Harrison FHA Loan Rates, Closing Costs & Stats

Harrison, 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.

    Harrison's 29 lenders originated 121 FHA loans during 2023. The total origination value was $20,195,000, with an average FHA loan value of $166,901.

    Harrison FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Harrison averaged 7.11% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Harrison's average FHA mortgage closing costs are $6,315.

    The average rate for the prior week (2024-04-12) was 6.8% and one month ago for the week of 2024-03-15, the average rate was 6.57%.

    The average rate one year ago was 6.2%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

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

    Harrison 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 Harrison level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 22 6.74% $8,182
    DAS Acquisition Company, LLC 16 6.76% $6,102
    QUICKEN LOANS, LLC 15 6.37% $7,629
    Arvest Bank 10 6.46% $6,524
    Equity Bank 7 6.43% $6,932
    NEWREZ LLC 5 6.63% $5,254
    First Community Bank 4 6.59% $9,642
    BROKER SOLUTIONS, INC. 3 7.21% $14,070
    Flagstar Bank, FSB 3 6.63% $7,464
    POLARIS HOME FUNDING CORP. 2 6.88% $8,812
    FLAT BRANCH MORTGAGE, INC. 2 6.56% $8,936
    LOANPAL, LLC 2 6.06% $8,241
    RELIANCE FIRST CAPITAL, LLC 1 7.13% $12,625
    RUOFF MORTGAGE COMPANY, INC. 1 7.38% $4,903
    The Central Trust Bank 1 7.75% $6,037
    UNION HOME MORTGAGE CORP. 1 7.25% $5,520
    AMERICAN FINANCIAL NETWORK, INC. 1 7.38% $13,228
    VERITAS FUNDING, LLC 1 6.75% $9,332
    AMERICAN FINANCING CORPORATION 1 7.75% $9,760
    Evolve Bank & Trust 1 5.75% $8,454
    FREEDOM MORTGAGE CORPORATION 1 7.25% $12,231
    GERSHMAN INVESTMENT CORP. 1 7.13% $8,369
    Hawthorn Bank 1 5.75% $8,605
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $10,857
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.13% $14,634
    Nations Lending Corporation 1 6.75% $17,102
    PENNYMAC LOAN SERVICES, LLC 1 5.99% $8,709
    Prosperity Home Mortgage, LLC 1 6.25% $9,015
    Regions Bank 1 7.25% $3,819

    The top Harrison FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 22 FHA loans originated. Their average total fees are $8,182, which is $2,080 higher than the next largest lender, DAS Acquisition Company, LLC.

    The lowest fee Harrison FHA lenders (with over 10 loans originated) are DAS Acquisition Company, LLC ($6,102), Arvest Bank ($6,524), QUICKEN LOANS, LLC ($7,629), GUILD MORTGAGE COMPANY ($8,182) and .

    The lowest rate Harrison FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.37%), Arvest Bank (6.46%), GUILD MORTGAGE COMPANY (6.74%), DAS Acquisition Company, LLC (6.76%) and .

