Fort Smith FHA Loans

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 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).