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 58 lenders originated 307 FHA loans during 2022. The total origination value was $51,555,000, with an average FHA loan value of $167,932.

Hot Springs FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Hot Springs averaged -0.35% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

Hot Springs's average FHA mortgage closing costs are $5,329.

The average rate for the prior week (2023-11-17) was 7.04% and one month ago for the week of 2023-10-20, the average rate was 6.85%.

The average rate one year ago was 5.98%.

For refis of the same type during the week of 2023-11-24, the average rate was -0.98%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 44 4.44% $7,293
SWBC MORTGAGE CORPORATION 29 5.24% $4,220
Arvest Bank 23 5.04% $5,912
FirstTrust Home Loans, Inc. 19 5.30% $7,153
ARK-LA-TEX FINANCIAL SERVICES, LLC. 13 5.41% $6,853
PRIMARY RESIDENTIAL MORTGAGE, INC. 11 5.01% $6,440
EVERETT FINANCIAL, INC. 9 5.49% $4,518
COMMUNITY MORTGAGE CORPORATION 8 5.41% $5,411
Carrington Mortgage Services, LLC 7 5.39% $9,559
Citizens Bank 6 4.25% $4,958
BANK OF LITTLE ROCK MORTGAGE CORPORATION 5 4.93% $5,927
FLAT BRANCH MORTGAGE, INC. 5 5.40% $7,145
UNITED WHOLESALE MORTGAGE, LLC 5 4.50% $6,431
Bank of England 5 5.28% $8,435
PENNYMAC LOAN SERVICES, LLC 4 4.78% $6,033
Regions Bank 4 5.16% $5,015
FIRST COMMUNITY MORTGAGE, INC. 4 4.09% $5,686
BROKER SOLUTIONS, INC. 4 5.65% $8,428
LOANDEPOT.COM, LLC 4 5.25% $9,920
TOP FLITE FINANCIAL, INC. 4 4.72% $9,520
CARDINAL FINANCIAL 4 4.94% $10,022
LAKEVIEW LOAN SERVICING, LLC 3 4.21% $8,824
AMERICAN ADVISORS GROUP 3 5.29% $6,287
AMERISAVE MORTGAGE CORPORATION 3 4.63% $10,541
FREEDOM MORTGAGE CORPORATION 3 5.46% $6,719
Gateway First Bank 3 6.38% $6,639
NEWREZ LLC 2 4.75% $6,364
DAS Acquisition Company, LLC 2 6.06% $6,522
CORNERSTONE HOME LENDING, INC. 2 4.75% $8,948
CALIBER HOME LOANS, INC. 2 6.00% $7,670
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 4.75% $8,985
MORIA DEVELOPMENT, INC. 2 5.56% $8,931
GMFS LLC 2 4.69% $7,072
Simmons Bank 2 5.38% $7,000
Eagle Bank and Trust Company 2 4.50% $9,726
U.S. Bank 1 3.63% $7,840
AMERICAN FINANCING CORPORATION 1 5.75% $6,166
ASPIRE FINANCIAL, INC. 1 5.50% $13,540
Austin Capital Bank SSB 1 5.25% $6,074
CRESCENT MORTGAGE COMPANY 1 6.38% $5,492
ENDEAVOR CAPITAL, LLC. 1 6.50% $11,615
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.75% $5,765
First Community Bank 1 3.88% $7,497
First Horizon Bank 1 7.13% $5,555
First Security Bank 1 3.88% $4,711
GERSHMAN INVESTMENT CORP. 1 4.75% $9,372
GUARANTEED RATE, INC. 1 6.25% $14,195
LENDING 3, INC. 1 7.13% $2,035
LIBERTY HOME MORTGAGE CORPORATION 1 6.50% $21,895
MICHIGAN MUTUAL, INC. 1 2.50% $5,564
MORTGAGE INVESTORS GROUP, INC. 1 5.25% $5,380
MOVEMENT MORTGAGE, LLC 1 5.63% $7,332
Mr. Cooper ( Nationstar Mortgage ) 1 4.00% $8,930
NATIONS RELIABLE LENDING, LLC 1 5.25% $9,518
PLANET HOME LENDING, LLC 1 6.38% $5,801
Sunflower Bank 1 5.25% $7,456
UNION HOME MORTGAGE CORP. 1 4.25% $6,283
AMCAP MORTGAGE, LTD. 1 6.75% $10,855

The top Hot Springs FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 44 FHA loans originated. Their average total fees are $7,293, which is $3,073 higher than the next largest lender, SWBC MORTGAGE CORPORATION.

The lowest fee Hot Springs FHA lenders (with over 10 loans originated) are SWBC MORTGAGE CORPORATION ($4,220), Arvest Bank ($5,912), PRIMARY RESIDENTIAL MORTGAGE, INC. ($6,440), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($6,853) and FirstTrust Home Loans, Inc. ($7,153).

