Jonesboro FHA Loan Rates, Closing Costs & Stats

JONESBORO, 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.

    Jonesboro's 67 lenders originated 523 FHA loans during 2023. The total origination value was $99,275,000, with an average FHA loan value of $189,818.

    Jonesboro FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Jonesboro averaged 6.54% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Jonesboro's average FHA mortgage closing costs are $6,300.

    The average rate for the prior week (2024-11-01) was 6.61% and one month ago for the week of 2024-10-04, the average rate was 5.93%.

    The average rate one year ago was 7.28%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.29%.

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

    Jonesboro 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 Jonesboro level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    First Financial Bank 57 6.30% $8,866
    DAS Acquisition Company, LLC 39 6.85% $8,205
    QUICKEN LOANS, LLC 38 6.40% $8,545
    EVERETT FINANCIAL, INC. 33 6.96% $9,174
    Arvest Bank 31 6.68% $7,270
    FirstTrust Home Loans, Inc. 25 6.85% $7,290
    BROKER SOLUTIONS, INC. 20 6.66% $9,095
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 19 6.79% $8,105
    UNITED WHOLESALE MORTGAGE, LLC 18 6.25% $9,811
    Nations Lending Corporation 14 6.96% $5,584
    Simmons Bank 14 6.22% $9,048
    Midwest Mortgage Associates Corporation 13 6.53% $4,703
    MORTGAGE INVESTORS GROUP, INC. 13 6.69% $7,867
    Centennial Bank 12 6.57% $7,039
    First Community Bank 8 6.08% $7,750
    First Security Bank 8 6.00% $5,081
    LOANDEPOT.COM, LLC 7 6.42% $9,492
    Evolve Bank & Trust 6 6.40% $7,582
    AMERICAN FINANCIAL NETWORK, INC. 6 6.29% $12,194
    FREEDOM MORTGAGE CORPORATION 6 7.08% $11,525
    Regions Bank 5 6.30% $6,719
    Mr. Cooper ( Nationstar Mortgage ) 5 6.30% $13,869
    First Horizon Bank 5 6.20% $7,735
    Carrington Mortgage Services, LLC 5 6.03% $8,969
    Sierra Pacific Mortgage Company, Inc. 5 7.08% $8,862
    Century Mortgage Company DBA Century Lending Company 4 6.00% $10,589
    Bank of England 4 6.47% $7,053
    Citizens Bank 4 6.25% $7,300
    Eagle Bank and Trust Company 4 6.06% $7,368
    ENCORE BANK 4 6.75% $7,821
    WILLOW BEND MORTGAGE COMPANY, LLC 4 6.75% $9,617
    PENNYMAC LOAN SERVICES, LLC 3 5.79% $11,968
    SENTE MORTGAGE, INC. 3 7.46% $9,516
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 7.08% $5,901
    Cornerstone First Mortgage, Inc 3 7.67% $11,650
    FLAT BRANCH MORTGAGE, INC. 3 6.79% $7,559
    FIRST COMMUNITY MORTGAGE, INC. 2 6.62% $6,772
    ACADEMY MORTGAGE CORPORATION 2 6.50% $8,101
    Bank of America 2 6.00% $5,618
    NEWREZ LLC 2 6.19% $5,546
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 7.06% $9,248
    RELIANCE FIRST CAPITAL, LLC 2 7.25% $9,576
    ZILLOW HOME LOANS, LLC 2 6.38% $9,282
    BancorpSouth 1 6.13% $6,315
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.00% $13,922
    Armstrong Bank 1 5.75% $9,274
    NEW DAY FINANCIAL, LLC 1 7.50% $5,935
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $8,549
    NFM, INC. 1 7.13% $9,765
    CMG MORTGAGE, INC. 1 6.63% $7,269
    PLANET HOME LENDING, LLC 1 5.38% $7,764
    POLARIS HOME FUNDING CORP. 1 5.75% $8,082
    CORNERSTONE HOME LENDING, INC. 1 6.25% $7,998
    Armed Forces Bank 1 7.00% $5,037
    VILLAGE CAPITAL MORTGAGE 1 6.00% $6,281
    Equity Prime Mortgage LLC 1 5.88% $5,333
    ROYAL UNITED MORTGAGE LLC 1 6.50% $9,725
    CROSSCOUNTRY MORTGAGE, LLC 1 8.25% $7,620
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $13,645
    AMERICAN FINANCING CORPORATION 1 6.38% $12,802
    STOCKTON MORTGAGE CORPORATION 1 6.63% $6,133
    GSF Mortgage Corporation 1 6.25% $5,151
    CIS Financial Services, Inc. 1 5.63% $10,359
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $8,201
    SUN WEST MORTGAGE COMPANY, INC. 1 6.00% $3,002
    Barrington Bank & Trust Company, N.A. 1 7.25% $5,446
    The Federal Savings Bank 1 7.13% $13,095

    The top Jonesboro FHA lender as defined by loan originations is First Financial Bank, with 57 FHA loans originated. Their average total fees are $8,866, which is $661 higher than the next largest lender, DAS Acquisition Company, LLC.

