Hot Springs FHA Loan Rates, Closing Costs & Stats

HOT SPRINGS, AR

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.

Hot Springs's 67 lenders originated 379 FHA loans during 2021. The total origination value was $62,445,000, with an average FHA loan value of $164,763.

Hot Springs FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Hot Springs averaged 6.44% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Hot Springs's average FHA mortgage closing costs are $4,956.

The average rate for the prior week (2022-11-25) was 6.56% and one month ago for the week of 2022-10-28, the average rate was 6.6%.

The average rate one year ago was 3.33%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.33%.

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

Hot Springs 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 Hot Springs level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 42 2.68% $5,437
SWBC MORTGAGE CORPORATION 41 3.33% $5,036
ARK-LA-TEX FINANCIAL SERVICES, LLC. 29 3.32% $5,739
PRIMARY RESIDENTIAL MORTGAGE, INC. 25 4.09% $5,661
PENNYMAC LOAN SERVICES, LLC 15 3.14% $3,740
FirstTrust Home Loans, Inc. 14 3.17% $7,447
COMMUNITY MORTGAGE CORPORATION 12 2.92% $6,029
Arvest Bank 11 2.99% $5,717
LAKEVIEW LOAN SERVICING, LLC 9 3.01% $4,428
FREEDOM MORTGAGE CORPORATION 7 3.11% $3,780
Regions Bank 7 3.00% $4,241
GMFS LLC 6 3.10% $3,959
Sierra Pacific Mortgage Company, Inc. 5 3.03% $6,272
VILLAGE CAPITAL MORTGAGE 5 3.30% $2,132
Simmons Bank 5 2.88% $4,384
NEWREZ LLC 4 2.87% $3,341
TOP FLITE FINANCIAL, INC. 4 2.94% $7,665
U.S. Bank 4 3.00% $5,208
Citizens Bank 4 2.81% $4,196
DAS Acquisition Company, LLC 4 3.50% $6,177
AMERICAN FINANCIAL NETWORK, INC. 4 3.09% $8,801
Bank of England 4 3.09% $7,496
UNION HOME MORTGAGE CORP. 3 3.38% $5,015
UNITED WHOLESALE MORTGAGE, LLC 3 2.83% $5,275
AMERISAVE MORTGAGE CORPORATION 3 2.83% $7,120
MORTGAGE INVESTORS GROUP, INC. 3 2.88% $4,896
HOME POINT FINANCIAL CORPORATION 3 2.79% $3,876
First Security Bank 3 2.96% $4,160
FLAT BRANCH MORTGAGE, INC. 3 3.13% $7,902
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 3.13% $5,966
COUNTRYPLACE MORTGAGE, LTD. 2 3.25% $14,933
Carrington Mortgage Services, LLC 2 2.81% $7,847
MID AMERICA MORTGAGE, INC. 2 3.13% $2,257
Eagle Bank and Trust Company 2 2.75% $7,369
BROKER SOLUTIONS, INC. 2 3.19% $8,334
Nations Lending Corporation 2 3.44% $9,401
AMCAP MORTGAGE, LTD. 2 3.50% $6,708
AMERICAN FINANCING CORPORATION 2 2.50% $6,532
Reliant Bank 2 3.38% $5,943
Mr. Cooper ( Nationstar Mortgage ) 2 2.94% $2,182
Wyndham Capital Mortgage, Inc. 1 3.13% $4,696
AMERICAN FINANCIAL RESOURCES, INC. 1 3.13% $4,821
Bank of America 1 3.13% $6,111
CALIBER HOME LOANS, INC. 1 2.25% $4,028
Centennial Bank 1 3.25% $5,470
CHURCHILL MORTGAGE CORPORATION 1 2.88% $5,073
CityWorth Mortgage LLC 1 2.88% $6,246
CMG MORTGAGE, INC. 1 2.75% $9,652
CORNERSTONE HOME LENDING, INC. 1 3.25% $9,155
EMM LOANS LLC 1 2.38% $9,662
ENCORE BANK 1 2.38% $7,711
EVERETT FINANCIAL, INC. 1 3.63% $3,064
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.49% $4,995
First Community Bank 1 3.38% $7,757
FIRST COMMUNITY MORTGAGE, INC. 1 2.50% $6,675
First Guaranty Mortgage Corporation 1 3.13% $6,452
First National Bank Texas 1 3.50% $6,154
Goldwater Bank, N.A. 1 3.50% $8,046
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.50% $8,112
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $4,148
LOANDEPOT.COM, LLC 1 2.75% $8,683
MORTGAGE FINANCIAL SERVICES, LLC 1 3.25% $6,535
Mortgage Research Center, LLC 1 2.99% $1,295
PILGRIM MORTGAGE LLC 1 4.00% $8,825
PLANET HOME LENDING, LLC 1 2.75% $2,649
SECURITYNATIONAL MORTGAGE COMPANY 1 2.88% $8,896
SOVEREIGN LENDING GROUP INCORPORATED 1 2.75% $10,646

The top Hot Springs FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 42 FHA loans originated. Their average total fees are $5,437, which is $401 higher than the next largest lender, SWBC MORTGAGE CORPORATION.

