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 355 FHA loans during 2021. The total origination value was $52,405,000, with an average FHA loan value of $147,620.

Russellville FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Russellville averaged 6.52% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Russellville's average FHA mortgage closing costs are $5,001.

The average rate for the prior week (2022-11-25) was 6.24% and one month ago for the week of 2022-10-28, the average rate was 6.58%.

The average rate one year ago was 3.31%.

For refis of the same type during the week of 2022-12-02, the average rate was 5.94%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
Arvest Bank 63 2.92% $4,926
QUICKEN LOANS, LLC 51 2.75% $4,966
Bank of England 50 3.13% $6,356
UNION HOME MORTGAGE CORP. 27 3.30% $5,343
First Security Bank 14 2.71% $4,003
Mr. Cooper ( Nationstar Mortgage ) 8 3.23% $3,085
Centennial Bank 7 3.04% $4,880
United Fidelity Funding Corp. 6 2.40% $7,596
Chambers Bank 5 2.58% $4,867
VILLAGE CAPITAL MORTGAGE 5 3.02% $1,618
AMERICAN FINANCIAL NETWORK, INC. 5 3.05% $7,469
Regions Bank 5 3.05% $2,983
CORNERSTONE HOME LENDING, INC. 5 3.55% $4,507
Carrington Mortgage Services, LLC 4 3.09% $4,488
GMFS LLC 4 2.66% $5,629
AMCAP MORTGAGE, LTD. 4 3.44% $7,133
PENNYMAC LOAN SERVICES, LLC 4 3.30% $2,914
FirstTrust Home Loans, Inc. 3 3.38% $6,382
VANDERBILT MORTGAGE AND FINANCE, INC. 3 3.38% $5,636
Simmons Bank 3 2.54% $4,028
CROSSCOUNTRY MORTGAGE, LLC 2 3.12% $9,807
Eagle Bank and Trust Company 2 2.81% $5,491
FREEDOM MORTGAGE CORPORATION 2 2.94% $3,652
Gateway First Bank 2 3.25% $4,470
GERSHMAN INVESTMENT CORP. 2 4.25% $5,233
GSF Mortgage Corporation 2 3.69% $9,057
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 3.13% $5,687
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.50% $3,764
LAKEVIEW LOAN SERVICING, LLC 2 3.00% $3,812
Mortgage Research Center, LLC 2 3.06% $2,269
Nations Lending Corporation 2 3.38% $8,125
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 4.13% $6,554
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.19% $5,000
M&T Bank 1 3.13% $4,500
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.63% $5,675
Amerifirst Financial, Inc. 1 3.75% $3,009
NEWREZ LLC 1 3.00% $5,069
OPEN MORTGAGE, LLC 1 3.88% $6,734
First Financial Bank 1 2.88% $6,632
PLAZA HOME MORTGAGE, INC. 1 3.63% $3,914
AMERICAN FINANCING CORPORATION 1 2.38% $6,606
Willamette Valley Bank 1 2.75% $4,831
DAS Acquisition Company, LLC 1 3.38% $6,597
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.88% $9,098
RELIANCE FIRST CAPITAL, LLC 1 3.13% $6,002
Sierra Pacific Mortgage Company, Inc. 1 2.75% $10,334
BROKER SOLUTIONS, INC. 1 3.25% $5,933
SUN WEST MORTGAGE COMPANY, INC. 1 3.75% $5,931
The Federal Savings Bank 1 2.75% $8,281
GUILD MORTGAGE COMPANY 1 3.63% $6,268
Barrington Bank & Trust Company, N.A. 1 3.49% $11,568
BancorpSouth Bank 1 3.38% $4,618
UNITED WHOLESALE MORTGAGE, LLC 1 3.01% $5,249
LOANDEPOT.COM, LLC 1 2.25% $13,388
U.S. Bank 1 2.63% $4,111
FLAT BRANCH MORTGAGE, INC. 1 3.25% $5,679

The top Russellville FHA lender as defined by loan originations is Arvest Bank, with 63 FHA loans originated. Their average total fees are $4,926, which is $39 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Russellville FHA lenders (with over 10 loans originated) are First Security Bank ($4,003), Arvest Bank ($4,926), QUICKEN LOANS, LLC ($4,966), UNION HOME MORTGAGE CORP. ($5,343) and Bank of England ($6,356).

