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 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).