Fort Smith FHA Loan Rates, Closing Costs & Stats

FORT SMITH, AR-OK

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.

Fort Smith's 81 lenders originated 744 FHA loans during 2023. The total origination value was $135,620,000, with an average FHA loan value of $182,285.

Fort Smith FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Fort Smith averaged 6.74% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

Fort Smith's average FHA mortgage closing costs are $5,639.

The average rate for the prior week (2024-05-31) was 6.92% and one month ago for the week of 2024-05-03, the average rate was 7.02%.

The average rate one year ago was 6.69%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.7%.

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

Fort Smith 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 Fort Smith level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Firstar Bank 136 6.26% $7,249
Arvest Bank 67 6.57% $6,663
QUICKEN LOANS, LLC 62 6.39% $8,714
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 41 6.86% $8,150
BancorpSouth 34 6.46% $6,129
Bank of England 26 6.67% $6,327
First Financial Bank 21 6.26% $8,296
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 19 6.65% $9,333
SWBC MORTGAGE CORPORATION 17 6.76% $5,235
Armstrong Bank 15 6.17% $7,053
FIRST WESTERN MORTGAGE, INC. 14 6.51% $5,935
The First National Bank of Fort Smith 13 6.48% $5,920
EVERETT FINANCIAL, INC. 13 6.43% $8,134
FLAT BRANCH MORTGAGE, INC. 12 6.98% $7,905
UNITED WHOLESALE MORTGAGE, LLC 12 6.73% $9,505
Centennial Bank 11 6.49% $6,534
MID AMERICA MORTGAGE, INC. 11 6.73% $3,181
ON Q FINANCIAL, INC. 9 7.26% $10,841
FirstTrust Home Loans, Inc. 9 6.36% $9,467
Chambers Bank 9 6.36% $6,986
FREEDOM MORTGAGE CORPORATION 8 6.97% $9,478
Regions Bank 8 6.00% $6,763
UNITED 7 6.93% $6,687
LEADERONE FINANCIAL CORPORATION 7 6.62% $7,252
U.S. Bank 6 6.79% $6,334
Flagstar Bank, FSB 6 6.75% $6,720
Mr. Cooper ( Nationstar Mortgage ) 5 6.03% $10,690
NEWREZ LLC 5 6.73% $7,413
LOANDEPOT.COM, LLC 5 6.10% $9,987
PENNYMAC LOAN SERVICES, LLC 4 6.31% $12,289
AMERISAVE MORTGAGE CORPORATION 4 5.94% $11,735
Gateway First Bank 4 6.72% $8,645
LOANPAL, LLC 4 6.44% $9,862
Priority Bank 3 6.71% $8,352
CARDINAL FINANCIAL 3 6.83% $10,227
Carrington Mortgage Services, LLC 3 5.96% $10,287
CROSSCOUNTRY MORTGAGE, LLC 3 6.50% $7,572
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.42% $9,488
RELIANCE FIRST CAPITAL, LLC 3 7.04% $10,456
Sierra Pacific Mortgage Company, Inc. 3 6.67% $15,196
VILLAGE CAPITAL MORTGAGE 3 6.13% $7,767
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.75% $7,785
OCMBC, INC. 2 6.13% $9,265
First Community Bank 2 6.63% $7,416
Plains Commerce Bank 2 6.06% $7,324
AMERICAN FINANCIAL RESOURCES, INC. 2 6.50% $16,497
PLANET HOME LENDING, LLC 2 5.81% $5,489
Chickasaw Community Bank 2 6.75% $8,990
OPEN MORTGAGE, LLC 2 6.06% $10,576
GERSHMAN INVESTMENT CORP. 2 6.13% $7,347
Paramount Residential Mortgage Group, Inc. 1 5.75% $8,309
CORNERSTONE HOME LENDING, INC. 1 6.13% $13,771
PLAZA HOME MORTGAGE, INC. 1 6.25% $10,691
American Bank of Oklahoma 1 6.75% $13,486
AMCAP MORTGAGE, LTD. 1 7.50% $7,729
GENEVA FINANCIAL, LLC 1 7.25% $10,188
Colonial Savings, F.A. 1 6.88% $8,447
Wells Fargo Bank 1 6.00% $9,265
RUOFF MORTGAGE COMPANY, INC. 1 6.00% $5,319
SENTE MORTGAGE, INC. 1 6.75% $10,907
Waterstone Mortgage Corporation 1 6.00% $6,671
Simmons Bank 1 6.88% $13,159
SUCCESS MORTGAGE PARTNERS, INC. 1 6.38% $5,853
CANOPY MORTGAGE, LLC 1 6.63% $8,488
The Central Trust Bank 1 6.99% $4,939
BOKF 1 7.13% $7,746
UNION HOME MORTGAGE CORP. 1 7.13% $9,235
AXIA FINANCIAL, LLC 1 7.13% $10,530
United Fidelity Funding Corp. 1 5.88% $7,745
GUILD MORTGAGE COMPANY 1 6.63% $6,610
GUARANTEED RATE AFFINITY, LLC 1 6.25% $6,744
LAKEVIEW LOAN SERVICING, LLC 1 6.25% $9,938
Prosperity Home Mortgage, LLC 1 7.50% $5,805
FIRST COMMUNITY MORTGAGE, INC. 1 6.63% $7,565
Mortgage Research Center, LLC 1 6.99% $6,815
Equity Prime Mortgage LLC 1 6.63% $19,928
M&T Bank 1 6.63% $4,706
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $16,827
ENDEAVOR CAPITAL, LLC. 1 6.12% $9,757
NEXERA HOLDING LLC 1 6.25% $8,080
EMBRACE HOME LOANS, INC. 1 6.13% $9,116