The lowest rate Russellville FHA lenders (with over 10 loans originated) are First Security Bank (2.71%), QUICKEN LOANS, LLC (2.75%), Arvest Bank (2.92%), Bank of England (3.13%) and UNION HOME MORTGAGE CORP. (3.30%).

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

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 (3.4%) $172,738 (6.0%) 0.00 293
2018-02-01 $138,125 (7.9%) $173,065 (3.6%) 0.00 294
2018-03-01 $142,500 (9.7%) $180,446 (7.1%) 0.00 305
2018-04-01 $149,800 (12.7%) $190,936 (13.9%) 0.00 299
2018-05-01 $154,900 (13.3%) $192,008 (10.2%) 0.00 293
2018-06-01 $155,000 (10.7%) $193,176 (7.7%) 0.00 320
2018-07-01 $159,900 (14.3%) $192,843 (8.8%) 0.00 340
2018-08-01 $157,450 (9.8%) $192,770 (7.4%) 0.00 341
2018-09-01 $155,000 (6.5%) $192,908 (6.7%) 0.00 333
2018-10-01 $151,300 (2.1%) $192,226 (5.8%) 0.00 322
2018-11-01 $149,975 (2.5%) $195,594 (7.1%) 0.00 315
2018-12-01 $151,000 (11.9%) $193,479 (8.8%) 0.00 305
2019-01-01 $145,450 (12.0%) $186,743 (8.1%) 0.00 297
2019-02-01 $143,900 (4.2%) $184,709 (6.7%) 0.00 334
2019-03-01 $144,836 (1.6%) $184,287 (2.1%) 0.00 355
2019-04-01 $145,811 (-2.7%) $183,137 (-4.1%) 0.00 342
2019-05-01 $144,900 (-6.5%) $180,442 (-6.0%) 0.00 321
2019-06-01 $144,950 (-6.5%) $181,717 (-5.9%) 0.00 320
2019-07-01 $147,950 (-7.5%) $186,082 (-3.5%) 0.00 315
2019-08-01 $162,518 (3.2%) $191,875 (-0.5%) 0.00 316
2019-09-01 $166,445 (7.4%) $196,301 (1.8%) 0.00 304
2019-10-01 $169,064 (11.7%) $200,123 (4.1%) 0.00 294
2019-11-01 $163,675 (9.1%) $199,435 (2.0%) 0.00 287
2019-12-01 $164,950 (9.2%) $203,532 (5.2%) 0.00 281
2020-01-01 $156,500 (7.6%) $202,743 (8.6%) 0.00 251
2020-02-01 $158,700 (10.3%) $204,666 (10.8%) 0.00 235
2020-03-01 $173,100 (19.5%) $209,695 (13.8%) 0.00 247
2020-04-01 $176,050 (20.7%) $211,666 (15.6%) 0.00 252
2020-05-01 $176,500 (21.8%) $213,604 (18.4%) 0.00 219
2020-06-01 $174,850 (20.6%) $213,287 (17.4%) 0.00 205
2020-07-01 $170,725 (15.4%) $218,581 (17.5%) 0.00 195
2020-08-01 $184,900 (13.8%) $226,825 (18.2%) 0.00 193
2020-09-01 $185,975 (11.7%) $232,659 (18.5%) 0.00 162
2020-10-01 $189,900 (12.3%) $237,433 (18.6%) 0.00 151
2020-11-01 $184,925 (13.0%) $235,723 (18.2%) 0.00 165
2020-12-01 $186,950 (13.3%) $234,592 (15.3%) 0.00 151
2021-01-01 $184,750 (18.1%) $234,684 (15.8%) 0.00 146
2021-02-01 $189,725 (19.6%) $243,366 (18.9%) 0.00 79
2021-03-01 $194,925 (12.6%) $262,297 (25.1%) 0.00 109
2021-04-01 $206,725 (17.4%) $266,539 (25.9%) 0.00 105
2021-05-01 $189,900 (7.6%) $258,217 (20.9%) 0.00 91
2021-06-01 $194,250 (11.1%) $273,082 (28.0%) 0.00 94
2021-07-01 $184,500 (8.1%) $266,718 (22.0%) 0.00 91
2021-08-01 $169,475 (-8.3%) $248,381 (9.5%) 0.00 101
2021-09-01 $191,169 (2.8%) $240,388 (3.3%) 0.00 124
2021-10-01 $198,000 (4.3%) $246,908 (4.0%) 0.00 127
2021-11-01 $220,438 (19.2%) $257,551 (9.3%) 0.00 113
2021-12-01 $220,000 (17.7%) $249,705 (6.4%) 0.00 116
2022-01-01 $209,900 (13.6%) $233,723 (-0.4%) 0.00 122
2022-02-01 $204,825 (8.0%) $243,090 (-0.1%) 0.00 99
2022-03-01 $197,200 (1.2%) $251,400 (-4.2%) 0.00 93
2022-04-01 $199,900 (-3.3%) $265,396 (-0.4%) 0.00 93
2022-05-01 $207,813 (9.4%) $273,250 (5.8%) 0.00 104
2022-06-01 $219,900 (13.2%) $293,322 (7.4%) 0.00 121
2022-07-01 $217,900 (18.1%) $281,599 (5.6%) 0.00 168
2022-08-01 $222,250 (31.1%) $287,799 (15.9%) 0.00 163
2022-09-01 $220,000 (15.1%) $275,128 (14.5%) 0.00 170
2022-10-01 $235,000 (18.7%) $276,836 (12.1%) 0.00 173
2022-11-01 $222,500 (0.9%) $261,114 (1.4%) 0.00 179
Russellville's median listing price for 2022-11-01 was $222,500, a difference of $2,062 (0.9%) versus the prior year and $-12,500 versus the prior month.

