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 6.36% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.58% and one month ago for the week of 2025-01-10, the average rate was 6.54%.

    The average rate one year ago was 6.47%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.52%.

    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%) $140,575 (-12.0%) 0.00 140
    2018-02-01 $114,950 (-0.9%) $137,664 (-11.4%) 0.00 136
    2018-03-01 $119,900 (4.3%) $135,804 (-13.6%) 0.00 129
    2018-04-01 $136,200 (18.4%) $147,342 (-4.4%) 0.00 128
    2018-05-01 $149,000 (24.4%) $154,166 (-0.5%) 0.00 126
    2018-06-01 $132,400 (3.2%) $146,392 (-3.6%) 0.00 127
    2018-07-01 $123,975 (-10.8%) $139,054 (-10.2%) 0.00 107
    2018-08-01 $129,900 (-3.7%) $144,044 (-5.5%) 0.00 108
    2018-09-01 $129,900 (-5.4%) $144,175 (-7.7%) 0.00 109
    2018-10-01 $131,175 (1.4%) $147,172 (-2.8%) 0.00 121
    2018-11-01 $136,250 (4.9%) $150,802 (-0.3%) 0.00 116
    2018-12-01 $144,900 (13.7%) $153,707 (4.5%) 0.00 119
    2019-01-01 $148,425 (23.8%) $155,530 (10.6%) 0.00 114
    2019-02-01 $147,375 (28.2%) $152,155 (10.5%) 0.00 116
    2019-03-01 $141,386 (17.9%) $154,470 (13.7%) 0.00 111
    2019-04-01 $140,086 (2.9%) $159,356 (8.2%) 0.00 110
    2019-05-01 $147,500 (-1.0%) $160,022 (3.8%) 0.00 115
    2019-06-01 $141,200 (6.7%) $160,634 (9.7%) 0.00 124
    2019-07-01 $139,475 (12.5%) $157,805 (13.5%) 0.00 135
    2019-08-01 $137,791 (6.1%) $160,193 (11.2%) 0.00 132
    2019-09-01 $138,977 (7.0%) $164,109 (13.8%) 0.00 129
    2019-10-01 $139,900 (6.7%) $167,569 (13.9%) 0.00 127
    2019-11-01 $142,000 (4.2%) $172,676 (14.5%) 0.00 114
    2019-12-01 $144,900 (0.0%) $171,267 (11.4%) 0.00 114
    2020-01-01 $149,000 (0.4%) $178,196 (14.6%) 0.00 108
    2020-02-01 $149,000 (1.1%) $176,888 (16.3%) 0.00 116
    2020-03-01 $145,350 (2.8%) $178,597 (15.6%) 0.00 115
    2020-04-01 $149,900 (7.0%) $184,079 (15.5%) 0.00 112
    2020-05-01 $172,500 (17.0%) $191,147 (19.5%) 0.00 111
    2020-06-01 $166,200 (17.7%) $189,715 (18.1%) 0.00 104
    2020-07-01 $159,875 (14.6%) $186,519 (18.2%) 0.00 96
    2020-08-01 $169,900 (23.3%) $191,357 (19.5%) 0.00 86
    2020-09-01 $169,750 (22.1%) $191,854 (16.9%) 0.00 75
    2020-10-01 $169,000 (20.8%) $184,401 (10.1%) 0.00 79
    2020-11-01 $169,000 (19.0%) $183,389 (6.2%) 0.00 79
    2020-12-01 $159,750 (10.3%) $174,849 (2.1%) 0.00 78
    2021-01-01 $157,000 (5.4%) $167,751 (-5.9%) 0.00 71
    2021-02-01 $157,000 (5.4%) $171,157 (-3.2%) 0.00 66
    2021-03-01 $144,925 (-0.3%) $165,192 (-7.5%) 0.00 55
    2021-04-01 $137,000 (-8.6%) $157,601 (-14.4%) 0.00 49
    2021-05-01 $137,500 (-20.3%) $154,003 (-19.4%) 0.00 41