The lowest rate Hot Springs FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.44%), PRIMARY RESIDENTIAL MORTGAGE, INC. (5.01%), Arvest Bank (5.04%), SWBC MORTGAGE CORPORATION (5.24%) and FirstTrust Home Loans, Inc. (5.30%).

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
HOT SPRINGS, AR GARLAND 2023 $472,030 $604,400 $730,525 $907,900

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 (4.6%) $301,816 (6.4%) 0.00 903
2018-02-01 $209,600 (3.7%) $298,813 (4.4%) 0.00 922
2018-03-01 $219,900 (5.2%) $300,710 (4.4%) 0.00 957
2018-04-01 $224,675 (7.5%) $305,163 (5.3%) 0.00 1,017
2018-05-01 $224,900 (3.0%) $306,750 (4.3%) 0.00 1,057
2018-06-01 $224,900 (2.5%) $309,619 (4.3%) 0.00 1,060
2018-07-01 $219,000 (-0.5%) $296,419 (-3.9%) 0.00 1,080
2018-08-01 $213,000 (-2.7%) $291,086 (-4.4%) 0.00 1,067
2018-09-01 $214,950 (0.0%) $291,029 (-3.1%) 0.00 1,033
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%) $298,807 (-0.6%) 0.00 872
2019-04-01 $217,450 (-3.2%) $316,278 (3.6%) 0.00 854
2019-05-01 $222,450 (-1.1%) $322,850 (5.3%) 0.00 868
2019-06-01 $225,000 (0.0%) $323,415 (4.5%) 0.00 857
2019-07-01 $226,850 (3.6%) $323,294 (9.1%) 0.00 866
2019-08-01 $226,264 (6.2%) $323,802 (11.2%) 0.00 851
2019-09-01 $228,309 (6.2%) $325,142 (11.7%) 0.00 824
2019-10-01 $229,673 (14.9%) $326,036 (15.0%) 0.00 801
2019-11-01 $239,000 (19.6%) $324,705 (13.7%) 0.00 736
2019-12-01 $239,900 (20.3%) $327,185 (14.1%) 0.00 717
2020-01-01 $239,450 (20.3%) $321,887 (12.4%) 0.00 683
2020-02-01 $238,000 (19.5%) $319,763 (11.4%) 0.00 700
2020-03-01 $239,700 (16.2%) $324,755 (8.7%) 0.00 699
2020-04-01 $239,375 (10.1%) $319,989 (1.2%) 0.00 671
2020-05-01 $240,500 (8.1%) $330,958 (2.5%) 0.00 659
2020-06-01 $246,750 (9.7%) $340,072 (5.2%) 0.00 648
2020-07-01 $250,000 (10.2%) $358,216 (10.8%) 0.00 596
2020-08-01 $250,000 (10.5%) $358,315 (10.7%) 0.00 537
2020-09-01 $256,250 (12.2%) $365,574 (12.4%) 0.00 489
2020-10-01 $265,000 (15.4%) $369,033 (13.2%) 0.00 451
2020-11-01 $269,500 (12.8%) $366,401 (12.8%) 0.00 401
2020-12-01 $259,395 (8.1%) $360,101 (10.1%) 0.00 393
2021-01-01 $259,790 (8.5%) $363,675 (13.0%) 0.00 365
2021-02-01 $263,450 (10.7%) $381,416 (19.3%) 0.00 380
2021-03-01 $271,163 (13.1%) $387,565 (19.3%) 0.00 342
2021-04-01 $285,725 (19.4%) $414,705 (29.6%) 0.00 323
2021-05-01 $299,900 (24.7%) $424,839 (28.4%) 0.00 369
2021-06-01 $317,475 (28.7%) $456,594 (34.3%) 0.00 399
2021-07-01 $319,900 (28.0%) $451,421 (26.0%) 0.00 428
2021-08-01 $349,000 (39.6%) $474,643 (32.5%) 0.00 437
2021-09-01 $349,450 (36.4%) $476,839 (30.4%) 0.00 436
2021-10-01 $319,900 (20.7%) $463,210 (25.5%) 0.00 414
2021-11-01 $324,250 (20.3%) $459,486 (25.4%) 0.00 398
2021-12-01 $331,100 (27.6%) $462,959 (28.6%) 0.00 351
2022-01-01 $325,000 (25.1%) $449,352 (23.6%) 0.00 308
2022-02-01 $319,500 (21.3%) $466,246 (22.2%) 0.00 315
2022-03-01 $322,500 (18.9%) $502,839 (29.7%) 0.00 313
2022-04-01 $325,000 (13.8%) $498,290 (20.2%) 0.00 343
2022-05-01 $327,450 (9.2%) $515,529 (21.4%) 0.00 342
2022-06-01 $338,000 (6.5%) $488,334 (7.0%) 0.00 361
2022-07-01 $349,500 (9.3%) $476,076 (5.5%) 0.00 395
2022-08-01 $343,725 (-1.5%) $489,213 (3.1%) 0.00 429
2022-09-01 $349,625 (0.1%) $497,681 (4.4%) 0.00 436
2022-10-01 $349,700 (9.3%) $492,480 (6.3%) 0.00 466
2022-11-01 $349,475 (7.8%) $466,623 (1.6%) 0.00 481
2022-12-01 $325,200 (-1.8%) $452,194 (-2.3%) 0.00 443
2023-01-01 $315,000 (-3.1%) $442,752 (-1.5%) 0.00 406
2023-02-01 $310,725 (-2.8%) $453,432 (-2.8%) 0.00 416
2023-03-01 $319,750 (-0.9%) $462,719 (-8.0%) 0.00 435
2023-04-01 $325,000 (0.0%) $460,410 (-7.6%) 0.00 462
2023-05-01 $322,500 (-1.5%) $466,928 (-9.4%) 0.00 462
2023-06-01 $334,450 (-1.1%) $490,767 (0.5%) 0.00 487
2023-07-01 $352,500 (0.9%) $526,488 (10.6%) 0.00 511
2023-08-01 $354,450 (3.1%) $525,977 (7.5%) 0.00 516
2023-09-01 $365,000 (4.4%) $515,085 (3.5%) 0.00 507
2023-10-01 $349,950 (0.1%) $495,550 (0.6%) 0.00 525
Hot Springs's median listing price for 2023-10-01 was $349,950, a difference of $250 (0.1%) versus the prior year and $-15,050 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 2023-10-01 was $495,550, a difference of $3,070 (0.6%) versus the prior year and $-19,535 versus the prior month.