The top Fort Smith FHA lender as defined by loan originations is Firstar Bank, with 136 FHA loans originated. Their average total fees are $7,249, which is $586 higher than the next largest lender, Arvest Bank.

The lowest fee Fort Smith FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($3,181), SWBC MORTGAGE CORPORATION ($5,235), The First National Bank of Fort Smith ($5,920), FIRST WESTERN MORTGAGE, INC. ($5,935) and BancorpSouth ($6,129).

The lowest rate Fort Smith FHA lenders (with over 10 loans originated) are Armstrong Bank (6.17%), First Financial Bank (6.26%), Firstar Bank (6.26%), QUICKEN LOANS, LLC (6.39%) and EVERETT FINANCIAL, INC. (6.43%).

Fort Smith FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
FORT SMITH, AR-OK CRAWFORD 2022 $420,680 $538,650 $651,050 $809,150
FORT SMITH, AR-OK FRANKLIN 2022 $420,680 $538,650 $651,050 $809,150
FORT SMITH, AR-OK SEBASTIAN 2022 $420,680 $538,650 $651,050 $809,150
FORT SMITH, AR-OK SEQUOYAH 2022 $420,680 $538,650 $651,050 $809,150
FORT SMITH, AR-OK CRAWFORD 2023 $472,030 $604,400 $730,525 $907,900
FORT SMITH, AR-OK FRANKLIN 2023 $472,030 $604,400 $730,525 $907,900
FORT SMITH, AR-OK SEBASTIAN 2023 $472,030 $604,400 $730,525 $907,900
FORT SMITH, AR-OK SEQUOYAH 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Fort Smith (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 $150,425 (1.0%) $217,388 (2.7%) 0.56 1,143
2018-02-01 $152,350 (3.1%) $219,335 (5.0%) 0.55 1,116
2018-03-01 $157,700 (5.5%) $225,823 (7.3%) 0.55 1,113
2018-04-01 $157,400 (3.6%) $226,620 (2.2%) 0.53 1,131
2018-05-01 $159,900 (4.2%) $226,723 (-0.2%) 0.53 1,154
2018-06-01 $159,900 (2.3%) $227,961 (-1.8%) 0.53 1,173
2018-07-01 $159,250 (5.5%) $225,059 (0.2%) 0.53 1,195
2018-08-01 $159,900 (7.0%) $225,575 (3.8%) 0.54 1,203
2018-09-01 $157,000 (5.4%) $224,128 (3.4%) 0.53 1,226
2018-10-01 $156,750 (4.9%) $222,524 (2.8%) 0.53 1,235
2018-11-01 $154,950 (3.8%) $218,582 (0.1%) 0.53 1,254
2018-12-01 $154,900 (4.7%) $217,516 (1.1%) 0.53 1,205
2019-01-01 $154,950 (3.0%) $223,542 (2.8%) 0.54 1,161
2019-02-01 $158,350 (3.9%) $226,845 (3.4%) 0.54 1,143
2019-03-01 $161,571 (2.5%) $232,913 (3.1%) 0.53 1,121
2019-04-01 $164,750 (4.7%) $238,760 (5.4%) 0.52 1,122
2019-05-01 $169,250 (5.9%) $240,567 (6.1%) 0.53 1,097
2019-06-01 $169,900 (6.3%) $245,647 (7.8%) 0.53 1,078
2019-07-01 $167,375 (5.1%) $245,926 (9.3%) 0.52 1,073
2019-08-01 $165,000 (3.2%) $240,113 (6.4%) 0.52 1,087
2019-09-01 $165,000 (5.1%) $235,459 (5.1%) 0.53 1,096
2019-10-01 $164,998 (5.3%) $231,644 (4.1%) 0.53 1,094
2019-11-01 $164,500 (6.2%) $230,176 (5.3%) 0.54 1,055
2019-12-01 $159,900 (3.2%) $229,068 (5.3%) 0.53 1,008
2020-01-01 $159,950 (3.2%) $227,106 (1.6%) 0.53 969
2020-02-01 $164,799 (4.1%) $234,730 (3.5%) 0.54 962
2020-03-01 $169,450 (4.9%) $241,672 (3.8%) 0.53 901