    Harrison FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    HARRISON, AR BOONE 2022 $420,680 $538,650 $651,050 $809,150
    HARRISON, AR NEWTON 2022 $420,680 $538,650 $651,050 $809,150
    HARRISON, AR BOONE 2023 $472,030 $604,400 $730,525 $907,900
    HARRISON, AR NEWTON 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Harrison (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 $154,950 (10.8%) $219,357 (10.2%) 0.00 271
    2018-02-01 $154,925 (9.7%) $207,174 (-4.3%) 0.00 268
    2018-03-01 $149,900 (0.0%) $202,389 (-8.3%) 0.00 258
    2018-04-01 $149,450 (-4.5%) $201,648 (-11.7%) 0.00 254
    2018-05-01 $149,000 (-6.7%) $199,173 (-12.1%) 0.00 256
    2018-06-01 $150,000 (-4.5%) $207,423 (-6.7%) 0.00 270
    2018-07-01 $152,350 (1.6%) $209,379 (-4.0%) 0.00 285
    2018-08-01 $149,900 (-9.1%) $208,590 (-3.4%) 0.00 296
    2018-09-01 $149,900 (-9.1%) $207,938 (-3.8%) 0.00 305
    2018-10-01 $149,975 (-6.6%) $205,988 (-7.7%) 0.00 299
    2018-11-01 $143,725 (-9.9%) $201,355 (-6.6%) 0.00 302
    2018-12-01 $146,125 (-5.7%) $205,069 (-6.0%) 0.00 274
    2019-01-01 $143,500 (-7.4%) $202,126 (-7.9%) 0.00 258
    2019-02-01 $149,900 (-3.2%) $205,621 (-0.8%) 0.00 260
    2019-03-01 $154,186 (2.9%) $215,395 (6.4%) 0.00 261
    2019-04-01 $161,900 (8.3%) $230,219 (14.2%) 0.00 262
    2019-05-01 $162,925 (9.4%) $236,962 (19.0%) 0.00 272
    2019-06-01 $165,000 (10.0%) $239,026 (15.2%) 0.00 271
    2019-07-01 $169,450 (11.2%) $239,303 (14.3%) 0.00 273
    2019-08-01 $168,745 (12.6%) $242,176 (16.1%) 0.00 260
    2019-09-01 $174,514 (16.4%) $249,530 (20.0%) 0.00 254
    2019-10-01 $178,359 (18.9%) $249,423 (21.1%) 0.00 250
    2019-11-01 $175,000 (21.8%) $245,500 (21.9%) 0.00 253
    2019-12-01 $176,000 (20.4%) $246,256 (20.1%) 0.00 232
    2020-01-01 $178,450 (24.4%) $270,883 (34.0%) 0.00 211
    2020-02-01 $174,250 (16.2%) $273,434 (33.0%) 0.00 201
    2020-03-01 $179,950 (16.7%) $286,058 (32.8%) 0.00 197
    2020-04-01 $179,900 (11.1%) $270,715 (17.6%) 0.00 190
    2020-05-01 $172,167 (5.7%) $276,749 (16.8%) 0.00 170
    2020-06-01 $181,950 (10.3%) $292,233 (22.3%) 0.00 157
    2020-07-01 $202,950 (19.8%) $304,536 (27.3%) 0.00 134
    2020-08-01 $218,250 (29.3%) $313,808 (29.6%) 0.00 117
    2020-09-01 $213,700 (22.5%) $335,440 (34.4%) 0.00 105
    2020-10-01 $219,000 (22.8%) $351,827 (41.1%) 0.00 100
    2020-11-01 $221,200 (26.4%) $352,093 (43.4%) 0.00 97
    2020-12-01 $199,700 (13.5%) $337,365 (37.0%) 0.00 96
    2021-01-01 $219,900 (23.2%) $362,111 (33.7%) 0.00 81
    2021-02-01 $259,900 (49.2%) $405,390 (48.3%) 0.00 68
    2021-03-01 $247,675 (37.6%) $408,808 (42.9%) 0.00 70
    2021-04-01 $271,000 (50.6%) $446,747 (65.0%) 0.00 67
    2021-05-01 $259,900 (51.0%) $460,165 (66.3%) 0.00 61
    2021-06-01 $272,450 (49.7%) $477,141 (63.3%) 0.00 58
    2021-07-01 $268,800 (32.5%) $340,296 (11.7%) 0.00 73
    2021-08-01 $246,425 (12.9%) $379,728 (21.0%) 0.00 89
    2021-09-01 $260,500 (21.9%) $417,384 (24.4%) 0.00 92
    2021-10-01 $237,400 (8.4%) $411,742 (17.0%) 0.00 87
    2021-11-01 $239,950 (8.5%) $424,268 (20.5%) 0.00 84
    2021-12-01 $237,450 (18.9%) $417,545 (23.8%) 0.00 83
    2022-01-01 $249,900 (13.6%) $449,316 (24.1%) 0.00 80
    2022-02-01 $273,725 (5.3%) $491,868 (21.3%) 0.00 73
    2022-03-01 $294,950 (19.1%) $508,305 (24.3%) 0.00 81
    2022-04-01 $294,950 (8.8%) $473,585 (6.0%) 0.00 89
    2022-05-01 $326,225 (25.5%) $470,829 (2.3%) 0.00 98
    2022-06-01 $329,925 (21.1%) $456,549 (-4.3%) 0.00 123
    2022-07-01 $329,950 (22.8%) $453,913 (33.4%) 0.00 154
    2022-08-01 $339,500 (37.8%) $463,144 (22.0%) 0.00 156
    2022-09-01 $328,250 (26.0%) $443,733 (6.3%) 0.00 160
    2022-10-01 $326,250 (37.4%) $434,646 (5.6%) 0.00 171
    2022-11-01 $316,000 (31.7%) $427,477 (0.8%) 0.00 165
    2022-12-01 $299,900 (26.3%) $423,513 (1.4%) 0.00 165
    2023-01-01 $307,450 (23.0%) $432,091 (-3.8%) 0.00 144
    2023-02-01 $320,000 (16.9%) $437,374 (-11.1%) 0.00 143
    2023-03-01 $302,400 (2.5%) $441,227 (-13.2%) 0.00 145
    2023-04-01 $299,900 (1.7%) $441,311 (-6.8%) 0.00 143
    2023-05-01 $318,675 (-2.3%) $447,272 (-5.0%) 0.00 138
    2023-06-01 $306,200 (-7.2%) $454,752 (-0.4%) 0.00 153
    2023-07-01 $300,000 (-9.1%) $457,828 (0.9%) 0.00 166
    2023-08-01 $299,900 (-11.7%) $465,685 (0.6%) 0.00 171
    2023-09-01 $315,000 (-4.0%) $443,760 (0.0%) 0.00 188
    2023-10-01 $304,925 (-6.5%) $438,899 (1.0%) 0.00 193
    2023-11-01 $294,225 (-6.9%) $433,335 (1.4%) 0.00 198
    2023-12-01 $299,900 (0.0%) $449,271 (6.1%) 0.00 197
    2024-01-01 $299,900 (-2.5%) $420,263 (-2.7%) 0.00 186
    2024-02-01 $299,900 (-6.3%) $414,292 (-5.3%) 0.00 187
    2024-03-01 $308,000 (1.9%) $422,991 (-4.1%) 0.00 198
    Harrison's median listing price for 2024-03-01 was $308,000, a difference of $5,600 (1.9%) versus the prior year and $8,100 versus the prior month.