    The lowest fee Jonesboro FHA lenders (with over 10 loans originated) are Midwest Mortgage Associates Corporation ($4,703), Nations Lending Corporation ($5,584), Centennial Bank ($7,039), Arvest Bank ($7,270) and FirstTrust Home Loans, Inc. ($7,290).

    The lowest rate Jonesboro FHA lenders (with over 10 loans originated) are Simmons Bank (6.22%), UNITED WHOLESALE MORTGAGE, LLC (6.25%), First Financial Bank (6.30%), QUICKEN LOANS, LLC (6.40%) and Midwest Mortgage Associates Corporation (6.53%).

    Jonesboro FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Jonesboro (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 $174,950 (11.2%) $225,139 (6.1%) 0.00 581
    2018-02-01 $183,387 (10.8%) $232,855 (6.7%) 0.00 564
    2018-03-01 $188,800 (11.1%) $235,627 (6.5%) 0.00 546
    2018-04-01 $175,500 (-1.3%) $232,936 (1.7%) 0.00 544
    2018-05-01 $176,250 (-3.4%) $232,218 (0.3%) 0.00 555
    2018-06-01 $174,900 (0.0%) $233,358 (0.9%) 0.00 590
    2018-07-01 $179,900 (8.4%) $236,190 (3.0%) 0.00 606
    2018-08-01 $178,950 (11.9%) $235,272 (5.3%) 0.00 632
    2018-09-01 $177,900 (8.8%) $234,919 (3.7%) 0.00 641
    2018-10-01 $174,575 (2.8%) $237,160 (5.1%) 0.00 655
    2018-11-01 $169,900 (-2.6%) $231,905 (2.0%) 0.00 679
    2018-12-01 $179,700 (4.2%) $233,972 (3.2%) 0.00 655
    2019-01-01 $184,000 (5.2%) $230,286 (2.3%) 0.00 644
    2019-02-01 $186,375 (1.6%) $240,099 (3.1%) 0.00 630
    2019-03-01 $194,186 (2.9%) $245,518 (4.2%) 0.00 610
    2019-04-01 $199,900 (13.9%) $249,554 (7.1%) 0.00 577
    2019-05-01 $204,075 (15.8%) $259,936 (11.9%) 0.00 584
    2019-06-01 $205,000 (17.2%) $260,389 (11.6%) 0.00 601
    2019-07-01 $212,900 (18.3%) $262,211 (11.0%) 0.00 578
    2019-08-01 $208,973 (16.8%) $260,104 (10.6%) 0.00 559
    2019-09-01 $203,082 (14.2%) $257,606 (9.7%) 0.00 560
    2019-10-01 $202,155 (15.8%) $255,296 (7.7%) 0.00 560
    2019-11-01 $206,200 (21.4%) $256,328 (10.5%) 0.00 525
    2019-12-01 $189,975 (5.7%) $247,417 (5.8%) 0.00 535
    2020-01-01 $186,475 (1.4%) $242,087 (5.1%) 0.00 511
    2020-02-01 $189,900 (1.9%) $242,486 (1.0%) 0.00 522
    2020-03-01 $197,400 (1.7%) $248,632 (1.3%) 0.00 508
    2020-04-01 $207,450 (3.8%) $255,249 (2.3%) 0.00 466
    2020-05-01 $199,900 (-2.1%) $263,753 (1.5%) 0.00 432
    2020-06-01 $210,925 (2.9%) $268,669 (3.2%) 0.00 440
    2020-07-01 $214,150 (0.6%) $272,178 (3.8%) 0.00 413
    2020-08-01 $210,950 (1.0%) $272,278 (4.7%) 0.00 394
    2020-09-01 $219,925 (8.3%) $275,180 (6.8%) 0.00 378
    2020-10-01 $214,950 (6.3%) $273,438 (7.1%) 0.00 359
    2020-11-01 $199,900 (-3.1%) $267,421 (4.3%) 0.00 355
    2020-12-01 $201,050 (5.8%) $270,798 (9.5%) 0.00 322
    2021-01-01 $199,900 (7.2%) $278,828 (15.2%) 0.00 288