The lowest fee Hot Springs FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC ($3,740), SWBC MORTGAGE CORPORATION ($5,036), QUICKEN LOANS, LLC ($5,437), PRIMARY RESIDENTIAL MORTGAGE, INC. ($5,661) and Arvest Bank ($5,717).

The lowest rate Hot Springs FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.68%), COMMUNITY MORTGAGE CORPORATION (2.92%), Arvest Bank (2.99%), PENNYMAC LOAN SERVICES, LLC (3.14%) and FirstTrust Home Loans, Inc. (3.17%).

Hot Springs FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
HOT SPRINGS, AR GARLAND 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Hot Springs (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 $209,000 (4.7%) $301,816 (6.5%) 0.00 903
2018-02-01 $209,600 (3.9%) $298,813 (4.5%) 0.00 922
2018-03-01 $219,900 (5.2%) $300,710 (4.4%) 0.00 957
2018-04-01 $224,900 (7.6%) $305,097 (5.3%) 0.00 1,018
2018-05-01 $224,900 (3.0%) $306,685 (4.3%) 0.00 1,058
2018-06-01 $224,900 (2.5%) $309,551 (4.3%) 0.00 1,061
2018-07-01 $219,225 (-0.4%) $296,361 (-3.9%) 0.00 1,081
2018-08-01 $213,725 (-2.4%) $291,029 (-4.4%) 0.00 1,068
2018-09-01 $215,000 (0.1%) $290,969 (-3.1%) 0.00 1,034
2018-10-01 $199,900 (-5.9%) $283,525 (-3.5%) 0.00 1,013
2018-11-01 $199,800 (-2.0%) $285,519 (-2.9%) 0.00 960
2018-12-01 $199,500 (-4.8%) $286,845 (-4.0%) 0.00 897
2019-01-01 $199,000 (-4.8%) $286,343 (-5.1%) 0.00 843
2019-02-01 $199,250 (-4.9%) $287,022 (-4.0%) 0.00 882
2019-03-01 $206,371 (-6.2%) $298,809 (-0.6%) 0.00 873
2019-04-01 $217,450 (-3.3%) $316,233 (3.7%) 0.00 855
2019-05-01 $222,450 (-1.1%) $322,749 (5.2%) 0.00 869
2019-06-01 $225,000 (0.0%) $323,323 (4.5%) 0.00 858
2019-07-01 $227,200 (3.6%) $323,202 (9.1%) 0.00 867
2019-08-01 $226,264 (5.9%) $323,724 (11.2%) 0.00 852
2019-09-01 $228,309 (6.2%) $325,088 (11.7%) 0.00 826
2019-10-01 $229,673 (14.9%) $325,997 (15.0%) 0.00 803
2019-11-01 $239,000 (19.6%) $324,672 (13.7%) 0.00 738
2019-12-01 $239,900 (20.3%) $327,142 (14.1%) 0.00 719
2020-01-01 $239,450 (20.3%) $321,858 (12.4%) 0.00 685
2020-02-01 $238,750 (19.8%) $319,739 (11.4%) 0.00 702
2020-03-01 $239,700 (16.2%) $324,716 (8.7%) 0.00 702
2020-04-01 $239,250 (10.0%) $319,824 (1.1%) 0.00 674
2020-05-01 $240,250 (8.0%) $330,731 (2.5%) 0.00 662
2020-06-01 $245,750 (9.2%) $339,788 (5.1%) 0.00 651
2020-07-01 $250,000 (10.0%) $358,042 (10.8%) 0.00 599
2020-08-01 $250,000 (10.5%) $358,138 (10.6%) 0.00 539
2020-09-01 $256,250 (12.2%) $365,347 (12.4%) 0.00 491
2020-10-01 $265,000 (15.4%) $368,776 (13.1%) 0.00 453
2020-11-01 $269,500 (12.8%) $366,117 (12.8%) 0.00 403
2020-12-01 $259,395 (8.1%) $359,851 (10.0%) 0.00 395
2021-01-01 $259,790 (8.5%) $363,384 (12.9%) 0.00 367
2021-02-01 $263,450 (10.4%) $381,033 (19.2%) 0.00 382
2021-03-01 $271,163 (13.1%) $387,133 (19.2%) 0.00 344
2021-04-01 $285,725 (19.4%) $414,104 (29.5%) 0.00 325
2021-05-01 $299,900 (24.8%) $424,268 (28.3%) 0.00 371
2021-06-01 $317,475 (29.2%) $455,866 (34.2%) 0.00 401
2021-07-01 $319,900 (28.0%) $451,135 (26.0%) 0.00 429
2021-08-01 $349,225 (39.7%) $474,236 (32.4%) 0.00 438
2021-09-01 $349,450 (36.4%) $476,191 (30.3%) 0.00 437
2021-10-01 $319,900 (20.7%) $462,340 (25.4%) 0.00 416
2021-11-01 $324,250 (20.3%) $458,551 (25.3%) 0.00 400
2021-12-01 $331,100 (27.6%) $461,934 (28.4%) 0.00 353
2022-01-01 $325,000 (25.1%) $448,353 (23.4%) 0.00 310
2022-02-01 $319,500 (21.3%) $465,036 (22.1%) 0.00 317
2022-03-01 $322,500 (18.9%) $501,364 (29.5%) 0.00 315
2022-04-01 $325,000 (13.8%) $496,954 (20.0%) 0.00 345
2022-05-01 $326,200 (8.8%) $512,937 (20.9%) 0.00 345
2022-06-01 $337,000 (6.2%) $486,387 (6.7%) 0.00 365
2022-07-01 $349,700 (9.3%) $474,835 (5.3%) 0.00 399
2022-08-01 $344,950 (-1.2%) $490,178 (3.4%) 0.00 432
2022-09-01 $350,125 (0.2%) $498,492 (4.7%) 0.00 439
2022-10-01 $349,700 (9.3%) $491,606 (6.3%) 0.00 468
2022-11-01 $349,475 (7.8%) $465,937 (1.6%) 0.00 483
Hot Springs's median listing price for 2022-11-01 was $349,475, a difference of $25,225 (7.8%) versus the prior year and $-225 versus the prior month.

