Jonesboro FHA Loans

JONESBORO, 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.

Jonesboro's 58 lenders originated 896 FHA loans during 2021. The total origination value was $152,940,000, with an average FHA loan value of $170,692.

Jonesboro FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Jonesboro averaged 5.25% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.18% and one month ago for the week of 2022-04-08, the average rate was 5.05%.

The average rate one year ago was 2.86%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.88%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Jonesboro level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
DAS Acquisition Company, LLC 171 3.28% $6,727
QUICKEN LOANS, LLC 87 2.73% $5,173
First Financial Bank 58 2.77% $6,294
Arvest Bank 54 2.88% $6,013
Eagle Bank and Trust Company 42 2.86% $5,896
First Community Bank 38 2.62% $7,691
PENNYMAC LOAN SERVICES, LLC 31 3.04% $4,090
Centennial Bank 29 2.72% $5,227
FREEDOM MORTGAGE CORPORATION 28 2.96% $4,051
CALIBER HOME LOANS, INC. 27 2.79% $6,501
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 18 3.08% $7,253
VILLAGE CAPITAL & INVESTMENT LLC 17 2.95% $2,141
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 16 3.24% $6,528
EVERETT FINANCIAL, INC. 14 3.72% $4,873
UNITED WHOLESALE MORTGAGE, LLC 11 2.86% $6,925
AMERICAN FINANCIAL NETWORK, INC. 11 3.26% $9,747
LAKEVIEW LOAN SERVICING, LLC 11 3.12% $3,806
Sierra Pacific Mortgage Company, Inc. 10 2.96% $5,517
ENCORE BANK 9 2.46% $5,386
Simmons Bank 9 2.89% $6,026
BROKER SOLUTIONS, INC. 8 3.58% $6,053
WILLOW BEND MORTGAGE COMPANY, LLC 8 2.86% $6,826
Evolve Bank & Trust 7 3.05% $5,890
Mr. Cooper ( Nationstar Mortgage ) 7 3.23% $4,684
AMERISAVE MORTGAGE CORPORATION 5 3.15% $8,631
BancorpSouth Bank 5 2.95% $6,608
CMG MORTGAGE, INC. 5 2.85% $6,032
FirstTrust Home Loans, Inc. 5 3.15% $6,252
Citizens Bank 4 2.56% $7,740
Bank of England 4 3.16% $7,290
Carrington Mortgage Services, LLC 4 3.06% $7,554
First Security Bank 4 2.78% $4,634
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.81% $4,361
PRIMARY RESIDENTIAL MORTGAGE, INC. 4 3.06% $6,306
LOANDEPOT.COM, LLC 3 3.45% $6,166
First Guaranty Mortgage Corporation 3 3.17% $4,575
CROSSCOUNTRY MORTGAGE, LLC 2 3.19% $6,564
ACADEMY MORTGAGE CORPORATION 2 3.88% $6,662
TOP FLITE FINANCIAL, INC. 2 3.75% $8,507
JPMorgan Chase Bank 2 2.75% $5,735
First Horizon Bank 2 2.88% $5,281
Regions Bank 2 2.63% $5,603
OCEANSIDE MORTGAGE COMPANY 1 2.99% $1,792
Plains Commerce Bank 1 3.00% $12,757
PLANET HOME LENDING, LLC 1 2.75% $3,336
AMERICAN FINANCING CORPORATION 1 2.50% $6,318
FBC MORTGAGE, LLC 1 3.63% $7,414
Barrington Bank & Trust Company, N.A. 1 3.13% $6,875
GUILD MORTGAGE COMPANY 1 2.63% $5,373
GUARANTEED RATE AFFINITY, LLC 1 2.25% $9,177
Hamilton Mortgage Corporation 1 3.25% $3,994
Bank of America 1 2.50% $1,328
FLAT BRANCH MORTGAGE, INC. 1 2.75% $9,120
MORTGAGE FINANCIAL SERVICES, LLC 1 3.00% $5,582
MORTGAGE INVESTORS GROUP, INC. 1 2.88% $7,547
Mortgage Research Center, LLC 1 2.38% $1,334
Nations Lending Corporation 1 3.25% $7,395
NEWREZ LLC 1 2.99% $2,591

The top Jonesboro FHA lender as defined by loan originations is DAS Acquisition Company, LLC, with 171 FHA loans originated. Their average total fees are $6,727, which is $1,554 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Jonesboro FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,141), LAKEVIEW LOAN SERVICING, LLC ($3,806), FREEDOM MORTGAGE CORPORATION ($4,051), PENNYMAC LOAN SERVICES, LLC ($4,090) and EVERETT FINANCIAL, INC. ($4,873).

