Russellville FHA Loan Rates, Closing Costs & Stats

Russellville, 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.

    Russellville's 56 lenders originated 232 FHA loans during 2023. The total origination value was $38,400,000, with an average FHA loan value of $165,517.

    Russellville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Russellville averaged 6.77% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Russellville's average FHA mortgage closing costs are $5,635.

    The average rate for the prior week (2024-04-12) was 6.46% and one month ago for the week of 2024-03-15, the average rate was 6.73%.

    The average rate one year ago was 6.26%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

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

    Russellville 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 Russellville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Arvest Bank 46 6.55% $6,149
    QUICKEN LOANS, LLC 22 6.56% $7,661
    CORNERSTONE HOME LENDING, INC. 21 6.67% $6,950
    Regions Bank 11 6.13% $6,418
    UNION HOME MORTGAGE CORP. 11 6.68% $7,507
    GMFS LLC 7 6.77% $6,409
    First Security Bank 6 6.21% $4,529
    Centennial Bank 5 6.30% $5,716
    Bank of England 5 6.60% $6,999
    LOANDEPOT.COM, LLC 5 6.82% $8,271
    U.S. Bank 4 6.78% $7,428
    United Fidelity Funding Corp. 4 5.63% $9,462
    PLANET HOME LENDING, LLC 4 6.22% $6,742
    Eagle Bank and Trust Company 4 6.84% $5,328
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 7.00% $13,727
    BROKER SOLUTIONS, INC. 3 7.17% $7,364
    COMMUNITY MORTGAGE CORPORATION 3 6.50% $6,709
    INTERLINC MORTGAGE SERVICES, LLC 3 7.33% $9,424
    CARDINAL FINANCIAL 3 6.79% $6,598
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.88% $5,563
    AMCAP MORTGAGE, LTD. 2 7.00% $14,579
    EVERETT FINANCIAL, INC. 2 7.25% $9,019
    AMERISAVE MORTGAGE CORPORATION 2 6.00% $12,858
    FirstTrust Home Loans, Inc. 2 5.94% $3,965
    RELIANCE FIRST CAPITAL, LLC 2 6.19% $8,706
    Simmons Bank 2 6.13% $4,085
    FREEDOM MORTGAGE CORPORATION 2 6.75% $15,613
    TOP FLITE FINANCIAL, INC. 1 6.75% $11,842
    UNITED WHOLESALE MORTGAGE, LLC 1 8.12% $7,261
    ZILLOW HOME LOANS, LLC 1 6.50% $11,405
    AMERICAN FINANCIAL NETWORK, INC. 1 5.63% $6,721
    AmeriHome Mortgage Company, LLC 1 5.99% $16,047
    CALCON MUTUAL MORTGAGE LLC 1 7.63% $9,766
    Carrington Mortgage Services, LLC 1 6.13% $8,184
    Chambers Bank 1 5.75% $9,259
    CHURCHILL MORTGAGE CORPORATION 1 6.75% $8,804
    Citizens Bank 1 6.88% $8,069
    DAS Acquisition Company, LLC 1 6.13% $8,239
    ENDEAVOR CAPITAL, LLC. 1 7.00% $7,185
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 6.75% $6,054
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $12,325
    First Community Bank 1 6.50% $6,307
    First Financial Bank 1 6.63% $4,493
    GERSHMAN INVESTMENT CORP. 1 7.25% $4,452
    GSF Mortgage Corporation 1 6.63% $6,034
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.50% $5,734
    JPMorgan Chase Bank 1 5.49% $5,220
    LOANPAL, LLC 1 6.25% $14,367
    MORTGAGE ACCESS CORP. 1 6.75% $10,620
    Mortgage Research Center, LLC 1 6.75% $4,318
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $12,561
    M&T Bank 1 7.25% $8,099
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $8,227
    North American Savings Bank, F.S.B. 1 6.13% $992
    PILGRIM MORTGAGE LLC 1 6.13% $6,308
    THRIVE MORTGAGE, LLC 1 5.50% $8,118

    The top Russellville FHA lender as defined by loan originations is Arvest Bank, with 46 FHA loans originated. Their average total fees are $6,149, which is $1,512 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Russellville FHA lenders (with over 10 loans originated) are Arvest Bank ($6,149), Regions Bank ($6,418), CORNERSTONE HOME LENDING, INC. ($6,950), UNION HOME MORTGAGE CORP. ($7,507) and QUICKEN LOANS, LLC ($7,661).

