Magnolia FHA Loan Rates, Closing Costs & Stats

Magnolia, 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.

    Magnolia's 16 lenders originated 30 FHA loans during 2023. The total origination value was $4,720,000, with an average FHA loan value of $157,333.

    Magnolia FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Magnolia averaged -0.05% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Magnolia's average FHA mortgage closing costs are $6,075.

    The average rate for the prior week (2024-11-08) was 6.36% and one month ago for the week of 2024-10-11, the average rate was 6.26%.

    The average rate one year ago was 7.4%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.2%.

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

    Magnolia 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 Magnolia level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 8 6.08% $8,101
    EVERETT FINANCIAL, INC. 3 6.88% $5,613
    UNITED WHOLESALE MORTGAGE, LLC 2 7.83% $7,812
    BROKER SOLUTIONS, INC. 1 6.25% $11,011
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $13,027
    Farmers Bank & Trust Company 1 6.63% $4,752
    First Financial Bank 1 6.88% $4,270
    FirstTrust Home Loans, Inc. 1 7.13% $10,901
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.63% $10,630
    HOMESTAR FINANCIAL CORPORATION 1 7.25% $3,218
    LIBERTY HOME MORTGAGE CORPORATION 1 7.00% $13,485
    NEWREZ LLC 1 5.75% $7,039
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 8.13% $6,552
    Wells Fargo Bank 1 6.00% $6,916
    BancorpSouth 1 5.75% $10,313
    Bank of England 1 6.75% $9,536

    The top Magnolia FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 8 FHA loans originated. Their average total fees are $8,101, which is $2,487 higher than the next largest lender, EVERETT FINANCIAL, INC..

    The lowest fee Magnolia FHA lenders (with over 10 loans originated) are .

    The lowest rate Magnolia FHA lenders (with over 10 loans originated) are .