The lowest rate Jonesboro FHA lenders (with over 10 loans originated) are First Community Bank (2.62%), Centennial Bank (2.72%), QUICKEN LOANS, LLC (2.73%), First Financial Bank (2.77%) and CALIBER HOME LOANS, INC. (2.79%).

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

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 $174,450 (10.5%) $229,258 (5.9%) 0.00 803
2018-02-01 $182,950 (8.3%) $234,767 (4.9%) 0.00 785
2018-03-01 $189,000 (7.4%) $239,379 (5.5%) 0.00 750
2018-04-01 $182,450 (-0.8%) $239,706 (3.8%) 0.00 734
2018-05-01 $181,574 (-1.8%) $241,358 (2.9%) 0.00 724
2018-06-01 $183,248 (2.7%) $242,862 (2.8%) 0.00 765
2018-07-01 $184,400 (8.5%) $242,041 (4.6%) 0.00 778
2018-08-01 $182,850 (11.4%) $243,544 (6.7%) 0.00 795
2018-09-01 $181,500 (10.0%) $243,842 (5.4%) 0.00 824
2018-10-01 $181,450 (4.9%) $243,626 (7.1%) 0.00 850
2018-11-01 $174,900 (2.3%) $238,120 (5.8%) 0.00 900
2018-12-01 $184,500 (8.6%) $238,394 (4.6%) 0.00 876
2019-01-01 $184,900 (6.0%) $231,454 (1.0%) 0.00 870
2019-02-01 $189,925 (3.8%) $240,681 (2.5%) 0.00 857
2019-03-01 $200,114 (5.9%) $247,003 (3.2%) 0.00 836
2019-04-01 $201,600 (10.5%) $247,592 (3.3%) 0.00 793
2019-05-01 $203,700 (12.2%) $258,575 (7.1%) 0.00 793
2019-06-01 $208,800 (13.9%) $262,879 (8.2%) 0.00 808
2019-07-01 $218,650 (18.6%) $264,287 (9.2%) 0.00 787
2019-08-01 $209,229 (14.4%) $260,623 (7.0%) 0.00 690
2019-09-01 $194,950 (7.4%) $254,542 (4.4%) 0.00 613
2019-10-01 $192,450 (6.1%) $249,096 (2.3%) 0.00 596
2019-11-01 $197,000 (12.6%) $251,726 (5.7%) 0.00 553
2019-12-01 $189,450 (2.7%) $245,807 (3.1%) 0.00 560
2020-01-01 $180,728 (-2.3%) $238,575 (3.1%) 0.00 536
2020-02-01 $188,500 (-0.8%) $239,087 (-0.7%) 0.00 584
2020-03-01 $192,400 (-3.9%) $241,870 (-2.1%) 0.00 586
2020-04-01 $205,200 (1.8%) $249,251 (0.7%) 0.00 553
2020-05-01 $199,900 (-1.9%) $255,673 (-1.1%) 0.00 508
2020-06-01 $209,900 (0.5%) $258,743 (-1.6%) 0.00 511
2020-07-01 $204,900 (-6.3%) $262,170 (-0.8%) 0.00 485
2020-08-01 $199,900 (-4.5%) $260,711 (0.0%) 0.00 461
2020-09-01 $210,900 (8.2%) $266,640 (4.8%) 0.00 436
2020-10-01 $199,900 (3.9%) $264,077 (6.0%) 0.00 415
2020-11-01 $187,400 (-4.9%) $261,238 (3.8%) 0.00 391
2020-12-01 $195,000 (2.9%) $265,187 (7.9%) 0.00 357
2021-01-01 $199,900 (10.6%) $274,963 (15.3%) 0.00 330
2021-02-01 $209,950 (11.4%) $291,667 (22.0%) 0.00 300
2021-03-01 $217,450 (13.0%) $293,560 (21.4%) 0.00 286
2021-04-01 $197,400 (-3.8%) $285,876 (14.7%) 0.00 250
2021-05-01 $188,500 (-5.7%) $286,725 (12.2%) 0.00 245
2021-06-01 $192,400 (-8.3%) $276,850 (7.0%) 0.00 280
2021-07-01 $191,400 (-6.6%) $276,450 (5.5%) 0.00 320
2021-08-01 $188,400 (-5.8%) $272,506 (4.5%) 0.00 323
2021-09-01 $194,950 (-7.6%) $272,165 (2.1%) 0.00 329
2021-10-01 $189,900 (-5.0%) $267,262 (1.2%) 0.00 306
2021-11-01 $194,450 (3.8%) $263,675 (0.9%) 0.00 281
2021-12-01 $198,333 (1.7%) $266,983 (0.7%) 0.00 281
2022-01-01 $197,365 (-1.3%) $257,398 (-6.4%) 0.00 250
2022-02-01 $199,100 (-5.2%) $257,526 (-11.7%) 0.00 227
2022-03-01 $200,390 (-7.9%) $274,366 (-6.5%) 0.00 234
2022-04-01 $207,000 (4.9%) $271,007 (-5.2%) 0.00 261
Jonesboro's median listing price for 2022-04-01 was $207,000, a difference of $9,600 (4.9%) versus the prior year and $6,610 versus the prior month.