    Harrison's median listing price comes in at 0% of the national average.

    Harrison's average listing price for 2024-03-01 was $422,991, a difference of $-18,236 (-4.1%) versus the prior year and $8,699 versus the prior month.

    For the 2024-03-01 period, Harrison had 198 MLS listings, a difference of 11 listings (6%) versus the prior month and 53 listings (37%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Harrison (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,764 sqft
    2018-02-01 0 days 1,764 sqft
    2018-03-01 0 days 1,750 sqft
    2018-04-01 0 days 1,775 sqft
    2018-05-01 0 days 1,750 sqft
    2018-06-01 0 days 1,804 sqft
    2018-07-01 0 days 1,833 sqft
    2018-08-01 0 days 1,798 sqft
    2018-09-01 0 days 1,749 sqft
    2018-10-01 0 days 1,717 sqft
    2018-11-01 0 days 1,742 sqft
    2018-12-01 0 days 1,759 sqft
    2019-01-01 0 days 1,736 sqft
    2019-02-01 0 days 1,744 sqft
    2019-03-01 0 days 1,772 sqft
    2019-04-01 0 days 1,802 sqft
    2019-05-01 0 days 1,799 sqft
    2019-06-01 0 days 1,816 sqft
    2019-07-01 0 days 1,849 sqft
    2019-08-01 0 days 1,823 sqft
    2019-09-01 0 days 1,810 sqft
    2019-10-01 0 days 1,799 sqft
    2019-11-01 0 days 1,748 sqft
    2019-12-01 0 days 1,800 sqft
    2020-01-01 0 days 1,819 sqft
    2020-02-01 0 days 1,796 sqft
    2020-03-01 0 days 1,825 sqft
    2020-04-01 0 days 1,831 sqft
    2020-05-01 0 days 1,850 sqft
    2020-06-01 0 days 1,989 sqft
    2020-07-01 0 days 1,967 sqft
    2020-08-01 0 days 2,132 sqft
    2020-09-01 0 days 2,042 sqft
    2020-10-01 0 days 1,980 sqft
    2020-11-01 0 days 2,011 sqft
    2020-12-01 0 days 1,883 sqft
    2021-01-01 0 days 1,802 sqft
    2021-02-01 0 days 1,821 sqft
    2021-03-01 0 days 1,768 sqft
    2021-04-01 0 days 1,855 sqft
    2021-05-01 0 days 2,310 sqft
    2021-06-01 0 days 2,174 sqft
    2021-07-01 0 days 1,900 sqft
    2021-08-01 0 days 1,833 sqft
    2021-09-01 0 days 1,802 sqft
    2021-10-01 0 days 1,724 sqft
    2021-11-01 0 days 1,725 sqft
    2021-12-01 0 days 1,724 sqft
    2022-01-01 0 days 1,723 sqft
    2022-02-01 0 days 1,725 sqft
    2022-03-01 0 days 1,743 sqft
    2022-04-01 0 days 1,746 sqft
    2022-05-01 0 days 2,019 sqft
    2022-06-01 0 days 2,048 sqft
    2022-07-01 0 days 2,048 sqft
    2022-08-01 0 days 2,015 sqft
    2022-09-01 0 days 2,071 sqft
    2022-10-01 0 days 2,048 sqft
    2022-11-01 0 days 1,860 sqft
    2022-12-01 0 days 1,860 sqft
    2023-01-01 0 days 1,944 sqft
    2023-02-01 0 days 1,903 sqft
    2023-03-01 0 days 1,913 sqft
    2023-04-01 0 days 1,920 sqft
    2023-05-01 0 days 1,948 sqft
    2023-06-01 0 days 1,920 sqft
    2023-07-01 0 days 1,944 sqft
    2023-08-01 0 days 1,910 sqft
    2023-09-01 0 days 1,887 sqft
    2023-10-01 0 days 1,879 sqft
    2023-11-01 0 days 1,798 sqft
    2023-12-01 0 days 1,783 sqft
    2024-01-01 0 days 1,799 sqft
    2024-02-01 0 days 1,796 sqft
    2024-03-01 0 days 1,800 sqft
    Harrison's median listing age (time on market) for 2024-03-01 was 0 days.

    Harrison's median square footage for active listings during the 2024-03-01 period was 1,800 sqft. One year prior, the average listing was 1,913 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).