Little Rock FHA Loan Rates, Closing Costs & Stats

LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, 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.

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 6.74% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.56% and one month ago for the week of 2024-03-08, the average rate was 6.7%.

The average rate one year ago was 6.24%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.47%.

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Little Rock (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 $175,450 (9.7%) $244,331 (12.8%) 0.65 3,008
2018-02-01 $179,900 (11.5%) $245,904 (12.3%) 0.65 2,995
2018-03-01 $181,700 (7.7%) $244,910 (9.0%) 0.64 3,030
2018-04-01 $186,000 (10.1%) $250,433 (10.7%) 0.63 3,070
2018-05-01 $189,500 (11.5%) $257,179 (11.5%) 0.63 3,230
2018-06-01 $189,900 (10.1%) $258,144 (9.6%) 0.63 3,318
2018-07-01 $189,700 (8.5%) $254,737 (7.6%) 0.63 3,422
2018-08-01 $189,900 (9.0%) $251,646 (6.7%) 0.64 3,469
2018-09-01 $189,000 (8.1%) $251,925 (6.9%) 0.64 3,530
2018-10-01 $189,900 (9.1%) $251,662 (7.2%) 0.64 3,641
2018-11-01 $189,575 (8.6%) $251,143 (6.4%) 0.64 3,466
2018-12-01 $188,650 (7.9%) $250,221 (4.1%) 0.65 3,351
2019-01-01 $185,000 (5.4%) $248,271 (1.6%) 0.64 3,212
2019-02-01 $187,875 (4.4%) $251,484 (2.3%) 0.63 3,133
2019-03-01 $194,177 (6.9%) $258,861 (5.7%) 0.64 3,088
2019-04-01 $199,925 (7.5%) $267,156 (6.7%) 0.63 3,058
2019-05-01 $202,250 (6.7%) $272,654 (6.0%) 0.63 3,051
2019-06-01 $205,000 (8.0%) $275,687 (6.8%) 0.64 3,046
2019-07-01 $206,200 (8.7%) $276,181 (8.4%) 0.65 2,991
2019-08-01 $207,882 (9.5%) $278,146 (10.5%) 0.66 2,949
2019-09-01 $208,455 (10.3%) $277,680 (10.2%) 0.67 2,889
2019-10-01 $209,400 (10.3%) $277,511 (10.3%) 0.68 2,838
2019-11-01 $205,000 (8.1%) $274,075 (9.1%) 0.67 2,761
2019-12-01 $203,900 (8.1%) $276,556 (10.5%) 0.68 2,603
2020-01-01 $200,625 (8.5%) $276,571 (11.4%) 0.67 2,409
2020-02-01 $210,000 (11.8%) $281,206 (11.8%) 0.69 2,316
2020-03-01 $219,500 (13.0%) $285,048 (10.1%) 0.69 2,310
2020-04-01 $219,250 (9.7%) $283,617 (6.2%) 0.69 2,278
2020-05-01 $232,950 (15.2%) $295,020 (8.2%) 0.71 2,019
2020-06-01 $239,450 (16.8%) $304,708 (10.5%) 0.71 1,856
2020-07-01 $244,000 (18.3%) $311,645 (12.8%) 0.71 1,757
2020-08-01 $245,000 (17.9%) $319,699 (14.9%) 0.70 1,614
2020-09-01 $240,575 (15.4%) $320,572 (15.5%) 0.69 1,483
2020-10-01 $244,500 (16.8%) $329,144 (18.6%) 0.70 1,425
