Little Rock FHA Loan Rates, Closing Costs & Stats

LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, 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.

    Little Rock's 135 lenders originated 2,274 FHA loans during 2023. The total origination value was $473,330,000, with an average FHA loan value of $208,149.

    Little Rock FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Little Rock averaged 6.39% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Little Rock's average FHA mortgage closing costs are $6,481.

    The average rate for the prior week (2024-07-12) was 6.44% and one month ago for the week of 2024-06-14, the average rate was 6.8%.

    The average rate one year ago was 6.89%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.63%.

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

    Little Rock 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 Little Rock level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 208 6.37% $8,956
    FirstTrust Home Loans, Inc. 170 6.75% $9,296
    Arvest Bank 101 6.50% $7,376
    FLAT BRANCH MORTGAGE, INC. 91 6.82% $8,778
    Eagle Bank and Trust Company 87 6.59% $7,992
    Bank of England 74 6.62% $8,189
    PILGRIM MORTGAGE LLC 73 6.79% $9,676
    Centennial Bank 72 6.52% $8,746
    Simmons Bank 69 6.53% $7,425
    BANK OF LITTLE ROCK MORTGAGE CORPORATION 66 6.44% $7,947
    EUSTIS AND AMERICAN MORTGAGE COMPANY 46 6.99% $8,924
    SENTE MORTGAGE, INC. 45 6.95% $8,701
    CORNERSTONE HOME LENDING, INC. 44 6.65% $11,438
    BROKER SOLUTIONS, INC. 44 6.92% $9,418
    First Community Bank 42 6.49% $9,923
    UNITED WHOLESALE MORTGAGE, LLC 41 6.38% $10,296
    MORTGAGE FINANCIAL SERVICES, LLC 40 6.58% $8,369
    CROSSCOUNTRY MORTGAGE, LLC 40 6.68% $10,348
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 37 6.65% $9,551
    EVERETT FINANCIAL, INC. 36 6.75% $9,705
    Regions Bank 34 6.15% $9,484
    First Horizon Bank 33 6.69% $6,820
    COMMUNITY MORTGAGE CORPORATION 33 6.59% $8,213
    NFM, INC. 30 6.70% $9,976
    Mr. Cooper ( Nationstar Mortgage ) 25 6.17% $12,808
    PENNYMAC LOAN SERVICES, LLC 24 6.31% $9,500
    FREEDOM MORTGAGE CORPORATION 23 6.95% $11,607
    First Security Bank 21 6.17% $6,687
    GUARANTEED RATE, INC. 19 7.09% $10,668
    LOANDEPOT.COM, LLC 19 6.27% $9,992
    PRIMARY RESIDENTIAL MORTGAGE, INC. 17 6.83% $8,505
    Sierra Pacific Mortgage Company, Inc. 16 6.76% $9,578
    ENDEAVOR CAPITAL, LLC. 16 6.70% $9,224
    NEWREZ LLC 15 6.20% $7,951
    AMERISAVE MORTGAGE CORPORATION 15 6.04% $11,439
    Carrington Mortgage Services, LLC 13 6.47% $9,170
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 12 6.79% $12,180
    Citizens Bank 12 6.48% $7,275
    LOANPAL, LLC 11 6.00% $9,482
    ACADEMY MORTGAGE CORPORATION 11 7.20% $7,583
    DAS Acquisition Company, LLC 11 6.85% $9,009
    MORTGAGE INVESTORS GROUP, INC. 11 6.84% $6,999
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.58% $9,673
    GERSHMAN INVESTMENT CORP. 10 6.19% $7,477
    MID AMERICA MORTGAGE, INC. 10 6.70% $4,475
    ENCORE BANK 10 6.32% $7,908
    Chambers Bank 9 6.11% $8,768
    Mortgage Research Center, LLC 9 7.33% $4,695
    BancorpSouth 9 6.56% $7,137
    Gateway First Bank 9 6.75% $7,240
    SWBC MORTGAGE CORPORATION 8 6.91% $8,085
    MOVEMENT MORTGAGE, LLC 8 7.13% $8,557
    RELIANCE FIRST CAPITAL, LLC 8 7.02% $7,510
    The First National Bank of Fort Smith 8 6.72% $7,373
    MORTGAGE SOLUTIONS OF COLORADO, LLC 8 7.25% $7,788
    MUTUAL OF OMAHA MORTGAGE, INC. 7 6.43% $11,362
    Bank of America 7 5.77% $5,926
    AMCAP MORTGAGE, LTD. 7 6.61% $11,613
    GUILD MORTGAGE COMPANY 7 6.77% $8,268
    PLANET HOME LENDING, LLC 6 5.98% $8,202
    U.S. Bank 6 6.69% $5,317
    LAKEVIEW LOAN SERVICING, LLC 5 6.33% $11,495
    Flagstar Bank, FSB 5 6.87% $6,843
    GMFS LLC 5 6.42% $6,544
    SECURITYNATIONAL MORTGAGE COMPANY 5 6.10% $14,019
    TOP FLITE FINANCIAL, INC. 4 6.75% $11,389
    POLARIS HOME FUNDING CORP. 4 6.38% $10,725
    First Financial Bank 4 6.53% $8,630
    United Fidelity Funding Corp. 4 6.81% $9,199
    CARDINAL FINANCIAL 4 6.40% $10,958
    AMERICAN FINANCIAL NETWORK, INC. 4 7.31% $8,214
    Paramount Residential Mortgage Group, Inc. 4 6.69% $7,993
    RUOFF MORTGAGE COMPANY, INC. 3 6.50% $6,940
    ZILLOW HOME LOANS, LLC 3 6.04% $8,687
    Servion, Inc. 3 7.04% $4,091
    First Option Mortgage, LLC 3 6.21% $6,506
    SUN WEST MORTGAGE COMPANY, INC. 3 7.04% $6,948
    TELCOE FEDERAL CREDIT UNION 3 7.25% $6,873
    The Federal Savings Bank 3 6.21% $16,233
    Plains Commerce Bank 3 6.21% $9,009
    FIRST COMMUNITY MORTGAGE, INC. 3 7.41% $12,453
    BARTLETT MORTGAGE, INC. 3 6.46% $8,711
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.42% $8,825
    GENEVA FINANCIAL, LLC 3 7.04% $9,870
    Magnolia Bank 3 6.38% $7,754
    STOCKTON MORTGAGE CORPORATION 2 7.13% $8,366
    EMM LOANS LLC 2 5.56% $11,607
    M&T Bank 2 6.50% $9,113
    Equity Prime Mortgage LLC 2 6.75% $12,000
    PHH Mortgage Corporation 2 6.81% $10,842
    Ameris Bank 2 7.13% $6,264
    AMERICAN FINANCING CORPORATION 2 6.81% $18,333
    NATIONS RELIABLE LENDING, LLC 2 7.38% $11,018
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.75% $9,606
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.50% $10,893
    HOMESIDE FINANCIAL, LLC 2 7.00% $4,744
    Wells Fargo Bank 2 6.13% $5,442
    Alcova Mortgage LLC 1 7.25% $11,683
    VERITAS FUNDING, LLC 1 6.99% $22,065
    VILLAGE CAPITAL MORTGAGE 1 6.63% $15,760
    V.I.P. MORTGAGE, INC. 1 6.99% $8,278
    Waterstone Mortgage Corporation 1 6.50% $9,291
    Hometown Equity Mortgage, LLC 1 7.63% $8,767
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $5,583
    Lakeview Community Capital, LLC 1 7.25% $6,968
    HOMESTAR FINANCIAL CORPORATION 1 6.63% $16,647
    LIBERTY HOME MORTGAGE CORPORATION 1 6.75% $3,731
    MEMBER FIRST MORTGAGE, LLC 1 6.25% $5,757
    GSF Mortgage Corporation 1 7.00% $4,571
    First Savings Bank 1 6.13% $19,901
    First Federal Bank 1 5.63% $11,108
    FirstBank 1 6.13% $8,206
    NBKC BANK 1 6.63% $6,727
    Farmers Bank & Trust Company 1 6.00% $5,710
    OCEANSIDE MORTGAGE COMPANY 1 6.13% $9,767
    PENTAGON FEDERAL CREDIT UNION 1 4.63% $9,973
    CALIBER HOME LOANS, INC. 1 6.25% $11,327
    PLAZA HOME MORTGAGE, INC. 1 6.75% $9,247
    PREMIA MORTGAGE, LLC 1 6.13% $7,357
    Barrington Bank & Trust Company, N.A. 1 7.25% $7,677
    AXIA FINANCIAL, LLC 1 6.75% $10,120
    Assurance Financial Group, L.L.C. 1 7.00% $15,030
    ROYAL UNITED MORTGAGE LLC 1 7.25% $8,723
    AmeriHome Mortgage Company, LLC 1 7.13% $10,338
    HOMEXPRESS MORTGAGE CORP. 1 6.50% $11,734
    SIRVA MORTGAGE, INC. 1 6.63% $7,374
    SOUTHWEST STAGE FUNDING, LLC 1 7.75% $11,480
    Stride Bank 1 6.13% $18,884
    T2 FINANCIAL LLC 1 6.50% $14,873
    The Central Trust Bank 1 5.75% $15,627
    THE MORTGAGE FIRM, INC. 1 7.50% $6,935
    The Union Bank Company 1 5.75% $13,191
    THRIVE MORTGAGE, LLC 1 5.75% $13,382
    TIB The Independent Bankersbank 1 7.00% $9,445
    UNION HOME MORTGAGE CORP. 1 6.63% $7,415

