Jonesboro FHA Loan Rates, Closing Costs & Stats

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 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 5.9% for the week of 2024-10-04, compared to the national average (all FHA variants) of 5.885% for the same period.

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

The average rate for the prior week (2024-09-27) was 5.79% and one month ago for the week of 2024-08-30, the average rate was 5.95%.

The average rate one year ago was 7.19%.

For refis of the same type during the week of 2024-10-04, the average rate was 5.55%.

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
Jonesboro's median listing price for 2024-09-01 was $244,675, a difference of $-2,725 (-1.1%) versus the prior year and $5,175 versus the prior month.

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

Jonesboro's average listing price for 2024-09-01 was $309,418, a difference of $19,961 (6.9%) versus the prior year and $6,601 versus the prior month.

For the 2024-09-01 period, Jonesboro had 596 MLS listings, a difference of 2 listings (0%) versus the prior month and 85 listings (17%) 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
Jonesboro's median listing age (time on market) for 2024-09-01 was 0 days.

Jonesboro's median square footage for active listings during the 2024-09-01 period was 1,748 sqft. One year prior, the average listing was 1,866 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).