Helena FHA Loan Rates, Closing Costs & Stats

Helena-West Helena, 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.

    Helena's 10 lenders originated 19 FHA loans during 2023. The total origination value was $2,045,000, with an average FHA loan value of $107,632.

    Helena FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Helena averaged 6.86% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Helena's average FHA mortgage closing costs are $5,184.

    The average rate for the prior week (2024-04-12) was 6.85% and one month ago for the week of 2024-03-15, the average rate was 6.41%.

    The average rate one year ago was 6.34%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

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

    Helena 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 Helena level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 5 6.67% $6,411
    First Community Bank 4 6.31% $6,768
    MORTGAGE FINANCIAL SERVICES, LLC 2 6.88% $6,685
    LOANDEPOT.COM, LLC 1 7.13% $5,377
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $5,794
    NFM, INC. 1 6.88% $5,120
    BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 6.50% $3,832
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.63% $8,452
    BROKER SOLUTIONS, INC. 1 6.75% $7,460
    FirstTrust Home Loans, Inc. 1 6.75% $5,836

    The top Helena FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 5 FHA loans originated. Their average total fees are $6,411, which is $357 lower than the next largest lender, First Community Bank.

    The lowest fee Helena FHA lenders (with over 10 loans originated) are .

    The lowest rate Helena FHA lenders (with over 10 loans originated) are .