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

Russellville's average listing price for 2022-11-01 was $261,114, a difference of $3,563 (1.4%) versus the prior year and $-15,722 versus the prior month.

For the 2022-11-01 period, Russellville had 179 MLS listings, a difference of 6 listings (3%) versus the prior month and 66 listings (58%) 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 1,699 sqft
2018-02-01 0 days 1,727 sqft
2018-03-01 0 days 1,748 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 1,808 sqft
2018-11-01 0 days 1,815 sqft
2018-12-01 0 days 1,802 sqft
2019-01-01 0 days 1,749 sqft
2019-02-01 0 days 1,697 sqft
2019-03-01 0 days 1,735 sqft
2019-04-01 0 days 1,785 sqft
2019-05-01 0 days 1,687 sqft
2019-06-01 0 days 1,744 sqft
2019-07-01 0 days 1,770 sqft
2019-08-01 0 days 1,792 sqft
2019-09-01 0 days 1,780 sqft
2019-10-01 0 days 1,774 sqft
2019-11-01 0 days 1,796 sqft
2019-12-01 0 days 1,800 sqft
2020-01-01 0 days 1,784 sqft
2020-02-01 0 days 1,824 sqft
2020-03-01 0 days 1,840 sqft
2020-04-01 0 days 1,851 sqft
2020-05-01 0 days 1,826 sqft
2020-06-01 0 days 1,824 sqft
2020-07-01 0 days 1,811 sqft
2020-08-01 0 days 1,860 sqft
2020-09-01 0 days 1,941 sqft
2020-10-01 0 days 1,825 sqft
2020-11-01 0 days 1,820 sqft
2020-12-01 0 days 1,889 sqft
2021-01-01 0 days 1,825 sqft
2021-02-01 0 days 1,839 sqft
2021-03-01 0 days 1,969 sqft
2021-04-01 0 days 2,113 sqft
2021-05-01 0 days 1,948 sqft
2021-06-01 0 days 1,953 sqft
2021-07-01 0 days 1,800 sqft
2021-08-01 0 days 1,663 sqft
2021-09-01 0 days 1,593 sqft
2021-10-01 0 days 1,705 sqft
2021-11-01 0 days 1,848 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 1,813 sqft
Russellville's median listing age (time on market) for 2022-11-01 was 0 days.

Russellville's median square footage for active listings during the 2022-11-01 period was 1,813 sqft. One year prior, the average listing was 1,848 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).