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

Hot Springs's average listing price for 2022-11-01 was $465,937, a difference of $7,386 (1.6%) versus the prior year and $-25,669 versus the prior month.

For the 2022-11-01 period, Hot Springs had 483 MLS listings, a difference of 15 listings (3%) versus the prior month and 83 listings (21%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Hot Springs (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,960 sqft
2018-02-01 0 days 1,949 sqft
2018-03-01 0 days 1,944 sqft
2018-04-01 0 days 1,953 sqft
2018-05-01 0 days 1,982 sqft
2018-06-01 0 days 2,016 sqft
2018-07-01 0 days 2,000 sqft
2018-08-01 0 days 2,001 sqft
2018-09-01 0 days 1,978 sqft
2018-10-01 0 days 1,928 sqft
2018-11-01 0 days 1,922 sqft
2018-12-01 0 days 1,920 sqft
2019-01-01 0 days 1,899 sqft
2019-02-01 0 days 1,903 sqft
2019-03-01 0 days 1,946 sqft
2019-04-01 0 days 1,997 sqft
2019-05-01 0 days 2,014 sqft
2019-06-01 0 days 2,050 sqft
2019-07-01 0 days 2,024 sqft
2019-08-01 0 days 2,039 sqft
2019-09-01 0 days 2,023 sqft
2019-10-01 0 days 2,014 sqft
2019-11-01 0 days 2,074 sqft
2019-12-01 0 days 2,032 sqft
2020-01-01 0 days 2,000 sqft
2020-02-01 0 days 1,983 sqft
2020-03-01 0 days 1,972 sqft
2020-04-01 0 days 1,981 sqft
2020-05-01 0 days 1,998 sqft
2020-06-01 0 days 2,085 sqft
2020-07-01 0 days 2,123 sqft
2020-08-01 0 days 2,200 sqft
2020-09-01 0 days 2,187 sqft
2020-10-01 0 days 2,174 sqft
2020-11-01 0 days 2,115 sqft
2020-12-01 0 days 2,013 sqft
2021-01-01 0 days 1,920 sqft
2021-02-01 0 days 1,924 sqft
2021-03-01 0 days 1,913 sqft
2021-04-01 0 days 1,941 sqft
2021-05-01 0 days 1,925 sqft
2021-06-01 0 days 2,100 sqft
2021-07-01 0 days 2,018 sqft
2021-08-01 0 days 2,112 sqft
2021-09-01 0 days 2,061 sqft
2021-10-01 0 days 2,155 sqft
2021-11-01 0 days 2,144 sqft
2021-12-01 0 days 2,091 sqft
2022-01-01 0 days 2,020 sqft
2022-02-01 0 days 2,021 sqft
2022-03-01 0 days 1,955 sqft
2022-04-01 0 days 1,892 sqft
2022-05-01 0 days 2,033 sqft
2022-06-01 0 days 2,127 sqft
2022-07-01 0 days 2,124 sqft
2022-08-01 0 days 2,053 sqft
2022-09-01 0 days 1,933 sqft
2022-10-01 0 days 1,926 sqft
2022-11-01 0 days 1,864 sqft
Hot Springs's median listing age (time on market) for 2022-11-01 was 0 days.

Hot Springs's median square footage for active listings during the 2022-11-01 period was 1,864 sqft. One year prior, the average listing was 2,144 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).