    The lowest rate Russellville FHA lenders (with over 10 loans originated) are Regions Bank (6.13%), Arvest Bank (6.55%), QUICKEN LOANS, LLC (6.56%), CORNERSTONE HOME LENDING, INC. (6.67%) and UNION HOME MORTGAGE CORP. (6.68%).

    Russellville FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Russellville (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 $129,900 (3.9%) $172,403 (6.3%) 0.00 295
    2018-02-01 $135,375 (6.3%) $172,726 (4.0%) 0.00 296
    2018-03-01 $142,500 (9.7%) $180,068 (7.6%) 0.00 307
    2018-04-01 $149,475 (15.1%) $190,498 (14.3%) 0.00 301
    2018-05-01 $153,900 (13.0%) $191,551 (10.3%) 0.00 295
    2018-06-01 $154,900 (10.7%) $192,754 (7.8%) 0.00 322
    2018-07-01 $158,613 (13.4%) $192,209 (8.7%) 0.00 343
    2018-08-01 $157,400 (10.5%) $192,141 (7.3%) 0.00 345
    2018-09-01 $154,990 (7.6%) $192,249 (6.6%) 0.00 337
    2018-10-01 $149,950 (2.2%) $191,123 (5.4%) 0.00 328
    2018-11-01 $149,925 (3.5%) $194,293 (6.6%) 0.00 320
    2018-12-01 $150,000 (11.5%) $191,915 (8.1%) 0.00 312
    2019-01-01 $144,450 (11.2%) $185,349 (7.5%) 0.00 304
    2019-02-01 $143,900 (6.3%) $184,064 (6.6%) 0.00 339
    2019-03-01 $145,693 (2.2%) $185,350 (2.9%) 0.00 360
    2019-04-01 $147,668 (-1.2%) $186,457 (-2.1%) 0.00 348
    2019-05-01 $144,950 (-5.8%) $184,120 (-3.9%) 0.00 327
    2019-06-01 $144,900 (-6.5%) $181,036 (-6.1%) 0.00 323
    2019-07-01 $147,700 (-6.9%) $185,548 (-3.5%) 0.00 318
    2019-08-01 $162,245 (3.1%) $191,520 (-0.3%) 0.00 318
    2019-09-01 $165,764 (7.0%) $195,977 (1.9%) 0.00 305
    2019-10-01 $168,109 (12.1%) $199,819 (4.6%) 0.00 295
    2019-11-01 $162,450 (8.4%) $199,130 (2.5%) 0.00 288
    2019-12-01 $164,075 (9.4%) $203,014 (5.8%) 0.00 282
    2020-01-01 $155,375 (7.6%) $202,033 (9.0%) 0.00 252
    2020-02-01 $158,700 (10.3%) $204,666 (11.2%) 0.00 235
    2020-03-01 $174,300 (19.6%) $211,618 (14.2%) 0.00 248
    2020-04-01 $176,425 (19.5%) $213,512 (14.5%) 0.00 253
    2020-05-01 $177,200 (22.3%) $215,167 (16.9%) 0.00 220
    2020-06-01 $174,850 (20.7%) $214,714 (18.6%) 0.00 207
    2020-07-01 $171,200 (15.9%) $220,355 (18.8%) 0.00 196
    2020-08-01 $184,950 (14.0%) $228,908 (19.5%) 0.00 194
    2020-09-01 $187,000 (12.8%) $235,121 (20.0%) 0.00 163
    2020-10-01 $189,900 (13.0%) $240,015 (20.1%) 0.00 152
    2020-11-01 $187,400 (15.4%) $239,134 (20.1%) 0.00 166
    2020-12-01 $189,400 (15.4%) $238,382 (17.4%) 0.00 153
    2021-01-01 $185,000 (19.1%) $238,484 (18.0%) 0.00 148
    2021-02-01 $190,900 (20.3%) $247,662 (21.0%) 0.00 82