    The top Little Rock FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 208 FHA loans originated. Their average total fees are $8,956, which is $341 lower than the next largest lender, FirstTrust Home Loans, Inc..

    The lowest fee Little Rock FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,475), First Security Bank ($6,687), First Horizon Bank ($6,820), MORTGAGE INVESTORS GROUP, INC. ($6,999) and Citizens Bank ($7,275).

    The lowest rate Little Rock FHA lenders (with over 10 loans originated) are LOANPAL, LLC (6.00%), AMERISAVE MORTGAGE CORPORATION (6.04%), Regions Bank (6.15%), Mr. Cooper ( Nationstar Mortgage ) (6.17%) and First Security Bank (6.17%).

    Little Rock FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR FAULKNER 2022 $420,680 $538,650 $651,050 $809,150
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR GRANT 2022 $420,680 $538,650 $651,050 $809,150
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR LONOKE 2022 $420,680 $538,650 $651,050 $809,150
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR PERRY 2022 $420,680 $538,650 $651,050 $809,150
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR PULASKI 2022 $420,680 $538,650 $651,050 $809,150
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR SALINE 2022 $420,680 $538,650 $651,050 $809,150
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR FAULKNER 2023 $472,030 $604,400 $730,525 $907,900
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR GRANT 2023 $472,030 $604,400 $730,525 $907,900
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR LONOKE 2023 $472,030 $604,400 $730,525 $907,900
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR PERRY 2023 $472,030 $604,400 $730,525 $907,900
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR PULASKI 2023 $472,030 $604,400 $730,525 $907,900
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR SALINE 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).