Hot Springs FHA Loan Rates, Closing Costs & Stats

HOT SPRINGS, 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.

    Hot Springs's 56 lenders originated 247 FHA loans during 2023. The total origination value was $46,535,000, with an average FHA loan value of $188,401.

    Hot Springs FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Hot Springs averaged 6.38% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Hot Springs's average FHA mortgage closing costs are $5,720.

    The average rate for the prior week (2024-11-01) was 6.75% and one month ago for the week of 2024-10-04, the average rate was 5.87%.

    The average rate one year ago was 7.52%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.64%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    SWBC MORTGAGE CORPORATION 26 7.15% $5,683
    QUICKEN LOANS, LLC 20 6.36% $9,341
    Arvest Bank 16 6.23% $7,986
    FirstTrust Home Loans, Inc. 10 6.64% $8,867
    PRIMARY RESIDENTIAL MORTGAGE, INC. 10 6.79% $5,510
    UNITED WHOLESALE MORTGAGE, LLC 10 6.66% $8,782
    EVERETT FINANCIAL, INC. 10 6.90% $8,417
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 8 6.94% $6,408
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 7 6.70% $7,821
    PENNYMAC LOAN SERVICES, LLC 6 6.00% $10,484
    Regions Bank 5 6.33% $7,170
    FLAT BRANCH MORTGAGE, INC. 5 6.65% $7,457
    COMMUNITY MORTGAGE CORPORATION 5 6.63% $7,813
    CORNERSTONE HOME LENDING, INC. 5 7.25% $9,116
    NEWREZ LLC 4 6.00% $9,212
    Bank of England 4 6.66% $9,423
    Mr. Cooper ( Nationstar Mortgage ) 4 6.31% $14,875
    Simmons Bank 3 6.04% $8,654
    LOANPAL, LLC 3 5.33% $6,152
    EUSTIS AND AMERICAN MORTGAGE COMPANY 3 7.17% $6,491
    Citizens Bank 3 6.67% $8,934
    First Security Bank 3 6.46% $5,180
    STOCKTON MORTGAGE CORPORATION 3 7.54% $7,019
    CROSSCOUNTRY MORTGAGE, LLC 2 7.00% $10,863
    AMERISAVE MORTGAGE CORPORATION 2 6.00% $12,422
    PENTAGON FEDERAL CREDIT UNION 2 5.63% $9,500
    FIRST COMMUNITY MORTGAGE, INC. 2 7.44% $9,649
    TOP FLITE FINANCIAL, INC. 2 7.63% $6,962
    CARDINAL FINANCIAL 2 6.06% $10,377
    U.S. Bank 2 6.75% $4,431
    AMERICAN FINANCIAL NETWORK, INC. 2 7.38% $10,632
    FREEDOM MORTGAGE CORPORATION 2 7.50% $9,711
    LAKEVIEW LOAN SERVICING, LLC 2 5.94% $9,963
    ZILLOW HOME LOANS, LLC 1 6.75% $7,595
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $4,886
    Assurance Financial Group, L.L.C. 1 7.63% $8,770
    Bank of America 1 7.50% $5,748
    BARTLETT MORTGAGE, INC. 1 6.13% $8,448
    CALCON MUTUAL MORTGAGE LLC 1 6.00% $13,106
    CHURCHILL MORTGAGE CORPORATION 1 7.13% $9,245
    Eagle Bank and Trust Company 1 6.25% $4,909
    EMM LOANS LLC 1 5.88% $14,140
    ENDEAVOR CAPITAL, LLC. 1 6.99% $10,071
    First Horizon Bank 1 6.88% $11,312
    Gateway First Bank 1 6.25% $7,398
    GERSHMAN INVESTMENT CORP. 1 7.63% $8,336
    GMFS LLC 1 6.75% $4,033
    GSF Mortgage Corporation 1 5.63% $18,249
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.63% $9,621
    MORTGAGE FINANCIAL SERVICES, LLC 1 6.49% $6,734
    MORTGAGE INVESTORS GROUP, INC. 1 6.38% $8,387
    Mortgage Research Center, LLC 1 6.75% $5,369
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.50% $9,062
    OCMBC, INC. 1 7.38% $16,802
    The Federal Savings Bank 1 5.63% $11,757
    UNION HOME MORTGAGE CORP. 1 7.00% $7,753

    The top Hot Springs FHA lender as defined by loan originations is SWBC MORTGAGE CORPORATION, with 26 FHA loans originated. Their average total fees are $5,683, which is $3,657 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Hot Springs FHA lenders (with over 10 loans originated) are PRIMARY RESIDENTIAL MORTGAGE, INC. ($5,510), SWBC MORTGAGE CORPORATION ($5,683), Arvest Bank ($7,986), EVERETT FINANCIAL, INC. ($8,417) and UNITED WHOLESALE MORTGAGE, LLC ($8,782).

    The lowest rate Hot Springs FHA lenders (with over 10 loans originated) are Arvest Bank (6.23%), QUICKEN LOANS, LLC (6.36%), FirstTrust Home Loans, Inc. (6.64%), UNITED WHOLESALE MORTGAGE, LLC (6.66%) and PRIMARY RESIDENTIAL MORTGAGE, INC. (6.79%).

    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

    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).