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 6.6% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.76% and one month ago for the week of 2024-06-14, the average rate was 6.61%.

    The average rate one year ago was 6.6%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.39%.

    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

    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).