2020-11-01 $240,825 (17.5%) $329,422 (20.2%) 0.70 1,338
2020-12-01 $239,450 (17.4%) $330,942 (19.7%) 0.71 1,209
2021-01-01 $230,000 (14.6%) $331,887 (20.0%) 0.69 993
2021-02-01 $244,950 (16.6%) $335,296 (19.2%) 0.71 848
2021-03-01 $250,000 (13.9%) $341,334 (19.8%) 0.71 793
2021-04-01 $248,950 (13.6%) $342,671 (20.8%) 0.67 763
2021-05-01 $239,000 (2.6%) $334,528 (13.4%) 0.63 745
2021-06-01 $235,000 (-1.9%) $330,199 (8.4%) 0.62 819
2021-07-01 $245,000 (0.4%) $332,199 (6.6%) 0.65 989
2021-08-01 $249,450 (1.8%) $332,586 (4.0%) 0.67 1,081
2021-09-01 $249,450 (3.7%) $330,521 (3.1%) 0.67 1,089
2021-10-01 $249,000 (1.8%) $328,028 (-0.3%) 0.66 1,000
2021-11-01 $233,450 (-3.1%) $314,851 (-4.4%) 0.62 972
2021-12-01 $236,950 (-1.0%) $319,135 (-3.6%) 0.64 868
2022-01-01 $238,900 (3.9%) $317,773 (-4.3%) 0.65 772
2022-02-01 $242,425 (-1.0%) $334,573 (-0.2%) 0.63 667
2022-03-01 $251,950 (0.8%) $364,229 (6.7%) 0.63 691
2022-04-01 $285,000 (14.5%) $371,468 (8.4%) 0.68 712
2022-05-01 $289,900 (21.3%) $370,416 (10.7%) 0.66 833
2022-06-01 $289,799 (23.3%) $369,099 (11.8%) 0.65 940
2022-07-01 $280,000 (14.3%) $358,317 (7.9%) 0.63 1,154
2022-08-01 $279,000 (11.9%) $349,323 (5.0%) 0.65 1,262
2022-09-01 $284,900 (14.2%) $348,585 (5.5%) 0.67 1,250
2022-10-01 $296,750 (19.2%) $355,194 (8.3%) 0.70 1,309
2022-11-01 $289,950 (24.2%) $343,642 (9.1%) 0.70 1,453
2022-12-01 $299,900 (26.6%) $347,772 (9.0%) 0.74 1,344
2023-01-01 $300,000 (25.6%) $348,249 (9.6%) 0.74 1,230
2023-02-01 $303,745 (25.3%) $350,781 (4.8%) 0.73 1,134
2023-03-01 $303,500 (20.5%) $352,093 (-3.3%) 0.72 1,123
2023-04-01 $315,000 (10.5%) $358,708 (-3.4%) 0.73 1,119
2023-05-01 $313,450 (8.1%) $366,326 (-1.1%) 0.71 1,172
2023-06-01 $321,500 (10.9%) $377,181 (2.2%) 0.72 1,236
2023-07-01 $325,000 (16.1%) $386,719 (7.9%) 0.74 1,287
2023-08-01 $320,450 (14.9%) $381,768 (9.3%) 0.74 1,320
2023-09-01 $319,900 (12.3%) $367,463 (5.4%) 0.74 1,490
2023-10-01 $295,000 (-0.6%) $352,688 (-0.7%) 0.69 1,682
2023-11-01 $299,450 (3.3%) $360,011 (4.8%) 0.71 1,748
2023-12-01 $299,900 (0.0%) $356,070 (2.4%) 0.73 1,756
2024-01-01 $296,500 (-1.2%) $350,901 (0.8%) 0.72 1,669
2024-02-01 $299,450 (-1.4%) $353,066 (0.7%) 0.72 1,641
2024-03-01 $309,900 (2.1%) $361,595 (2.7%) 0.73 1,633
Little Rock's median listing price for 2024-03-01 was $309,900, a difference of $6,400 (2.1%) versus the prior year and $10,450 versus the prior month.