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

Jonesboro's average listing price for 2022-04-01 was $271,007, a difference of $-14,869 (-5.2%) versus the prior year and $-3,359 versus the prior month.

For the 2022-04-01 period, Jonesboro had 261 MLS listings, a difference of 27 listings (12%) versus the prior month and 11 listings (4%) 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 1,940 sqft
2018-02-01 0 days 1,963 sqft
2018-03-01 0 days 1,969 sqft
2018-04-01 0 days 1,950 sqft
2018-05-01 0 days 1,960 sqft
2018-06-01 0 days 1,970 sqft
2018-07-01 0 days 1,988 sqft
2018-08-01 0 days 1,976 sqft
2018-09-01 0 days 1,970 sqft
2018-10-01 0 days 1,985 sqft
2018-11-01 0 days 1,966 sqft
2018-12-01 0 days 1,960 sqft
2019-01-01 0 days 1,962 sqft
2019-02-01 0 days 1,979 sqft
2019-03-01 0 days 2,036 sqft
2019-04-01 0 days 2,070 sqft
2019-05-01 0 days 2,104 sqft
2019-06-01 0 days 2,100 sqft
2019-07-01 0 days 2,126 sqft
2019-08-01 0 days 2,097 sqft
2019-09-01 0 days 2,051 sqft
2019-10-01 0 days 2,021 sqft
2019-11-01 0 days 2,062 sqft
2019-12-01 0 days 1,951 sqft
2020-01-01 0 days 1,920 sqft
2020-02-01 0 days 1,937 sqft
2020-03-01 0 days 1,946 sqft
2020-04-01 0 days 2,046 sqft
2020-05-01 0 days 2,041 sqft
2020-06-01 0 days 2,076 sqft
2020-07-01 0 days 2,043 sqft
2020-08-01 0 days 2,040 sqft
2020-09-01 0 days 2,038 sqft
2020-10-01 0 days 2,036 sqft
2020-11-01 0 days 1,978 sqft
2020-12-01 0 days 1,980 sqft
2021-01-01 0 days 1,978 sqft
2021-02-01 0 days 2,167 sqft
2021-03-01 0 days 2,179 sqft
2021-04-01 0 days 1,989 sqft
2021-05-01 0 days 1,724 sqft
2021-06-01 0 days 1,722 sqft
2021-07-01 0 days 1,729 sqft
2021-08-01 0 days 1,785 sqft
2021-09-01 0 days 1,829 sqft
2021-10-01 0 days 1,848 sqft
2021-11-01 0 days 1,854 sqft
2021-12-01 0 days 1,873 sqft
2022-01-01 0 days 1,823 sqft
2022-02-01 0 days 1,873 sqft
2022-03-01 0 days 1,789 sqft
2022-04-01 0 days 1,742 sqft
Jonesboro's median listing age (time on market) for 2022-04-01 was 0 days.

Jonesboro's median square footage for active listings during the 2022-04-01 period was 1,742 sqft. One year prior, the average listing was 1,989 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).