    2021-03-01 $196,283 (12.6%) $265,051 (25.3%) 0.00 111
    2021-04-01 $212,750 (20.6%) $266,405 (24.8%) 0.00 106
    2021-05-01 $189,950 (7.2%) $258,145 (20.0%) 0.00 92
    2021-06-01 $195,775 (12.0%) $271,823 (26.6%) 0.00 95
    2021-07-01 $184,900 (8.0%) $266,556 (21.0%) 0.00 92
    2021-08-01 $170,700 (-7.7%) $247,904 (8.3%) 0.00 102
    2021-09-01 $191,169 (2.2%) $240,388 (2.2%) 0.00 124
    2021-10-01 $198,500 (4.5%) $246,545 (2.7%) 0.00 128
    2021-11-01 $220,438 (17.6%) $257,551 (7.7%) 0.00 113
    2021-12-01 $220,000 (16.2%) $249,705 (4.8%) 0.00 116
    2022-01-01 $204,900 (10.8%) $233,254 (-2.2%) 0.00 123
    2022-02-01 $204,825 (7.3%) $243,090 (-1.9%) 0.00 99
    2022-03-01 $197,200 (0.5%) $251,410 (-5.2%) 0.00 93
    2022-04-01 $199,900 (-6.0%) $265,396 (-0.4%) 0.00 93
    2022-05-01 $207,813 (9.4%) $273,250 (5.9%) 0.00 104
    2022-06-01 $219,900 (12.3%) $293,322 (7.9%) 0.00 121
    2022-07-01 $217,900 (17.9%) $281,599 (5.6%) 0.00 168
    2022-08-01 $223,500 (30.9%) $288,597 (16.4%) 0.00 163
    2022-09-01 $220,000 (15.1%) $275,128 (14.5%) 0.00 170
    2022-10-01 $235,000 (18.4%) $276,836 (12.3%) 0.00 173
    2022-11-01 $222,500 (0.9%) $261,114 (1.4%) 0.00 179
    2022-12-01 $215,000 (-2.3%) $258,294 (3.4%) 0.00 197
    2023-01-01 $210,000 (2.5%) $259,282 (11.2%) 0.00 166
    2023-02-01 $212,450 (3.7%) $267,907 (10.2%) 0.00 144
    2023-03-01 $209,950 (6.5%) $263,147 (4.7%) 0.00 140
    2023-04-01 $220,000 (10.1%) $292,379 (10.2%) 0.00 144
    2023-05-01 $229,450 (10.4%) $305,579 (11.8%) 0.00 144
    2023-06-01 $230,500 (4.8%) $307,747 (4.9%) 0.00 143
    2023-07-01 $249,900 (14.7%) $316,708 (12.5%) 0.00 158
    2023-08-01 $244,175 (9.3%) $323,104 (12.0%) 0.00 169
    2023-09-01 $249,900 (13.6%) $333,444 (21.2%) 0.00 196
    2023-10-01 $247,225 (5.2%) $331,652 (19.8%) 0.00 207
    2023-11-01 $249,500 (12.1%) $331,422 (26.9%) 0.00 198
    2023-12-01 $249,900 (16.2%) $328,336 (27.1%) 0.00 194
    2024-01-01 $252,450 (20.2%) $325,575 (25.6%) 0.00 190
    2024-02-01 $251,100 (18.2%) $326,993 (22.1%) 0.00 191
    2024-03-01 $252,250 (20.2%) $320,159 (21.7%) 0.00 185
    Russellville's median listing price for 2024-03-01 was $252,250, a difference of $42,300 (20.2%) versus the prior year and $1,150 versus the prior month.

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

    Russellville's average listing price for 2024-03-01 was $320,159, a difference of $57,012 (21.7%) versus the prior year and $-6,834 versus the prior month.

