Fayetteville FHA Loan Rates, Closing Costs & Stats

FAYETTEVILLE-SPRINGDALE-ROGERS, 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.

    Fayetteville's 135 lenders originated 1,700 FHA loans during 2023. The total origination value was $460,690,000, with an average FHA loan value of $270,994.

    Fayetteville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fayetteville averaged 6.32% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Fayetteville's average FHA mortgage closing costs are $7,044.

    The average rate for the prior week (2024-11-01) was 6.19% and one month ago for the week of 2024-10-04, the average rate was 5.91%.

    The average rate one year ago was 7.15%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.27%.

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

    Fayetteville 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 Fayetteville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 185 6.19% $11,450
    FLAT BRANCH MORTGAGE, INC. 160 6.58% $9,929
    Priority Bank 158 6.31% $8,393
    Arvest Bank 105 6.39% $8,684
    DHI MORTGAGE COMPANY, LTD. 76 6.06% $7,972
    GENEVA FINANCIAL, LLC 53 6.86% $12,394
    Centennial Bank 45 6.30% $10,701
    Gateway First Bank 37 6.59% $10,342
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 36 6.80% $10,546
    GERSHMAN INVESTMENT CORP. 35 6.08% $9,508
    UNITED WHOLESALE MORTGAGE, LLC 34 6.53% $11,155
    OPEN MORTGAGE, LLC 25 6.55% $11,898
    LOANDEPOT.COM, LLC 23 6.11% $11,072
    FREEDOM MORTGAGE CORPORATION 23 6.93% $14,469
    BROKER SOLUTIONS, INC. 23 6.62% $11,700
    EVERETT FINANCIAL, INC. 22 6.76% $10,353
    AMERISAVE MORTGAGE CORPORATION 21 5.96% $15,079
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 21 6.79% $12,038
    ZILLOW HOME LOANS, LLC 20 6.05% $12,484
    PENNYMAC LOAN SERVICES, LLC 20 6.14% $12,267
    Mr. Cooper ( Nationstar Mortgage ) 19 6.08% $15,913
    Regions Bank 19 6.38% $9,323
    Eagle Bank and Trust Company 16 6.29% $9,501
    S1L, Inc. 14 6.11% $10,724
    ASSOCIATED MORTGAGE CORPORATION 14 6.71% $11,266
    ENCORE BANK 14 6.54% $9,466
    CROSSCOUNTRY MORTGAGE, LLC 13 6.86% $11,088
    The Central Trust Bank 13 6.94% $8,145
    Bank of England 12 6.44% $7,494
    BOKF 12 6.61% $10,073
    First Financial Bank 11 6.40% $11,748
    Plains Commerce Bank 11 6.15% $10,638
    Firstar Bank 11 6.24% $8,983
    UNITED 10 6.90% $10,967
    MUTUAL OF OMAHA MORTGAGE, INC. 9 6.51% $14,701
    ENDEAVOR CAPITAL, LLC. 9 6.50% $8,750
    Carrington Mortgage Services, LLC 9 6.25% $11,041
    CORNERSTONE HOME LENDING, INC. 9 6.38% $10,679
    LEADERONE FINANCIAL CORPORATION 8 6.66% $12,104
    NEWREZ LLC 7 6.79% $10,141
    First Horizon Bank 7 6.70% $8,217
    MID AMERICA MORTGAGE, INC. 6 6.92% $6,923
    VERITAS FUNDING, LLC 6 6.85% $17,708
    Network Funding, L.P. 6 6.98% $10,320
    FirstTrust Home Loans, Inc. 6 6.71% $10,208
    GMFS LLC 6 6.63% $8,240
    COMMUNITY MORTGAGE CORPORATION 5 6.52% $9,247
    Citizens Bank 5 6.15% $9,144
    FIRST WESTERN MORTGAGE, INC. 5 6.28% $6,317
    LAKEVIEW LOAN SERVICING, LLC 5 5.95% $12,462
    PENTAGON FEDERAL CREDIT UNION 5 5.45% $11,161
    GUARANTEED RATE, INC. 5 6.68% $12,994
    LOANPAL, LLC 5 6.05% $10,240
    BancorpSouth 4 6.03% $8,801
    Paramount Residential Mortgage Group, Inc. 4 7.03% $9,047
    Bank of America 4 5.97% $7,172
    CARDINAL FINANCIAL 4 6.50% $9,565
    TOP FLITE FINANCIAL, INC. 4 7.06% $12,482
    DAS Acquisition Company, LLC 4 6.72% $11,617
    Sierra Pacific Mortgage Company, Inc. 4 6.63% $12,302
    RELIANCE FIRST CAPITAL, LLC 4 6.53% $11,172
    First Security Bank 4 6.00% $9,330
    Flagstar Bank, FSB 4 6.44% $8,877
    HOMESIDE FINANCIAL, LLC 4 6.65% $14,217
    AmeriHome Mortgage Company, LLC 4 6.41% $11,742
    Mortgage Research Center, LLC 4 6.97% $7,095
    First Community Bank 3 5.96% $16,076
    PLAZA HOME MORTGAGE, INC. 3 6.42% $9,820
    FIRST COLONY MORTGAGE CORPORATION 3 5.75% $13,439
    Simmons Bank 3 6.46% $8,551
    The Federal Savings Bank 3 6.29% $15,531
    The First National Bank of Fort Smith 3 6.38% $10,996
    TOWNE MORTGAGE COMPANY 3 6.79% $9,815
    AMERICAN FINANCING CORPORATION 3 6.54% $10,833
    Wells Fargo Bank 3 6.71% $10,178
    PLANET HOME LENDING, LLC 3 5.63% $8,261
    NBKC BANK 3 6.54% $8,011
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 6.75% $15,137
    United Fidelity Funding Corp. 3 6.54% $12,716
    Chambers Bank 3 6.33% $8,950
    Century Mortgage Company DBA Century Lending Company 3 6.29% $19,367
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.38% $9,471
    BANK OF LITTLE ROCK MORTGAGE CORPORATION 3 6.00% $8,531
    GUILD MORTGAGE COMPANY 3 7.08% $9,810
    AMERICAN FINANCIAL NETWORK, INC. 2 6.13% $11,416
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.00% $16,447
    Midwest Mortgage Associates Corporation 2 6.38% $5,898
    Mortgage Assurance Inc. 2 5.63% $13,287
    MOVEMENT MORTGAGE, LLC 2 6.50% $11,954
    Nations Lending Corporation 2 7.44% $7,647
    ON Q FINANCIAL, INC. 2 7.19% $10,043
    PHH Mortgage Corporation 2 5.56% $11,688
    POLARIS HOME FUNDING CORP. 2 6.81% $22,864
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.25% $16,479
    RESIDENTIAL BANCORP 2 6.13% $19,036
    SOUTHWEST STAGE FUNDING, LLC 2 6.25% $16,374
    SUN WEST MORTGAGE COMPANY, INC. 2 6.06% $12,286
    U.S. Bank 2 6.75% $11,136
    VILLAGE CAPITAL MORTGAGE 2 6.38% $13,748
    Lakeview Community Capital, LLC 1 6.25% $11,886
    US MORTGAGE CORPORATION 1 5.88% $8,543
    PREMIA MORTGAGE, LLC 1 6.63% $7,751
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.75% $12,762
    Assurance Financial Group, L.L.C. 1 7.25% $8,984
    JPMorgan Chase Bank 1 6.50% $8,621
    Intrust Bank 1 6.00% $5,286
    Great Southern Bank 1 6.75% $4,544
    First Savings Bank 1 5.25% $14,761
    ARC HOME LLC 1 6.13% $10,225
    ROYAL UNITED MORTGAGE LLC 1 5.75% $14,106
    RUOFF MORTGAGE COMPANY, INC. 1 7.25% $5,011
    First Federal Bank 1 6.00% $11,471
    SENTE MORTGAGE, INC. 1 6.63% $7,429
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 6.25% $9,463
    Equity Bank 1 6.75% $7,550
    Waterstone Mortgage Corporation 1 6.63% $14,975
    Sunflower Bank 1 5.99% $13,489
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.00% $11,397
    SWBC MORTGAGE CORPORATION 1 7.25% $11,253
    EMM LOANS LLC 1 5.75% $20,598
    Cornerstone First Mortgage, Inc 1 5.75% $10,131
    Community First National Bank 1 6.50% $15,624
    Commerce Home Mortgage, Inc. 1 6.50% $15,279
    Colonial Savings, F.A. 1 6.88% $17,199
    CHURCHILL MORTGAGE CORPORATION 1 7.13% $16,209
    Chickasaw Community Bank 1 7.13% $8,740
    OCEANSIDE MORTGAGE COMPANY 1 6.00% $7,627
    CANOPY MORTGAGE, LLC 1 6.50% $18,637
    North American Savings Bank, F.S.B. 1 6.75% $785
    NFM, INC. 1 6.63% $15,287
    NexBank 1 5.50% $9,625
    Neighborhood Loans, Inc. 1 6.63% $10,086
    Wyndham Capital Mortgage, Inc. 1 6.50% $6,763
    NATIONS RELIABLE LENDING, LLC 1 7.25% $15,506
    MORTGAGE FINANCIAL SERVICES, LLC 1 6.00% $12,033

