Fort Smith FHA Loan Rates, Closing Costs & Stats

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 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 6.73% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.69% and one month ago for the week of 2024-06-14, the average rate was 6.54%.

    The average rate one year ago was 6.53%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.2%.

    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

    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).