MLS listings, a difference of 1 listings (2%) versus the prior month and -16 listings (-22%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - El Dorado (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,075 sqft
    2018-02-01 0 days 2,182 sqft
    2018-03-01 0 days 2,050 sqft
    2018-04-01 0 days 1,968 sqft
    2018-05-01 0 days 2,001 sqft
    2018-06-01 0 days 2,075 sqft
    2018-07-01 0 days 2,250 sqft
    2018-08-01 0 days 2,212 sqft
    2018-09-01 0 days 2,097 sqft
    2018-10-01 0 days 2,278 sqft
    2018-11-01 0 days 2,297 sqft
    2018-12-01 0 days 2,128 sqft
    2019-01-01 0 days 2,127 sqft
    2019-02-01 0 days 2,178 sqft
    2019-03-01 0 days 2,209 sqft
    2019-04-01 0 days 2,244 sqft
    2019-05-01 0 days 2,332 sqft
    2019-06-01 0 days 2,207 sqft
    2019-07-01 0 days 2,188 sqft
    2019-08-01 0 days 2,200 sqft
    2019-09-01 0 days 2,248 sqft
    2019-10-01 0 days 2,256 sqft
    2019-11-01 0 days 2,122 sqft
    2019-12-01 0 days 2,043 sqft
    2020-01-01 0 days 2,041 sqft
    2020-02-01 0 days 2,008 sqft
    2020-03-01 0 days 2,010 sqft
    2020-04-01 0 days 1,985 sqft
    2020-05-01 0 days 1,912 sqft
    2020-06-01 0 days 2,063 sqft
    2020-07-01 0 days 2,181 sqft
    2020-08-01 0 days 2,198 sqft
    2020-09-01 0 days 2,438 sqft
    2020-10-01 0 days 2,473 sqft
    2020-11-01 0 days 2,404 sqft
    2020-12-01 0 days 2,330 sqft
    2021-01-01 0 days 2,078 sqft
    2021-02-01 0 days 2,044 sqft
    2021-03-01 0 days 2,097 sqft
    2021-04-01 0 days 2,092 sqft
    2021-05-01 0 days 2,002 sqft
    2021-06-01 0 days 1,994 sqft
    2021-07-01 0 days 2,314 sqft
    2021-08-01 0 days 2,143 sqft
    2021-09-01 0 days 2,245 sqft
    2021-10-01 0 days 2,131 sqft
    2021-11-01 0 days 2,084 sqft
    2021-12-01 0 days 2,190 sqft
    2022-01-01 0 days 2,247 sqft
    2022-02-01 0 days 2,264 sqft
    2022-03-01 0 days 2,197 sqft
    2022-04-01 0 days 2,079 sqft
    2022-05-01 0 days 2,087 sqft
    2022-06-01 0 days 2,094 sqft
    2022-07-01 0 days 1,976 sqft
    2022-08-01 0 days 2,021 sqft
    2022-09-01 0 days 2,058 sqft
    2022-10-01 0 days 2,019 sqft
    2022-11-01 0 days 1,966 sqft
    2022-12-01 0 days 1,946 sqft
    2023-01-01 0 days 2,010 sqft
    2023-02-01 0 days 1,971 sqft
    2023-03-01 0 days 1,958 sqft
    2023-04-01 0 days 1,848 sqft
    2023-05-01 0 days 1,908 sqft
    2023-06-01 0 days 2,001 sqft
    2023-07-01 0 days 2,261 sqft
    2023-08-01 0 days 2,157 sqft
    2023-09-01 0 days 2,104 sqft
    2023-10-01 0 days 2,111 sqft
    2023-11-01 0 days 1,979 sqft
    2023-12-01 0 days 2,102 sqft
    2024-01-01 0 days 2,103 sqft
    2024-02-01 0 days 2,198 sqft
    2024-03-01 0 days 2,210 sqft
    El Dorado's median listing age (time on market) for 2024-03-01 was 0 days.

    El Dorado's median square footage for active listings during the 2024-03-01 period was 2,210 sqft. One year prior, the average listing was 1,958 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).