    The top Fayetteville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 185 FHA loans originated. Their average total fees are $11,450, which is $1,522 higher than the next largest lender, FLAT BRANCH MORTGAGE, INC..

    The lowest fee Fayetteville FHA lenders (with over 10 loans originated) are Bank of England ($7,494), DHI MORTGAGE COMPANY, LTD. ($7,972), The Central Trust Bank ($8,145), Priority Bank ($8,393) and Arvest Bank ($8,684).

    The lowest rate Fayetteville FHA lenders (with over 10 loans originated) are AMERISAVE MORTGAGE CORPORATION (5.96%), ZILLOW HOME LOANS, LLC (6.05%), DHI MORTGAGE COMPANY, LTD. (6.06%), GERSHMAN INVESTMENT CORP. (6.08%) and Mr. Cooper ( Nationstar Mortgage ) (6.08%).

    Fayetteville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR BENTON 2022 $420,680 $538,650 $651,050 $809,150
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR MADISON 2022 $420,680 $538,650 $651,050 $809,150
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR WASHINGTON 2022 $420,680 $538,650 $651,050 $809,150
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR BENTON 2023 $472,030 $604,400 $730,525 $907,900
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR MADISON 2023 $472,030 $604,400 $730,525 $907,900
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR WASHINGTON 2023 $472,030 $604,400 $730,525 $907,900

    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).