    For the 2024-03-01 period, Russellville had 185 MLS listings, a difference of -6 listings (-3%) versus the prior month and 45 listings (32%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Russellville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,697 sqft
    2018-02-01 0 days 1,733 sqft
    2018-03-01 0 days 1,756 sqft
    2018-04-01 0 days 1,800 sqft
    2018-05-01 0 days 1,841 sqft
    2018-06-01 0 days 1,886 sqft
    2018-07-01 0 days 1,866 sqft
    2018-08-01 0 days 1,839 sqft
    2018-09-01 0 days 1,809 sqft
    2018-10-01 0 days 1,806 sqft
    2018-11-01 0 days 1,811 sqft
    2018-12-01 0 days 1,802 sqft
    2019-01-01 0 days 1,737 sqft
    2019-02-01 0 days 1,693 sqft
    2019-03-01 0 days 1,735 sqft
    2019-04-01 0 days 1,788 sqft
    2019-05-01 0 days 1,691 sqft
    2019-06-01 0 days 1,726 sqft
    2019-07-01 0 days 1,760 sqft
    2019-08-01 0 days 1,788 sqft
    2019-09-01 0 days 1,777 sqft
    2019-10-01 0 days 1,771 sqft
    2019-11-01 0 days 1,792 sqft
    2019-12-01 0 days 1,800 sqft
    2020-01-01 0 days 1,771 sqft
    2020-02-01 0 days 1,832 sqft
    2020-03-01 0 days 1,848 sqft
    2020-04-01 0 days 1,854 sqft
    2020-05-01 0 days 1,828 sqft
    2020-06-01 0 days 1,824 sqft
    2020-07-01 0 days 1,811 sqft
    2020-08-01 0 days 1,874 sqft
    2020-09-01 0 days 1,960 sqft
    2020-10-01 0 days 1,843 sqft
    2020-11-01 0 days 1,833 sqft
    2020-12-01 0 days 1,903 sqft
    2021-01-01 0 days 1,840 sqft
    2021-02-01 0 days 1,864 sqft
    2021-03-01 0 days 1,964 sqft
    2021-04-01 0 days 2,107 sqft
    2021-05-01 0 days 1,944 sqft
    2021-06-01 0 days 1,937 sqft
    2021-07-01 0 days 1,784 sqft
    2021-08-01 0 days 1,651 sqft
    2021-09-01 0 days 1,593 sqft
    2021-10-01 0 days 1,698 sqft
    2021-11-01 0 days 1,836 sqft
    2021-12-01 0 days 1,902 sqft
    2022-01-01 0 days 1,787 sqft
    2022-02-01 0 days 1,732 sqft
    2022-03-01 0 days 1,695 sqft
    2022-04-01 0 days 1,781 sqft
    2022-05-01 0 days 1,884 sqft
    2022-06-01 0 days 1,883 sqft
    2022-07-01 0 days 1,840 sqft
    2022-08-01 0 days 1,846 sqft
    2022-09-01 0 days 1,785 sqft
    2022-10-01 0 days 1,829 sqft
    2022-11-01 0 days 1,808 sqft
    2022-12-01 0 days 1,779 sqft
    2023-01-01 0 days 1,753 sqft
    2023-02-01 0 days 1,719 sqft
    2023-03-01 0 days 1,703 sqft
    2023-04-01 0 days 1,786 sqft
    2023-05-01 0 days 1,800 sqft
    2023-06-01 0 days 1,795 sqft
    2023-07-01 0 days 1,800 sqft
    2023-08-01 0 days 1,822 sqft
    2023-09-01 0 days 1,856 sqft
    2023-10-01 0 days 1,901 sqft
    2023-11-01 0 days 1,917 sqft
    2023-12-01 0 days 1,914 sqft
    2024-01-01 0 days 1,911 sqft
    2024-02-01 0 days 1,940 sqft
    2024-03-01 0 days 1,932 sqft
    Russellville's median listing age (time on market) for 2024-03-01 was 0 days.

    Russellville's median square footage for active listings during the 2024-03-01 period was 1,932 sqft. One year prior, the average listing was 1,703 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).