    2021-06-01 $139,900 (-15.8%) $158,392 (-16.5%) 0.00 42
    2021-07-01 $131,200 (-17.9%) $162,475 (-12.9%) 0.00 43
    2021-08-01 $127,100 (-25.2%) $168,838 (-11.8%) 0.00 45
    2021-09-01 $140,550 (-17.2%) $189,161 (-1.4%) 0.00 44
    2021-10-01 $141,250 (-16.4%) $192,775 (4.5%) 0.00 40
    2021-11-01 $160,000 (-5.3%) $206,364 (12.5%) 0.00 37
    2021-12-01 $192,500 (20.5%) $213,111 (21.9%) 0.00 39
    2022-01-01 $175,000 (11.5%) $204,905 (22.2%) 0.00 38
    2022-02-01 $170,000 (8.3%) $191,333 (11.8%) 0.00 33
    2022-03-01 $211,150 (45.7%) $210,752 (27.6%) 0.00 32
    2022-04-01 $177,500 (29.6%) $201,612 (27.9%) 0.00 35
    2022-05-01 $219,950 (60.0%) $214,991 (39.6%) 0.00 34
    2022-06-01 $177,450 (26.8%) $205,970 (30.0%) 0.00 43
    2022-07-01 $185,000 (41.0%) $214,593 (32.1%) 0.00 46
    2022-08-01 $171,250 (34.7%) $198,083 (17.3%) 0.00 44
    2022-09-01 $190,000 (35.2%) $223,027 (17.9%) 0.00 41
    2022-10-01 $195,000 (38.1%) $216,839 (12.5%) 0.00 49
    2022-11-01 $196,000 (22.5%) $219,038 (6.1%) 0.00 52
    2022-12-01 $197,000 (2.3%) $213,193 (0.0%) 0.00 54
    2023-01-01 $182,450 (4.3%) $204,087 (-0.4%) 0.00 52
    2023-02-01 $182,450 (7.3%) $216,897 (13.4%) 0.00 53
    2023-03-01 $159,900 (-24.3%) $201,662 (-4.3%) 0.00 53
    2023-04-01 $159,900 (-9.9%) $192,716 (-4.4%) 0.00 62
    2023-05-01 $177,500 (-19.3%) $222,098 (3.3%) 0.00 63
    2023-06-01 $194,675 (9.7%) $239,461 (16.3%) 0.00 58
    2023-07-01 $212,000 (14.6%) $242,556 (13.0%) 0.00 57
    2023-08-01 $217,500 (27.0%) $248,073 (25.2%) 0.00 61
    2023-09-01 $219,900 (15.7%) $260,747 (16.9%) 0.00 72
    2023-10-01 $219,950 (12.8%) $266,299 (22.8%) 0.00 88
    2023-11-01 $219,000 (11.7%) $259,134 (18.3%) 0.00 69
    2023-12-01 $204,500 (3.8%) $248,725 (16.7%) 0.00 63
    2024-01-01 $194,450 (6.6%) $242,075 (18.6%) 0.00 59
    2024-02-01 $199,450 (9.3%) $250,880 (15.7%) 0.00 57
    2024-03-01 $191,500 (19.8%) $217,994 (8.1%) 0.00 67
    2024-04-01 $196,450 (22.9%) $228,975 (18.8%) 0.00 67
    2024-05-01 $199,550 (12.4%) $270,601 (21.8%) 0.00 64
    2024-06-01 $205,000 (5.3%) $269,767 (12.7%) 0.00 59
    2024-07-01 $201,500 (-5.0%) $269,944 (11.3%) 0.00 62
    2024-08-01 $225,000 (3.5%) $294,344 (18.7%) 0.00 74
    2024-09-01 $233,900 (6.4%) $305,273 (17.1%) 0.00 70
    2024-10-01 $244,900 (11.3%) $304,790 (14.5%) 0.00 68
    2024-11-01 $231,950 (5.9%) $299,254 (15.5%) 0.00 66
    2024-12-01 $229,000 (12.0%) $284,331 (14.3%) 0.00 68
    2025-01-01 $228,000 (17.3%) $262,297 (8.4%) 0.00 69
    Magnolia's median listing price for 2025-01-01 was $228,000, a difference of $33,550 (17.3%) versus the prior year and $-1,000 versus the prior month.