    Magnolia FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Magnolia (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 $119,900 (1.4%) $141,325 (-11.6%) 0.00 139
    2018-02-01 $115,000 (-1.7%) $139,149 (-10.6%) 0.00 136
    2018-03-01 $120,000 (3.5%) $137,608 (-13.0%) 0.00 129
    2018-04-01 $143,450 (22.6%) $149,074 (-3.8%) 0.00 128
    2018-05-01 $149,450 (24.7%) $155,873 (0.2%) 0.00 126
    2018-06-01 $137,400 (6.8%) $148,124 (-2.9%) 0.00 127
    2018-07-01 $127,450 (-8.6%) $141,064 (-9.4%) 0.00 107
    2018-08-01 $132,425 (-3.5%) $145,605 (-4.9%) 0.00 107
    2018-09-01 $129,900 (-6.6%) $145,944 (-7.0%) 0.00 108
    2018-10-01 $135,000 (3.9%) $149,079 (-2.0%) 0.00 118
    2018-11-01 $141,225 (8.7%) $152,515 (0.3%) 0.00 114
    2018-12-01 $149,000 (16.9%) $155,058 (4.8%) 0.00 117
    2019-01-01 $149,675 (24.8%) $156,941 (11.1%) 0.00 112
    2019-02-01 $149,675 (30.2%) $153,520 (10.3%) 0.00 114
    2019-03-01 $147,607 (23.0%) $156,015 (13.4%) 0.00 109
    2019-04-01 $145,982 (1.8%) $161,120 (8.1%) 0.00 107
    2019-05-01 $149,450 (0.0%) $161,723 (3.8%) 0.00 112
    2019-06-01 $148,000 (7.7%) $162,372 (9.6%) 0.00 121
    2019-07-01 $139,700 (9.6%) $159,291 (12.9%) 0.00 132
    2019-08-01 $139,609 (5.4%) $161,786 (11.1%) 0.00 129
    2019-09-01 $139,773 (7.6%) $165,859 (13.7%) 0.00 126
    2019-10-01 $139,900 (3.6%) $169,401 (13.6%) 0.00 124
    2019-11-01 $144,900 (2.6%) $174,550 (14.5%) 0.00 112
    2019-12-01 $145,200 (-2.6%) $172,731 (11.4%) 0.00 112
    2020-01-01 $152,000 (1.6%) $179,419 (14.3%) 0.00 107
    2020-02-01 $149,000 (-0.5%) $178,006 (16.0%) 0.00 115
    2020-03-01 $146,375 (-0.8%) $179,780 (15.2%) 0.00 114
    2020-04-01 $152,400 (4.4%) $185,275 (15.0%) 0.00 111
    2020-05-01 $175,000 (17.1%) $192,501 (19.0%) 0.00 110
    2020-06-01 $167,850 (13.4%) $191,094 (17.7%) 0.00 103
    2020-07-01 $159,875 (14.4%) $186,519 (17.1%) 0.00 96
    2020-08-01 $169,900 (21.7%) $191,357 (18.3%) 0.00 86
    2020-09-01 $169,750 (21.5%) $191,854 (15.7%) 0.00 75
    2020-10-01 $169,000 (20.8%) $184,401 (8.9%) 0.00 79
    2020-11-01 $169,000 (16.6%) $183,389 (5.1%) 0.00 79
    2020-12-01 $159,750 (10.0%) $174,849 (1.2%) 0.00 78
    2021-01-01 $157,000 (3.3%) $167,751 (-6.5%) 0.00 71
    2021-02-01 $157,000 (5.4%) $171,157 (-3.9%) 0.00 66
    2021-03-01 $147,200 (0.6%) $166,123 (-7.6%) 0.00 54
    2021-04-01 $138,450 (-9.2%) $159,636 (-13.8%) 0.00 48
    2021-05-01 $138,700 (-20.7%) $156,617 (-18.6%) 0.00 40
    2021-06-01 $139,900 (-16.7%) $160,709 (-15.9%) 0.00 41
    2021-07-01 $132,500 (-17.1%) $164,740 (-11.7%) 0.00 42
    2021-08-01 $127,500 (-25.0%) $171,286 (-10.5%) 0.00 44
    2021-09-01 $141,225 (-16.8%) $191,939 (0.0%) 0.00 43
    2021-10-01 $150,000 (-11.2%) $196,182 (6.4%) 0.00 39
    2021-11-01 $163,500 (-3.3%) $210,218 (14.6%) 0.00 36
    2021-12-01 $203,750 (27.5%) $217,092 (24.2%) 0.00 38
    2022-01-01 $180,000 (14.7%) $208,824 (24.5%) 0.00 37
    2022-02-01 $175,000 (11.5%) $194,586 (13.7%) 0.00 33
    2022-03-01 $211,150 (43.4%) $210,752 (26.9%) 0.00 32
    2022-04-01 $177,500 (28.2%) $201,612 (26.3%) 0.00 35
    2022-05-01 $219,950 (58.6%) $214,991 (37.3%) 0.00 34
    2022-06-01 $177,450 (26.8%) $205,970 (28.2%) 0.00 43
    2022-07-01 $185,000 (39.6%) $214,593 (30.3%) 0.00 46
    2022-08-01 $171,250 (34.3%) $198,083 (15.6%) 0.00 44
    2022-09-01 $190,000 (34.5%) $223,027 (16.2%) 0.00 41
    2022-10-01 $195,000 (30.0%) $216,839 (10.5%) 0.00 49
    2022-11-01 $198,000 (21.1%) $225,364 (7.2%) 0.00 53
    2022-12-01 $199,000 (-2.3%) $219,783 (1.2%) 0.00 55
    2023-01-01 $185,000 (2.8%) $210,622 (0.9%) 0.00 53
    2023-02-01 $185,000 (5.7%) $223,008 (14.6%) 0.00 54
    2023-03-01 $164,950 (-21.9%) $208,119 (-1.3%) 0.00 54
    2023-04-01 $159,900 (-9.9%) $198,211 (-1.7%) 0.00 62
    2023-05-01 $187,450 (-14.8%) $229,596 (6.8%) 0.00 63
    2023-06-01 $205,725 (15.9%) $247,945 (20.4%) 0.00 58
    2023-07-01 $215,000 (16.2%) $250,896 (16.9%) 0.00 57
    2023-08-01 $220,750 (28.9%) $254,379 (28.4%) 0.00 61
    2023-09-01 $219,900 (15.7%) $263,358 (18.1%) 0.00 71
    2023-10-01 $219,975 (12.8%) $268,725 (23.9%) 0.00 87
    2023-11-01 $219,450 (10.8%) $261,728 (16.1%) 0.00 68
    2023-12-01 $210,000 (5.5%) $251,880 (14.6%) 0.00 62
    2024-01-01 $194,675 (5.2%) $244,984 (16.3%) 0.00 58
    2024-02-01 $202,200 (9.3%) $254,296 (14.0%) 0.00 56
    2024-03-01 $195,250 (18.4%) $220,373 (5.9%) 0.00 66
    2024-04-01 $197,675 (23.6%) $231,497 (16.8%) 0.00 66
    2024-05-01 $199,950 (6.7%) $275,182 (19.9%) 0.00 62
    2024-06-01 $209,500 (1.8%) $277,723 (12.0%) 0.00 58
    2024-07-01 $202,750 (-5.7%) $273,232 (8.9%) 0.00 61
    2024-08-01 $225,000 (1.9%) $297,358 (16.9%) 0.00 74
    2024-09-01 $233,900 (6.4%) $305,273 (15.9%) 0.00 70
    2024-10-01 $244,900 (11.3%) $304,790 (13.4%) 0.00 68
    Magnolia's median listing price for 2024-10-01 was $244,900, a difference of $24,925 (11.3%) versus the prior year and $11,000 versus the prior month.

