Russellville FHA Loan Rates, Closing Costs & Stats

Russellville, 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.

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 6.45% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.78% and one month ago for the week of 2024-03-08, the average rate was 6.32%.

The average rate one year ago was 6.15%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.64%.

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).