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

    Magnolia's average listing price for 2025-01-01 was $262,297, a difference of $20,222 (8.4%) versus the prior year and $-22,034 versus the prior month.

    For the 2025-01-01 period, Magnolia had 69 MLS listings, a difference of 1 listings (1%) versus the prior month and 10 listings (17%) 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 1,714 sqft
    2018-02-01 0 days 1,714 sqft
    2018-03-01 0 days 1,720 sqft
    2018-04-01 0 days 1,947 sqft
    2018-05-01 0 days 2,022 sqft
    2018-06-01 0 days 2,149 sqft
    2018-07-01 0 days 2,102 sqft
    2018-08-01 0 days 2,168 sqft
    2018-09-01 0 days 2,017 sqft
    2018-10-01 0 days 1,904 sqft
    2018-11-01 0 days 1,765 sqft
    2018-12-01 0 days 1,720 sqft
    2019-01-01 0 days 1,700 sqft
    2019-02-01 0 days 1,700 sqft
    2019-03-01 0 days 1,671 sqft
    2019-04-01 0 days 1,700 sqft
    2019-05-01 0 days 1,711 sqft
    2019-06-01 0 days 1,742 sqft
    2019-07-01 0 days 1,763 sqft
    2019-08-01 0 days 1,842 sqft
    2019-09-01 0 days 1,974 sqft
    2019-10-01 0 days 2,069 sqft
    2019-11-01 0 days 2,062 sqft
    2019-12-01 0 days 1,994 sqft
    2020-01-01 0 days 2,038 sqft
    2020-02-01 0 days 1,994 sqft
    2020-03-01 0 days 1,962 sqft
    2020-04-01 0 days 1,998 sqft
    2020-05-01 0 days 1,998 sqft
    2020-06-01 0 days 2,000 sqft
    2020-07-01 0 days 1,866 sqft
    2020-08-01 0 days 1,866 sqft
    2020-09-01 0 days 2,128 sqft
    2020-10-01 0 days 2,095 sqft
    2020-11-01 0 days 1,705 sqft
    2020-12-01 0 days 1,667 sqft
    2021-01-01 0 days 1,866 sqft
    2021-02-01 0 days 1,990 sqft
    2021-03-01 0 days 2,079 sqft
    2021-04-01 0 days 2,079 sqft
    2021-05-01 0 days 2,239 sqft
    2021-06-01 0 days 2,186 sqft
    2021-07-01 0 days 2,124 sqft
    2021-08-01 0 days 2,124 sqft
    2021-09-01 0 days 2,180 sqft
    2021-10-01 0 days 1,985 sqft
    2021-11-01 0 days 2,009 sqft
    2021-12-01 0 days 1,910 sqft
    2022-01-01 0 days 1,908 sqft
    2022-02-01 0 days 1,834 sqft
    2022-03-01 0 days 1,834 sqft
    2022-04-01 0 days 1,797 sqft
    2022-05-01 0 days 1,874 sqft
    2022-06-01 0 days 1,820 sqft
    2022-07-01 0 days 1,902 sqft
    2022-08-01 0 days 1,908 sqft
    2022-09-01 0 days 2,085 sqft
    2022-10-01 0 days 2,039 sqft
    2022-11-01 0 days 1,990 sqft
    2022-12-01 0 days 1,894 sqft
    2023-01-01 0 days 1,866 sqft
    2023-02-01 0 days 1,934 sqft
    2023-03-01 0 days 1,910 sqft
    2023-04-01 0 days 1,849 sqft
    2023-05-01 0 days 1,884 sqft
    2023-06-01 0 days 1,916 sqft
    2023-07-01 0 days 1,940 sqft
    2023-08-01 0 days 1,945 sqft
    2023-09-01 0 days 1,920 sqft
    2023-10-01 0 days 1,947 sqft
    2023-11-01 0 days 1,964 sqft
    2023-12-01 0 days 1,964 sqft
    2024-01-01 0 days 1,957 sqft
    2024-02-01 0 days 2,090 sqft
    2024-03-01 0 days 1,932 sqft
    2024-04-01 0 days 2,032 sqft
    2024-05-01 0 days 2,064 sqft
    2024-06-01 0 days 2,058 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
    2024-11-01 0 days 2,119 sqft
    2024-12-01 0 days 2,003 sqft
    2025-01-01 0 days 1,940 sqft
    Magnolia's median listing age (time on market) for 2025-01-01 was 0 days.

    Magnolia's median square footage for active listings during the 2025-01-01 period was 1,940 sqft. One year prior, the average listing was 1,957 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).