For the 2023-10-01 period, Hot Springs had 525 MLS listings, a difference of 18 listings (4%) versus the prior month and 59 listings (13%) 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 1,956 sqft
2018-02-01 0 days 1,947 sqft
2018-03-01 0 days 1,938 sqft
2018-04-01 0 days 1,949 sqft
2018-05-01 0 days 1,981 sqft
2018-06-01 0 days 2,014 sqft
2018-07-01 0 days 2,000 sqft
2018-08-01 0 days 2,001 sqft
2018-09-01 0 days 1,976 sqft
2018-10-01 0 days 1,925 sqft
2018-11-01 0 days 1,917 sqft
2018-12-01 0 days 1,917 sqft
2019-01-01 0 days 1,895 sqft
2019-02-01 0 days 1,898 sqft
2019-03-01 0 days 1,940 sqft
2019-04-01 0 days 1,992 sqft
2019-05-01 0 days 2,013 sqft
2019-06-01 0 days 2,050 sqft
2019-07-01 0 days 2,019 sqft
2019-08-01 0 days 2,037 sqft
2019-09-01 0 days 2,018 sqft
2019-10-01 0 days 2,010 sqft
2019-11-01 0 days 2,069 sqft
2019-12-01 0 days 2,030 sqft
2020-01-01 0 days 2,000 sqft
2020-02-01 0 days 1,970 sqft
2020-03-01 0 days 1,971 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 2,122 sqft
2020-08-01 0 days 2,200 sqft
2020-09-01 0 days 2,182 sqft
2020-10-01 0 days 2,160 sqft
2020-11-01 0 days 2,113 sqft
2020-12-01 0 days 2,007 sqft
2021-01-01 0 days 1,920 sqft
2021-02-01 0 days 1,921 sqft
2021-03-01 0 days 1,902 sqft
2021-04-01 0 days 1,928 sqft
2021-05-01 0 days 1,920 sqft
2021-06-01 0 days 2,100 sqft
2021-07-01 0 days 2,009 sqft
2021-08-01 0 days 2,100 sqft
2021-09-01 0 days 2,053 sqft
2021-10-01 0 days 2,141 sqft
2021-11-01 0 days 2,134 sqft
2021-12-01 0 days 2,069 sqft
2022-01-01 0 days 2,013 sqft
2022-02-01 0 days 2,016 sqft
2022-03-01 0 days 1,944 sqft
2022-04-01 0 days 1,885 sqft
2022-05-01 0 days 2,027 sqft
2022-06-01 0 days 2,127 sqft
2022-07-01 0 days 2,118 sqft
2022-08-01 0 days 2,030 sqft
2022-09-01 0 days 1,928 sqft
2022-10-01 0 days 1,920 sqft
2022-11-01 0 days 1,863 sqft
2022-12-01 0 days 1,782 sqft
2023-01-01 0 days 1,728 sqft
2023-02-01 0 days 1,720 sqft
2023-03-01 0 days 1,720 sqft
2023-04-01 0 days 1,755 sqft
2023-05-01 0 days 1,782 sqft
2023-06-01 0 days 1,861 sqft
2023-07-01 0 days 1,856 sqft
2023-08-01 0 days 1,838 sqft
2023-09-01 0 days 1,752 sqft
2023-10-01 0 days 1,771 sqft
Hot Springs's median listing age (time on market) for 2023-10-01 was 0 days.

Hot Springs's median square footage for active listings during the 2023-10-01 period was 1,771 sqft. One year prior, the average listing was 1,920 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).