    Helena FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Helena (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 $44,700 (-35.1%) $58,658 (-25.2%) 0.00 16
    2018-02-01 $42,450 (-19.1%) $55,389 (-22.0%) 0.00 18
    2018-03-01 $42,450 (-26.1%) $51,518 (-28.3%) 0.00 19
    2018-04-01 $51,280 (-16.6%) $50,923 (-40.3%) 0.00 20
    2018-05-01 $50,080 (-36.6%) $48,568 (-51.8%) 0.00 18
    2018-06-01 $47,500 (-41.4%) $51,647 (-54.7%) 0.00 16
    2018-07-01 $41,325 (-47.9%) $49,235 (-50.9%) 0.00 19
    2018-08-01 $26,175 (-58.3%) $39,611 (-54.6%) 0.00 21
    2018-09-01 $25,000 (-57.6%) $33,098 (-56.2%) 0.00 19
    2018-10-01 $23,500 (-52.5%) $29,222 (-52.8%) 0.00 15
    2018-11-01 $24,900 (-52.3%) $36,393 (-42.6%) 0.00 14
    2018-12-01 $30,000 (-39.4%) $54,810 (-7.0%) 0.00 15
    2019-01-01 $28,950 (-35.2%) $49,746 (-15.2%) 0.00 16
    2019-02-01 $36,225 (-14.7%) $50,141 (-9.5%) 0.00 14
    2019-03-01 $47,121 (11.0%) $57,813 (12.2%) 0.00 17
    2019-04-01 $58,430 (13.9%) $65,646 (28.9%) 0.00 19
    2019-05-01 $50,930 (1.7%) $96,440 (98.6%) 0.00 15
    2019-06-01 $49,900 (5.1%) $89,535 (73.4%) 0.00 14
    2019-07-01 $49,650 (20.2%) $92,671 (88.2%) 0.00 13
    2019-08-01 $60,000 (129.2%) $110,197 (178.2%) 0.00 12
    2019-09-01 $60,000 (140.0%) $114,785 (246.8%) 0.00 12
    2019-10-01 $60,000 (155.3%) $117,844 (303.3%) 0.00 11
    2019-11-01 $53,000 (112.9%) $55,403 (52.2%) 0.00 16
    2019-12-01 $62,500 (108.3%) $60,979 (11.3%) 0.00 14
    2020-01-01 $60,625 (109.4%) $64,665 (30.0%) 0.00 14
    2020-02-01 $58,900 (62.6%) $115,578 (130.5%) 0.00 15
    2020-03-01 $48,975 (3.9%) $72,316 (25.1%) 0.00 13
    2020-04-01 $79,000 (35.2%) $118,704 (80.8%) 0.00 12
    2020-05-01 $79,000 (55.1%) $124,700 (29.3%) 0.00 9
    2020-06-01 $79,000 (58.3%) $121,968 (36.2%) 0.00 11
    2020-07-01 $48,475 (-2.4%) $91,650 (-1.1%) 0.00 17
    2020-08-01 $27,250 (-54.6%) $55,600 (-49.5%) 0.00 22
    2020-09-01 $58,000 (-3.3%) $58,976 (-48.6%) 0.00 26
    2020-10-01 $25,000 (-58.3%) $54,537 (-53.7%) 0.00 24
    2020-11-01 $39,000 (-26.4%) $59,801 (7.9%) 0.00 24
    2020-12-01 $40,750 (-34.8%) $58,255 (-4.5%) 0.00 22
    2021-01-01 $50,200 (-17.2%) $59,886 (-7.4%) 0.00 21
    2021-02-01 $44,675 (-24.2%) $60,727 (-47.5%) 0.00 20
    2021-03-01 $35,000 (-28.5%) $66,051 (-8.7%) 0.00 21
    2021-04-01 $34,000 (-57.0%) $66,311 (-44.1%) 0.00 18
    2021-05-01 $30,000 (-62.0%) $68,233 (-45.3%) 0.00 19
    2021-06-01 $30,000 (-62.0%) $66,685 (-45.3%) 0.00 19
    2021-07-01 $27,500 (-43.3%) $75,606 (-17.5%) 0.00 18
    2021-08-01 $28,675 (5.2%) $77,425 (39.3%) 0.00 18
    2021-09-01 $29,975 (-48.3%) $73,673 (24.9%) 0.00 21
    2021-10-01 $36,500 (46.0%) $75,169 (37.8%) 0.00 28
    2021-11-01 $38,000 (-2.6%) $78,383 (31.1%) 0.00 31
    2021-12-01 $48,000 (17.8%) $100,792 (73.0%) 0.00 28
    2022-01-01 $48,000 (-4.4%) $98,814 (65.0%) 0.00 28
    2022-02-01 $48,000 (7.4%) $110,911 (82.6%) 0.00 30
    2022-03-01 $40,000 (14.3%) $110,457 (67.2%) 0.00 28
    2022-04-01 $53,313 (56.8%) $119,267 (79.9%) 0.00 20
    2022-05-01 $42,250 (40.8%) $96,545 (41.5%) 0.00 22
    2022-06-01 $70,000 (133.3%) $122,144 (83.2%) 0.00 30
    2022-07-01 $65,000 (136.4%) $130,665 (72.8%) 0.00 29
    2022-08-01 $65,000 (126.7%) $123,194 (59.1%) 0.00 29
    2022-09-01 $62,225 (107.6%) $118,828 (61.3%) 0.00 29
    2022-10-01 $64,500 (76.7%) $102,375 (36.2%) 0.00 31
    2022-11-01 $64,500 (69.7%) $103,303 (31.8%) 0.00 29
    2022-12-01 $119,950 (149.9%) $136,250 (35.2%) 0.00 19
    2023-01-01 $144,925 (201.9%) $158,591 (60.5%) 0.00 19
    2023-02-01 $149,900 (212.3%) $155,441 (40.2%) 0.00 23
    2023-03-01 $139,675 (249.2%) $143,671 (30.1%) 0.00 22
    2023-04-01 $119,500 (124.2%) $145,100 (21.7%) 0.00 16
    2023-05-01 $132,500 (213.6%) $155,660 (61.2%) 0.00 21
    2023-06-01 $103,863 (48.4%) $134,442 (10.1%) 0.00 25
    2023-07-01 $116,403 (79.1%) $157,870 (20.8%) 0.00 26
    2023-08-01 $114,425 (76.0%) $126,956 (3.1%) 0.00 28
    2023-09-01 $119,000 (91.2%) $126,380 (6.4%) 0.00 28
    2023-10-01 $128,000 (98.5%) $161,163 (57.4%) 0.00 28
    2023-11-01 $108,750 (68.6%) $124,938 (20.9%) 0.00 24
    2023-12-01 $119,000 (-0.8%) $128,480 (-5.7%) 0.00 25
    2024-01-01 $89,125 (-38.5%) $143,751 (-9.4%) 0.00 20
    2024-02-01 $94,450 (-37.0%) $155,022 (-0.3%) 0.00 16
    2024-03-01 $145,000 (3.8%) $215,256 (49.8%) 0.00 15
    Helena's median listing price for 2024-03-01 was $145,000, a difference of $5,325 (3.8%) versus the prior year and $50,550 versus the prior month.