2020-04-01 $174,900 (6.2%) $246,914 (3.4%) 0.55 883
2020-05-01 $179,000 (5.8%) $254,365 (5.7%) 0.54 815
2020-06-01 $189,000 (11.2%) $265,871 (8.2%) 0.56 758
2020-07-01 $195,000 (16.5%) $275,217 (11.9%) 0.57 709
2020-08-01 $194,500 (17.9%) $278,480 (16.0%) 0.56 664
2020-09-01 $189,525 (14.9%) $290,339 (23.3%) 0.54 586
2020-10-01 $195,000 (18.2%) $288,676 (24.6%) 0.56 563
2020-11-01 $190,425 (15.8%) $298,084 (29.5%) 0.56 514
2020-12-01 $184,375 (15.3%) $290,370 (26.8%) 0.55 491
2021-01-01 $183,750 (14.9%) $298,298 (31.4%) 0.55 455
2021-02-01 $195,000 (18.3%) $310,368 (32.2%) 0.57 390
2021-03-01 $184,950 (9.2%) $306,264 (26.7%) 0.52 373
2021-04-01 $189,000 (8.1%) $314,604 (27.4%) 0.51 370
2021-05-01 $209,700 (17.2%) $332,533 (30.7%) 0.56 342
2021-06-01 $219,450 (16.1%) $321,698 (21.0%) 0.58 382
2021-07-01 $209,900 (7.6%) $311,384 (13.1%) 0.55 480
2021-08-01 $197,450 (1.5%) $307,917 (10.6%) 0.53 487
2021-09-01 $199,225 (5.1%) $308,275 (6.2%) 0.53 496
2021-10-01 $210,000 (7.7%) $317,994 (10.2%) 0.56 462
2021-11-01 $210,950 (10.8%) $318,761 (6.9%) 0.56 400
2021-12-01 $213,575 (15.8%) $325,850 (12.2%) 0.58 382
2022-01-01 $199,950 (8.8%) $326,158 (9.3%) 0.54 349
2022-02-01 $219,950 (12.8%) $334,140 (7.7%) 0.57 328
2022-03-01 $215,375 (16.5%) $333,122 (8.8%) 0.54 360
2022-04-01 $216,850 (14.7%) $334,459 (6.3%) 0.52 369
2022-05-01 $231,225 (10.3%) $333,206 (0.2%) 0.53 393
2022-06-01 $227,225 (3.5%) $323,271 (0.5%) 0.51 440
2022-07-01 $237,195 (13.0%) $334,554 (7.4%) 0.53 490
2022-08-01 $234,950 (19.0%) $333,862 (8.4%) 0.54 518
2022-09-01 $230,000 (15.5%) $306,217 (-0.7%) 0.54 545
2022-10-01 $239,900 (14.2%) $307,900 (-3.2%) 0.56 583
2022-11-01 $232,000 (10.0%) $318,210 (-0.2%) 0.56 590
2022-12-01 $227,250 (6.4%) $314,422 (-3.5%) 0.56 554
2023-01-01 $228,188 (14.1%) $316,515 (-3.0%) 0.57 540
2023-02-01 $236,975 (7.7%) $319,591 (-4.4%) 0.57 498
2023-03-01 $238,875 (10.9%) $329,091 (-1.2%) 0.56 473
2023-04-01 $240,000 (10.7%) $337,159 (0.8%) 0.56 460
2023-05-01 $249,450 (7.9%) $334,182 (0.3%) 0.57 469
2023-06-01 $255,000 (12.2%) $341,613 (5.7%) 0.57 494
2023-07-01 $259,948 (9.6%) $344,538 (3.0%) 0.59 535
2023-08-01 $265,457 (13.0%) $355,998 (6.6%) 0.61 566
2023-09-01 $270,000 (17.4%) $355,106 (16.0%) 0.63 604
2023-10-01 $269,400 (12.3%) $354,555 (15.2%) 0.63 677
2023-11-01 $269,450 (16.1%) $351,539 (10.5%) 0.64 680
2023-12-01 $259,900 (14.4%) $343,503 (9.3%) 0.63 696
2024-01-01 $265,000 (16.1%) $344,419 (8.8%) 0.65 662
2024-02-01 $250,950 (5.9%) $339,632 (6.3%) 0.60 678
2024-03-01 $254,900 (6.7%) $335,715 (2.0%) 0.60 668
2024-04-01 $267,350 (11.4%) $350,591 (4.0%) 0.62 656
2024-05-01 $275,000 (10.2%) $357,966 (7.1%) 0.62 698
Fort Smith's median listing price for 2024-05-01 was $275,000, a difference of $25,550 (10.2%) versus the prior year and $7,650 versus the prior month.