    2021-02-01 $212,450 (11.9%) $294,790 (21.6%) 0.00 242
    2021-03-01 $221,800 (12.4%) $305,741 (23.0%) 0.00 234
    2021-04-01 $208,150 (0.3%) $301,120 (18.0%) 0.00 216
    2021-05-01 $199,450 (-0.2%) $302,989 (14.9%) 0.00 205
    2021-06-01 $199,778 (-5.3%) $298,350 (11.1%) 0.00 235
    2021-07-01 $199,900 (-6.7%) $307,295 (12.9%) 0.00 258
    2021-08-01 $199,900 (-5.2%) $307,638 (13.0%) 0.00 272
    2021-09-01 $200,156 (-9.0%) $295,854 (7.5%) 0.00 295
    2021-10-01 $199,400 (-7.2%) $294,275 (7.6%) 0.00 287
    2021-11-01 $213,250 (6.7%) $300,303 (12.3%) 0.00 264
    2021-12-01 $225,475 (12.2%) $300,948 (11.1%) 0.00 253
    2022-01-01 $229,000 (14.6%) $292,723 (5.0%) 0.00 220
    2022-02-01 $203,900 (-4.0%) $266,227 (-9.7%) 0.00 196
    2022-03-01 $218,300 (-1.6%) $285,169 (-6.7%) 0.00 205
    2022-04-01 $219,900 (5.6%) $284,732 (-5.4%) 0.00 222
    2022-05-01 $220,400 (10.5%) $284,725 (-6.0%) 0.00 235
    2022-06-01 $224,400 (12.3%) $286,878 (-3.9%) 0.00 283
    2022-07-01 $224,950 (12.5%) $291,169 (-5.3%) 0.00 360
    2022-08-01 $219,900 (10.0%) $283,242 (-7.9%) 0.00 390
    2022-09-01 $222,668 (11.3%) $284,822 (-3.7%) 0.00 394
    2022-10-01 $224,900 (12.8%) $278,225 (-5.5%) 0.00 415
    2022-11-01 $219,900 (3.1%) $271,668 (-9.5%) 0.00 437
    2022-12-01 $225,000 (-0.2%) $277,746 (-7.7%) 0.00 419
    2023-01-01 $222,225 (-3.0%) $267,069 (-8.8%) 0.00 394
    2023-02-01 $227,450 (11.6%) $267,294 (0.4%) 0.00 370
    2023-03-01 $244,900 (12.2%) $278,501 (-2.3%) 0.00 359
    2023-04-01 $254,900 (15.9%) $298,395 (4.8%) 0.00 375
    2023-05-01 $259,800 (17.9%) $300,746 (5.6%) 0.00 372
    2023-06-01 $257,700 (14.8%) $299,411 (4.4%) 0.00 363
    2023-07-01 $264,900 (17.8%) $303,915 (4.4%) 0.00 390
    2023-08-01 $268,475 (22.1%) $303,436 (7.1%) 0.00 447
    2023-09-01 $247,400 (11.1%) $289,457 (1.6%) 0.00 511
    2023-10-01 $238,400 (6.0%) $287,191 (3.2%) 0.00 555
    2023-11-01 $235,000 (6.9%) $296,577 (9.2%) 0.00 560
    2023-12-01 $238,950 (6.2%) $293,064 (5.5%) 0.00 562
    2024-01-01 $229,900 (3.5%) $288,919 (8.2%) 0.00 512
    2024-02-01 $232,812 (2.4%) $298,745 (11.8%) 0.00 457
    2024-03-01 $242,400 (-1.0%) $310,301 (11.4%) 0.00 470
    2024-04-01 $234,975 (-7.8%) $311,547 (4.4%) 0.00 488
    2024-05-01 $239,450 (-7.8%) $310,914 (3.4%) 0.00 492
    2024-06-01 $241,900 (-6.1%) $303,790 (1.5%) 0.00 509
    2024-07-01 $239,900 (-9.4%) $302,261 (-0.5%) 0.00 541
    2024-08-01 $239,500 (-10.8%) $302,817 (-0.2%) 0.00 594
    2024-09-01 $244,675 (-1.1%) $309,418 (6.9%) 0.00 596
    2024-10-01 $249,900 (4.8%) $313,187 (9.1%) 0.00 590
    Jonesboro's median listing price for 2024-10-01 was $249,900, a difference of $11,500 (4.8%) versus the prior year and $5,225 versus the prior month.