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

    Helena's average listing price for 2024-03-01 was $215,256, a difference of $71,585 (49.8%) versus the prior year and $60,234 versus the prior month.

    For the 2024-03-01 period, Helena had 15 MLS listings, a difference of -1 listings (-6%) versus the prior month and -7 listings (-32%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Helena (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,844 sqft
    2018-02-01 0 days 1,768 sqft
    2018-03-01 0 days 1,790 sqft
    2018-04-01 0 days 1,844 sqft
    2018-05-01 0 days 1,824 sqft
    2018-06-01 0 days 1,756 sqft
    2018-07-01 0 days 1,749 sqft
    2018-08-01 0 days 1,776 sqft
    2018-09-01 0 days 1,675 sqft
    2018-10-01 0 days 1,550 sqft
    2018-11-01 0 days 1,711 sqft
    2018-12-01 0 days 1,715 sqft
    2019-01-01 0 days 1,715 sqft
    2019-02-01 0 days 1,612 sqft
    2019-03-01 0 days 1,718 sqft
    2019-04-01 0 days 1,827 sqft
    2019-05-01 0 days 1,783 sqft
    2019-06-01 0 days 1,798 sqft
    2019-07-01 0 days 1,740 sqft
    2019-08-01 0 days 1,751 sqft
    2019-09-01 0 days 1,781 sqft
    2019-10-01 0 days 1,786 sqft
    2019-11-01 0 days 1,760 sqft
    2019-12-01 0 days 1,761 sqft
    2020-01-01 0 days 1,763 sqft
    2020-02-01 0 days 1,666 sqft
    2020-03-01 0 days 1,874 sqft
    2020-04-01 0 days 1,975 sqft
    2020-05-01 0 days 2,086 sqft
    2020-06-01 0 days 2,191 sqft
    2020-07-01 0 days 1,754 sqft
    2020-08-01 0 days 1,581 sqft
    2020-09-01 0 days 1,594 sqft
    2020-10-01 0 days 1,564 sqft
    2020-11-01 0 days 1,564 sqft
    2020-12-01 0 days 1,536 sqft
    2021-01-01 0 days 1,579 sqft
    2021-02-01 0 days 1,550 sqft
    2021-03-01 0 days 1,536 sqft
    2021-04-01 0 days 1,508 sqft
    2021-05-01 0 days 1,457 sqft
    2021-06-01 0 days 1,444 sqft
    2021-07-01 0 days 1,508 sqft
    2021-08-01 0 days 1,536 sqft
    2021-09-01 0 days 1,508 sqft
    2021-10-01 0 days 1,508 sqft
    2021-11-01 0 days 1,508 sqft
    2021-12-01 0 days 1,558 sqft
    2022-01-01 0 days 1,558 sqft
    2022-02-01 0 days 1,552 sqft
    2022-03-01 0 days 1,508 sqft
    2022-04-01 0 days 1,536 sqft
    2022-05-01 0 days 1,564 sqft
    2022-06-01 0 days 1,594 sqft
    2022-07-01 0 days 1,594 sqft
    2022-08-01 0 days 1,672 sqft
    2022-09-01 0 days 1,731 sqft
    2022-10-01 0 days 1,594 sqft
    2022-11-01 0 days 1,594 sqft
    2022-12-01 0 days 1,899 sqft
    2023-01-01 0 days 2,294 sqft
    2023-02-01 0 days 2,178 sqft
    2023-03-01 0 days 1,953 sqft
    2023-04-01 0 days 1,747 sqft
    2023-05-01 0 days 1,820 sqft
    2023-06-01 0 days 1,805 sqft
    2023-07-01 0 days 1,802 sqft
    2023-08-01 0 days 1,845 sqft
    2023-09-01 0 days 1,780 sqft
    2023-10-01 0 days 1,900 sqft
    2023-11-01 0 days 1,683 sqft
    2023-12-01 0 days 1,673 sqft
    2024-01-01 0 days 1,667 sqft
    2024-02-01 0 days 1,712 sqft
    2024-03-01 0 days 1,957 sqft
    Helena's median listing age (time on market) for 2024-03-01 was 0 days.

    Helena's median square footage for active listings during the 2024-03-01 period was 1,957 sqft. One year prior, the average listing was 1,953 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).