Fort Smith FHA Loans

FORT SMITH, AR-OK

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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.

    Fort Smith's 83 lenders originated 1,168 FHA loans during 2021. The total origination value was $179,810,000, with an average FHA loan value of $153,947.

    Fort Smith FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fort Smith averaged 5.31% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

    The average rate for the prior week (2022-05-13) was 5.32% and one month ago for the week of 2022-04-15, the average rate was 5.01%.

    The average rate one year ago was 3.18%.

    For refis of the same type during the week of 2022-05-20, the average rate was 4.84%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Fort Smith level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Arvest Bank 163 2.84% $5,541
    QUICKEN LOANS, LLC 121 2.76% $5,166
    Firstar Bank 80 2.71% $6,113
    BancorpSouth Bank 51 3.00% $4,709
    First Financial Bank 48 2.86% $5,002
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 47 3.36% $6,090
    Armstrong Bank 45 2.80% $5,515
    MID AMERICA MORTGAGE, INC. 29 3.04% $4,166
    FREEDOM MORTGAGE CORPORATION 23 3.08% $3,728
    Bank of England 23 2.84% $5,580
    SWBC MORTGAGE CORPORATION 22 3.21% $4,342
    Mr. Cooper ( Nationstar Mortgage ) 20 3.21% $4,192
    UNITED 18 3.00% $6,243
    Gateway First Bank 18 3.38% $5,306
    Centennial Bank 17 2.78% $5,158
    FirstTrust Home Loans, Inc. 16 3.08% $5,561
    Chambers Bank 15 2.56% $5,769
    PRIMELENDING, A PLAINSCAPITAL COMPANY 13 3.22% $5,543
    PENNYMAC LOAN SERVICES, LLC 13 3.01% $4,164
    Regions Bank 13 3.03% $4,657
    DAS Acquisition Company, LLC 13 3.40% $5,809
    CALIBER HOME LOANS, INC. 11 2.91% $3,421
    LEADERONE FINANCIAL CORPORATION 8 2.98% $5,273
    Simmons Bank 8 2.88% $5,427
    FIRST WESTERN MORTGAGE, INC. 8 2.91% $3,664
    Chickasaw Community Bank 7 2.91% $6,282
    Carrington Mortgage Services, LLC 7 3.57% $7,452
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 6 3.04% $5,787
    AMERICAN FINANCIAL NETWORK, INC. 6 3.02% $6,530
    LAKEVIEW LOAN SERVICING, LLC 6 3.16% $3,492
    UNION HOME MORTGAGE CORP. 6 3.13% $6,221
    AMERISAVE MORTGAGE CORPORATION 6 3.29% $5,522
    EVERETT FINANCIAL, INC. 5 3.83% $4,852
    NEWREZ LLC 5 3.30% $2,902
    VILLAGE CAPITAL & INVESTMENT LLC 5 2.90% $1,959
    Priority Bank 5 2.53% $6,330
    FLAT BRANCH MORTGAGE, INC. 5 3.15% $6,659
    KELLER MORTGAGE, LLC 5 2.93% $4,089
    Mortgage Research Center, LLC 4 3.25% $4,061
    BROKER SOLUTIONS, INC. 4 3.53% $7,346
    First Guaranty Mortgage Corporation 4 3.16% $5,008
    LOANDEPOT.COM, LLC 4 3.44% $7,098
    OPEN MORTGAGE, LLC 3 2.96% $9,763
    FBC MORTGAGE, LLC 3 3.16% $7,736
    Barrington Bank & Trust Company, N.A. 3 3.00% $6,464
    ZILLOW HOME LOANS, LLC 2 2.50% $5,977
    ENDEAVOR CAPITAL, LLC. 2 2.94% $6,271
    GENEVA FINANCIAL, LLC 2 3.69% $6,923
    GMFS LLC 2 2.69% $4,380
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.50% $3,579
    Low VA Rates, LLC 2 3.00% $3,235
    MUTUAL OF OMAHA MORTGAGE, INC. 2 2.88% $8,585
    OCEANSIDE MORTGAGE COMPANY 2 2.74% $1,821
    RELIANCE FIRST CAPITAL, LLC 2 3.06% $7,931
    UNITED WHOLESALE MORTGAGE, LLC 2 2.94% $6,086
    AMCAP MORTGAGE, LTD. 1 3.00% $7,291
    JPMorgan Chase Bank 1 3.13% $6,958
    Paramount Residential Mortgage Group, Inc. 1 3.75% $5,395
    INTERCAP LENDING INC. 1 3.38% $8,315
    Plains Commerce Bank 1 3.00% $8,949
    PLANET HOME LENDING, LLC 1 2.75% $5,012
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.50% $10,102
    HOME POINT FINANCIAL CORPORATION 1 2.38% $4,496
    Flanagan State Bank 1 3.13% $8,758
    First Option Mortgage, LLC 1 2.88% $8,042
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.13% $8,701
    Waterstone Mortgage Corporation 1 3.13% $10,202
    Sierra Pacific Mortgage Company, Inc. 1 2.88% $5,960
    BOKF 1 3.50% $4,684
    Stride Bank 1 3.50% $6,810
    Bank of America 1 2.75% $7,491
    The Federal Savings Bank 1 3.63% $4,568
    THRIVE MORTGAGE, LLC 1 2.63% $4,500
    TIAA, FSB 1 3.00% $6,322
    AMERICAN FINANCING CORPORATION 1 2.75% $6,614
    AMERICAN FINANCIAL RESOURCES, INC. 1 2.63% $4,459
    United Fidelity Funding Corp. 1 3.50% $9,831
    ACADEMY MORTGAGE CORPORATION 1 3.63% $12,492
    U.S. Bank 1 3.25% $4,807
    MOVEMENT MORTGAGE, LLC 1 3.50% $0
    MASON MCDUFFIE MORTGAGE CORPORATION 1 2.75% $6,977
    VERITAS FUNDING, LLC 1 2.75% $6,050
    LOANPAL, LLC 1 2.88% $6,409

    The top Fort Smith FHA lender as defined by loan originations is Arvest Bank, with 163 FHA loans originated. Their average total fees are $5,541, which is $375 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Fort Smith FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. ($3,421), FREEDOM MORTGAGE CORPORATION ($3,728), PENNYMAC LOAN SERVICES, LLC ($4,164), MID AMERICA MORTGAGE, INC. ($4,166) and Mr. Cooper ( Nationstar Mortgage ) ($4,192).

    The lowest rate Fort Smith FHA lenders (with over 10 loans originated) are Chambers Bank (2.56%), Firstar Bank (2.71%), QUICKEN LOANS, LLC (2.76%), Centennial Bank (2.78%) and Armstrong Bank (2.80%).

    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

    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).