Paragould FHA Loan Rates, Closing Costs & Stats

Paragould, 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.

    Paragould's 42 lenders originated 175 FHA loans during 2023. The total origination value was $32,105,000, with an average FHA loan value of $183,457.

    Paragould FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Paragould averaged 6.52% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Paragould's average FHA mortgage closing costs are $6,066.

    The average rate for the prior week (2024-11-01) was 6.29% and one month ago for the week of 2024-10-04, the average rate was 5.81%.

    The average rate one year ago was 7.46%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

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

    Paragould 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 Paragould level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    DAS Acquisition Company, LLC 21 6.93% $7,258
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 15 6.64% $8,570
    EVERETT FINANCIAL, INC. 15 7.11% $8,925
    First Financial Bank 14 6.23% $8,437
    QUICKEN LOANS, LLC 11 6.45% $8,027
    MORTGAGE INVESTORS GROUP, INC. 10 6.46% $6,276
    Simmons Bank 8 6.44% $6,611
    BROKER SOLUTIONS, INC. 7 6.86% $8,675
    Midwest Mortgage Associates Corporation 5 6.68% $8,013
    Centennial Bank 4 7.22% $5,016
    FirstTrust Home Loans, Inc. 3 6.63% $9,691
    LOANDEPOT.COM, LLC 3 6.70% $7,819
    UNITED WHOLESALE MORTGAGE, LLC 3 6.22% $10,524
    Nations Lending Corporation 3 7.42% $3,001
    Arvest Bank 3 6.46% $6,646
    Sierra Pacific Mortgage Company, Inc. 3 5.92% $9,199
    Carrington Mortgage Services, LLC 2 6.25% $16,134
    CROSSCOUNTRY MORTGAGE, LLC 2 6.69% $11,092
    ENCORE BANK 2 6.88% $6,002
    AMERISAVE MORTGAGE CORPORATION 2 6.13% $11,884
    Mr. Cooper ( Nationstar Mortgage ) 2 6.25% $14,421
    PENNYMAC LOAN SERVICES, LLC 2 5.69% $10,028
    SUN WEST MORTGAGE COMPANY, INC. 2 7.19% $7,787
    WILLOW BEND MORTGAGE COMPANY, LLC 2 7.13% $7,932
    Magnolia Bank 1 7.63% $5,136
    Bank of England 1 7.25% $10,744
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $4,019
    Mortgage Research Center, LLC 1 7.13% $4,453
    Wells Fargo Bank 1 6.63% $9,212
    ENDEAVOR CAPITAL, LLC. 1 6.75% $7,840
    Citizens Bank 1 6.13% $3,945
    AMERICAN FINANCIAL NETWORK, INC. 1 7.50% $11,288
    Regions Bank 1 6.75% $10,022
    RUOFF MORTGAGE COMPANY, INC. 1 6.50% $8,083
    SENTE MORTGAGE, INC. 1 7.63% $11,632
    Eagle Bank and Trust Company 1 6.75% $5,736
    ACADEMY MORTGAGE CORPORATION 1 5.38% $6,249
    Flanagan State Bank 1 7.50% $12,179
    GUILD MORTGAGE COMPANY 1 6.13% $5,451
    STOCKTON MORTGAGE CORPORATION 1 6.63% $13,364
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $9,356
    Flagstar Bank, FSB 1 6.13% $10,673

    The top Paragould FHA lender as defined by loan originations is DAS Acquisition Company, LLC, with 21 FHA loans originated. Their average total fees are $7,258, which is $1,312 lower than the next largest lender, HIGHLANDS RESIDENTIAL MORTGAGE, LTD..

    The lowest fee Paragould FHA lenders (with over 10 loans originated) are MORTGAGE INVESTORS GROUP, INC. ($6,276), DAS Acquisition Company, LLC ($7,258), QUICKEN LOANS, LLC ($8,027), First Financial Bank ($8,437) and HIGHLANDS RESIDENTIAL MORTGAGE, LTD. ($8,570).

    The lowest rate Paragould FHA lenders (with over 10 loans originated) are First Financial Bank (6.23%), QUICKEN LOANS, LLC (6.45%), MORTGAGE INVESTORS GROUP, INC. (6.46%), HIGHLANDS RESIDENTIAL MORTGAGE, LTD. (6.64%) and DAS Acquisition Company, LLC (6.93%).

    Paragould FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    PARAGOULD, AR GREENE 2022 $420,680 $538,650 $651,050 $809,150
    PARAGOULD, AR GREENE 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).