Little Rock's median listing price comes in at 73% of the national average.

Little Rock's average listing price for 2024-03-01 was $361,595, a difference of $9,502 (2.7%) versus the prior year and $8,529 versus the prior month.

For the 2024-03-01 period, Little Rock had 1,633 MLS listings, a difference of -8 listings (0%) versus the prior month and 510 listings (45%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Little Rock (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 77 days 1,909 sqft
2018-02-01 66 days 1,910 sqft
2018-03-01 55 days 1,928 sqft
2018-04-01 55 days 1,940 sqft
2018-05-01 52 days 1,952 sqft
2018-06-01 53 days 1,962 sqft
2018-07-01 55 days 1,957 sqft
2018-08-01 57 days 1,955 sqft
2018-09-01 60 days 1,937 sqft
2018-10-01 64 days 1,942 sqft
2018-11-01 66 days 1,925 sqft
2018-12-01 74 days 1,902 sqft
2019-01-01 72 days 1,900 sqft
2019-02-01 63 days 1,901 sqft
2019-03-01 55 days 1,945 sqft
2019-04-01 55 days 1,998 sqft
2019-05-01 53 days 2,012 sqft
2019-06-01 58 days 2,022 sqft
2019-07-01 59 days 2,035 sqft
2019-08-01 60 days 2,047 sqft
2019-09-01 63 days 2,037 sqft
2019-10-01 63 days 2,035 sqft
2019-11-01 65 days 2,026 sqft
2019-12-01 71 days 2,025 sqft
2020-01-01 68 days 2,000 sqft
2020-02-01 55 days 2,050 sqft
2020-03-01 52 days 2,094 sqft
2020-04-01 56 days 2,074 sqft
2020-05-01 62 days 2,146 sqft
2020-06-01 52 days 2,149 sqft
2020-07-01 46 days 2,148 sqft
2020-08-01 43 days 2,150 sqft
2020-09-01 44 days 2,142 sqft
2020-10-01 44 days 2,129 sqft
2020-11-01 46 days 2,123 sqft
2020-12-01 52 days 2,081 sqft
2021-01-01 56 days 2,048 sqft
2021-02-01 45 days 2,063 sqft
2021-03-01 40 days 2,040 sqft
2021-04-01 31 days 1,979 sqft
2021-05-01 25 days 1,936 sqft
2021-06-01 24 days 1,899 sqft
2021-07-01 24 days 1,978 sqft
2021-08-01 32 days 1,976 sqft
2021-09-01 38 days 1,978 sqft
2021-10-01 40 days 1,949 sqft
2021-11-01 37 days 1,910 sqft
2021-12-01 45 days 1,939 sqft
2022-01-01 47 days 1,969 sqft
2022-02-01 36 days 1,928 sqft
2022-03-01 30 days 1,925 sqft
2022-04-01 25 days 2,027 sqft
2022-05-01 26 days 2,034 sqft
2022-06-01 29 days 2,065 sqft
2022-07-01 29 days 1,996 sqft
2022-08-01 34 days 2,020 sqft
2022-09-01 39 days 2,048 sqft
2022-10-01 38 days 2,084 sqft
2022-11-01 40 days 2,043 sqft
2022-12-01 51 days 2,058 sqft
2023-01-01 52 days 2,024 sqft
2023-02-01 48 days 2,009 sqft
2023-03-01 46 days 1,996 sqft
2023-04-01 40 days 2,025 sqft
2023-05-01 38 days 2,088 sqft
2023-06-01 39 days 2,117 sqft
2023-07-01 39 days 2,146 sqft
2023-08-01 40 days 2,121 sqft
2023-09-01 38 days 2,104 sqft
2023-10-01 43 days 1,976 sqft
2023-11-01 46 days 2,000 sqft
2023-12-01 56 days 1,991 sqft
2024-01-01 54 days 1,957 sqft
2024-02-01 52 days 1,952 sqft
2024-03-01 45 days 1,991 sqft
Little Rock's median listing age (time on market) for 2024-03-01 was 45 days. This is -1% shorter than the same period one year ago.

Little Rock's median square footage for active listings during the 2024-03-01 period was 1,991 sqft. One year prior, the average listing was 1,996 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).