Fort Smith's median listing price comes in at 62% of the national average.

Fort Smith's average listing price for 2024-05-01 was $357,966, a difference of $23,784 (7.1%) versus the prior year and $7,375 versus the prior month.

For the 2024-05-01 period, Fort Smith had 698 MLS listings, a difference of 42 listings (6%) versus the prior month and 229 listings (49%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Fort Smith (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 94 days 1,820 sqft
2018-02-01 92 days 1,832 sqft
2018-03-01 79 days 1,886 sqft
2018-04-01 71 days 1,896 sqft
2018-05-01 67 days 1,910 sqft
2018-06-01 64 days 1,912 sqft
2018-07-01 68 days 1,911 sqft
2018-08-01 74 days 1,928 sqft
2018-09-01 78 days 1,889 sqft
2018-10-01 79 days 1,885 sqft
2018-11-01 80 days 1,843 sqft
2018-12-01 86 days 1,833 sqft
2019-01-01 93 days 1,815 sqft
2019-02-01 89 days 1,818 sqft
2019-03-01 82 days 1,855 sqft
2019-04-01 72 days 1,894 sqft
2019-05-01 67 days 1,916 sqft
2019-06-01 75 days 1,924 sqft
2019-07-01 75 days 1,919 sqft
2019-08-01 74 days 1,901 sqft
2019-09-01 73 days 1,878 sqft
2019-10-01 73 days 1,869 sqft
2019-11-01 75 days 1,857 sqft
2019-12-01 86 days 1,854 sqft
2020-01-01 89 days 1,857 sqft
2020-02-01 82 days 1,848 sqft
2020-03-01 74 days 1,890 sqft
2020-04-01 74 days 1,923 sqft
2020-05-01 75 days 1,980 sqft
2020-06-01 68 days 1,984 sqft
2020-07-01 67 days 2,002 sqft
2020-08-01 64 days 2,000 sqft
2020-09-01 59 days 2,000 sqft
2020-10-01 51 days 2,018 sqft
2020-11-01 54 days 2,007 sqft
2020-12-01 65 days 1,921 sqft
2021-01-01 72 days 1,921 sqft
2021-02-01 58 days 1,935 sqft
2021-03-01 42 days 1,814 sqft
2021-04-01 33 days 1,826 sqft
2021-05-01 36 days 1,887 sqft
2021-06-01 30 days 1,886 sqft
2021-07-01 29 days 1,880 sqft
2021-08-01 34 days 1,853 sqft
2021-09-01 37 days 1,829 sqft
2021-10-01 45 days 1,879 sqft
2021-11-01 49 days 1,820 sqft
2021-12-01 51 days 1,839 sqft
2022-01-01 53 days 1,844 sqft
2022-02-01 38 days 1,827 sqft
2022-03-01 33 days 1,810 sqft
2022-04-01 32 days 1,800 sqft
2022-05-01 33 days 1,783 sqft
2022-06-01 33 days 1,791 sqft
2022-07-01 37 days 1,816 sqft
2022-08-01 41 days 1,826 sqft
2022-09-01 48 days 1,806 sqft
2022-10-01 51 days 1,813 sqft
2022-11-01 57 days 1,826 sqft
2022-12-01 64 days 1,780 sqft
2023-01-01 71 days 1,801 sqft
2023-02-01 70 days 1,827 sqft
2023-03-01 63 days 1,823 sqft
2023-04-01 53 days 1,848 sqft
2023-05-01 43 days 1,836 sqft
2023-06-01 46 days 1,860 sqft
2023-07-01 49 days 1,855 sqft
2023-08-01 51 days 1,859 sqft
2023-09-01 52 days 1,838 sqft
2023-10-01 51 days 1,844 sqft
2023-11-01 58 days 1,859 sqft
2023-12-01 68 days 1,828 sqft
2024-01-01 85 days 1,835 sqft
2024-02-01 78 days 1,797 sqft
2024-03-01 58 days 1,773 sqft
2024-04-01 52 days 1,807 sqft
2024-05-01 50 days 1,844 sqft
Fort Smith's median listing age (time on market) for 2024-05-01 was 50 days. This is 17% longer than the same period one year ago.

Fort Smith's median square footage for active listings during the 2024-05-01 period was 1,844 sqft. One year prior, the average listing was 1,836 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).