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

    Magnolia's average listing price for 2024-10-01 was $304,790, a difference of $36,065 (13.4%) versus the prior year and $-483 versus the prior month.

    For the 2024-10-01 period, Magnolia had 68 MLS listings, a difference of -2 listings (-3%) versus the prior month and -19 listings (-22%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Magnolia (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,730 sqft
    2018-02-01 0 days 1,730 sqft
    2018-03-01 0 days 1,739 sqft
    2018-04-01 0 days 1,974 sqft
    2018-05-01 0 days 2,078 sqft
    2018-06-01 0 days 2,189 sqft
    2018-07-01 0 days 2,149 sqft
    2018-08-01 0 days 2,189 sqft
    2018-09-01 0 days 2,149 sqft
    2018-10-01 0 days 2,033 sqft
    2018-11-01 0 days 1,884 sqft
    2018-12-01 0 days 1,738 sqft
    2019-01-01 0 days 1,738 sqft
    2019-02-01 0 days 1,752 sqft
    2019-03-01 0 days 1,723 sqft
    2019-04-01 0 days 1,758 sqft
    2019-05-01 0 days 1,841 sqft
    2019-06-01 0 days 2,000 sqft
    2019-07-01 0 days 1,839 sqft
    2019-08-01 0 days 1,951 sqft
    2019-09-01 0 days 2,062 sqft
    2019-10-01 0 days 2,135 sqft
    2019-11-01 0 days 2,086 sqft
    2019-12-01 0 days 2,044 sqft
    2020-01-01 0 days 1,950 sqft
    2020-02-01 0 days 1,950 sqft
    2020-03-01 0 days 1,962 sqft
    2020-04-01 0 days 1,999 sqft
    2020-05-01 0 days 2,019 sqft
    2020-06-01 0 days 2,040 sqft
    2020-07-01 0 days 2,040 sqft
    2020-08-01 0 days 2,062 sqft
    2020-09-01 0 days 2,128 sqft
    2020-10-01 0 days 2,128 sqft
    2020-11-01 0 days 2,013 sqft
    2020-12-01 0 days 2,013 sqft
    2021-01-01 0 days 2,062 sqft
    2021-02-01 0 days 1,866 sqft
    2021-03-01 0 days 2,010 sqft
    2021-04-01 0 days 1,915 sqft
    2021-05-01 0 days 2,338 sqft
    2021-06-01 0 days 2,315 sqft
    2021-07-01 0 days 1,971 sqft
    2021-08-01 0 days 1,956 sqft
    2021-09-01 0 days 2,062 sqft
    2021-10-01 0 days 1,894 sqft
    2021-11-01 0 days 1,905 sqft
    2021-12-01 0 days 1,902 sqft
    2022-01-01 0 days 1,896 sqft
    2022-02-01 0 days 1,834 sqft
    2022-03-01 0 days 1,834 sqft
    2022-04-01 0 days 1,820 sqft
    2022-05-01 0 days 1,917 sqft
    2022-06-01 0 days 1,825 sqft
    2022-07-01 0 days 1,968 sqft
    2022-08-01 0 days 1,927 sqft
    2022-09-01 0 days 2,096 sqft
    2022-10-01 0 days 2,039 sqft
    2022-11-01 0 days 2,009 sqft
    2022-12-01 0 days 1,903 sqft
    2023-01-01 0 days 1,872 sqft
    2023-02-01 0 days 1,936 sqft
    2023-03-01 0 days 1,933 sqft
    2023-04-01 0 days 1,860 sqft
    2023-05-01 0 days 1,928 sqft
    2023-06-01 0 days 1,967 sqft
    2023-07-01 0 days 1,963 sqft
    2023-08-01 0 days 1,956 sqft
    2023-09-01 0 days 1,934 sqft
    2023-10-01 0 days 1,971 sqft
    2023-11-01 0 days 1,983 sqft
    2023-12-01 0 days 1,989 sqft
    2024-01-01 0 days 1,997 sqft
    2024-02-01 0 days 2,108 sqft
    2024-03-01 0 days 1,955 sqft
    2024-04-01 0 days 2,048 sqft
    2024-05-01 0 days 2,064 sqft
    2024-06-01 0 days 2,061 sqft
    2024-07-01 0 days 1,985 sqft
    2024-08-01 0 days 2,010 sqft
    2024-09-01 0 days 2,134 sqft
    2024-10-01 0 days 2,074 sqft
    Magnolia's median listing age (time on market) for 2024-10-01 was 0 days.

    Magnolia's median square footage for active listings during the 2024-10-01 period was 2,074 sqft. One year prior, the average listing was 1,971 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).