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

    Jonesboro's average listing price for 2024-10-01 was $313,187, a difference of $25,996 (9.1%) versus the prior year and $3,769 versus the prior month.

    For the 2024-10-01 period, Jonesboro had 590 MLS listings, a difference of -6 listings (-1%) versus the prior month and 35 listings (6%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Jonesboro (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,913 sqft
    2018-02-01 0 days 1,945 sqft
    2018-03-01 0 days 1,945 sqft
    2018-04-01 0 days 1,923 sqft
    2018-05-01 0 days 1,940 sqft
    2018-06-01 0 days 1,940 sqft
    2018-07-01 0 days 1,969 sqft
    2018-08-01 0 days 1,953 sqft
    2018-09-01 0 days 1,940 sqft
    2018-10-01 0 days 1,954 sqft
    2018-11-01 0 days 1,934 sqft
    2018-12-01 0 days 1,950 sqft
    2019-01-01 0 days 1,943 sqft
    2019-02-01 0 days 1,957 sqft
    2019-03-01 0 days 2,021 sqft
    2019-04-01 0 days 2,078 sqft
    2019-05-01 0 days 2,112 sqft
    2019-06-01 0 days 2,105 sqft
    2019-07-01 0 days 2,126 sqft
    2019-08-01 0 days 2,097 sqft
    2019-09-01 0 days 2,064 sqft
    2019-10-01 0 days 2,042 sqft
    2019-11-01 0 days 2,048 sqft
    2019-12-01 0 days 1,950 sqft
    2020-01-01 0 days 1,910 sqft
    2020-02-01 0 days 1,916 sqft
    2020-03-01 0 days 1,921 sqft
    2020-04-01 0 days 1,974 sqft
    2020-05-01 0 days 1,937 sqft
    2020-06-01 0 days 2,041 sqft
    2020-07-01 0 days 2,075 sqft
    2020-08-01 0 days 2,098 sqft
    2020-09-01 0 days 2,086 sqft
    2020-10-01 0 days 2,044 sqft
    2020-11-01 0 days 1,987 sqft
    2020-12-01 0 days 2,000 sqft
    2021-01-01 0 days 1,980 sqft
    2021-02-01 0 days 2,132 sqft
    2021-03-01 0 days 2,163 sqft
    2021-04-01 0 days 2,030 sqft
    2021-05-01 0 days 1,813 sqft
    2021-06-01 0 days 1,777 sqft
    2021-07-01 0 days 1,810 sqft
    2021-08-01 0 days 1,839 sqft
    2021-09-01 0 days 1,873 sqft
    2021-10-01 0 days 1,926 sqft
    2021-11-01 0 days 1,939 sqft
    2021-12-01 0 days 1,956 sqft
    2022-01-01 0 days 1,921 sqft
    2022-02-01 0 days 1,920 sqft
    2022-03-01 0 days 1,843 sqft
    2022-04-01 0 days 1,791 sqft
    2022-05-01 0 days 1,882 sqft
    2022-06-01 0 days 1,849 sqft
    2022-07-01 0 days 1,852 sqft
    2022-08-01 0 days 1,755 sqft
    2022-09-01 0 days 1,779 sqft
    2022-10-01 0 days 1,792 sqft
    2022-11-01 0 days 1,775 sqft
    2022-12-01 0 days 1,802 sqft
    2023-01-01 0 days 1,783 sqft
    2023-02-01 0 days 1,778 sqft
    2023-03-01 0 days 1,821 sqft
    2023-04-01 0 days 1,843 sqft
    2023-05-01 0 days 1,872 sqft
    2023-06-01 0 days 1,886 sqft
    2023-07-01 0 days 1,920 sqft
    2023-08-01 0 days 1,971 sqft
    2023-09-01 0 days 1,866 sqft
    2023-10-01 0 days 1,847 sqft
    2023-11-01 0 days 1,806 sqft
    2023-12-01 0 days 1,800 sqft
    2024-01-01 0 days 1,769 sqft
    2024-02-01 0 days 1,777 sqft
    2024-03-01 0 days 1,750 sqft
    2024-04-01 0 days 1,697 sqft
    2024-05-01 0 days 1,751 sqft
    2024-06-01 0 days 1,737 sqft
    2024-07-01 0 days 1,719 sqft
    2024-08-01 0 days 1,729 sqft
    2024-09-01 0 days 1,748 sqft
    2024-10-01 0 days 1,750 sqft
    Jonesboro's median listing age (time on market) for 2024-10-01 was 0 days.

    Jonesboro's median square footage for active listings during the 2024-10-01 period was 1,750 sqft. One year prior, the average listing was 1,847 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).