Searcy FHA Loan Rates, Closing Costs & Stats

Searcy, 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.

    Searcy's 54 lenders originated 213 FHA loans during 2023. The total origination value was $38,145,000, with an average FHA loan value of $179,085.

    Searcy FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Searcy averaged 6.38% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Searcy's average FHA mortgage closing costs are $5,924.

    The average rate for the prior week (2024-12-06) was 6.55% and one month ago for the week of 2024-11-08, the average rate was 6.51%.

    The average rate one year ago was 6.62%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.28%.

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

    Searcy 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 Searcy level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    First Community Bank 26 6.40% $7,207
    FirstTrust Home Loans, Inc. 17 6.76% $9,703
    QUICKEN LOANS, LLC 16 6.47% $7,417
    MORTGAGE FINANCIAL SERVICES, LLC 13 6.24% $8,315
    First Security Bank 12 6.03% $5,123
    FLAT BRANCH MORTGAGE, INC. 10 7.01% $6,980
    Bank of England 10 6.46% $7,884
    Simmons Bank 7 6.70% $7,407
    Regions Bank 7 6.55% $8,746
    SENTE MORTGAGE, INC. 6 6.79% $7,625
    EVERETT FINANCIAL, INC. 5 6.80% $9,495
    NEWREZ LLC 5 6.63% $5,870
    UNITED WHOLESALE MORTGAGE, LLC 4 6.09% $8,367
    FREEDOM MORTGAGE CORPORATION 4 6.88% $9,555
    Eagle Bank and Trust Company 3 6.71% $5,249
    Mr. Cooper ( Nationstar Mortgage ) 3 6.92% $11,089
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 6.79% $9,124
    BROKER SOLUTIONS, INC. 3 6.67% $8,227
    Centennial Bank 3 6.88% $7,956
    VERITAS FUNDING, LLC 2 6.94% $12,477
    PILGRIM MORTGAGE LLC 2 7.31% $8,650
    Mortgage Research Center, LLC 2 7.88% $4,370
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.75% $10,205
    NETWORK CAPITAL FUNDING CORPORATION 1 5.75% $13,790
    Orion Federal Credit Union 1 7.00% $6,976
    PLANET HOME LENDING, LLC 1 5.50% $5,832
    POLARIS HOME FUNDING CORP. 1 7.25% $21,806
    Sierra Pacific Mortgage Company, Inc. 1 6.50% $13,253
    Sunflower Bank 1 6.13% $9,519
    The Federal Savings Bank 1 6.25% $5,133
    WESTSTAR MORTGAGE CORPORATION 1 6.75% $7,493
    ACADEMY MORTGAGE CORPORATION 1 7.00% $8,631
    WILLOW BEND MORTGAGE COMPANY, LLC 1 6.13% $10,427
    AMERICAN FINANCIAL NETWORK, INC. 1 6.25% $12,353
    AMERICAN FINANCIAL RESOURCES, INC. 1 5.75% $9,463
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.13% $6,514
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $7,765
    Arvest Bank 1 7.00% $5,854
    BancorpSouth 1 6.75% $5,567
    BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 7.50% $8,031
    CORNERSTONE HOME LENDING, INC. 1 6.75% $9,332
    CROSSCOUNTRY MORTGAGE, LLC 1 6.63% $8,300
    DAS Acquisition Company, LLC 1 6.75% $5,913
    ENDEAVOR CAPITAL, LLC. 1 6.13% $7,950
    FIRST COMMUNITY MORTGAGE, INC. 1 6.13% $10,010
    First Financial Bank 1 6.38% $5,773
    First Horizon Bank 1 6.63% $10,382
    First Option Mortgage, LLC 1 6.63% $7,039
    Flagstar Bank, FSB 1 7.25% $21,871
    GERSHMAN INVESTMENT CORP. 1 6.63% $6,231
    LOANDEPOT.COM, LLC 1 6.63% $9,497
    LOANPAL, LLC 1 7.00% $8,522
    MID AMERICA MORTGAGE, INC. 1 6.38% $14,293
    MOVEMENT MORTGAGE, LLC 1 6.88% $6,726

    The top Searcy FHA lender as defined by loan originations is First Community Bank, with 26 FHA loans originated. Their average total fees are $7,207, which is $2,496 lower than the next largest lender, FirstTrust Home Loans, Inc..

    The lowest fee Searcy FHA lenders (with over 10 loans originated) are First Security Bank ($5,123), FLAT BRANCH MORTGAGE, INC. ($6,980), First Community Bank ($7,207), QUICKEN LOANS, LLC ($7,417) and Bank of England ($7,884).

    The lowest rate Searcy FHA lenders (with over 10 loans originated) are First Security Bank (6.03%), MORTGAGE FINANCIAL SERVICES, LLC (6.24%), First Community Bank (6.40%), Bank of England (6.46%) and QUICKEN LOANS, LLC (6.47%).

    Searcy FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Searcy (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 $132,675 (-1.1%) $174,511 (-0.8%) 0.00 311
    2018-02-01 $134,675 (0.6%) $176,178 (1.7%) 0.00 301
    2018-03-01 $139,900 (0.5%) $178,677 (0.5%) 0.00 311
    2018-04-01 $148,975 (8.0%) $185,669 (3.8%) 0.00 323
    2018-05-01 $148,500 (5.3%) $182,895 (-2.9%) 0.00 328
    2018-06-01 $144,500 (-0.8%) $182,982 (-4.6%) 0.00 373
    2018-07-01 $146,750 (-1.8%) $186,260 (-2.5%) 0.00 376
    2018-08-01 $147,975 (-0.5%) $183,766 (-2.0%) 0.00 371
    2018-09-01 $149,000 (-0.6%) $187,261 (-1.2%) 0.00 365
    2018-10-01 $146,375 (-2.4%) $218,458 (16.4%) 0.00 363
    2018-11-01 $139,950 (-5.3%) $211,828 (13.1%) 0.00 355
    2018-12-01 $138,250 (0.0%) $215,388 (19.7%) 0.00 322
    2019-01-01 $135,950 (2.5%) $213,275 (22.2%) 0.00 286
    2019-02-01 $139,325 (3.5%) $225,479 (28.0%) 0.00 281
    2019-03-01 $146,329 (4.6%) $229,521 (28.5%) 0.00 295
    2019-04-01 $154,900 (4.0%) $229,983 (23.9%) 0.00 306
    2019-05-01 $159,375 (7.3%) $231,273 (26.5%) 0.00 316
    2019-06-01 $154,900 (7.2%) $221,514 (21.1%) 0.00 333
    2019-07-01 $159,200 (8.5%) $223,068 (19.8%) 0.00 336
    2019-08-01 $157,200 (6.2%) $216,689 (17.9%) 0.00 320
    2019-09-01 $153,150 (2.8%) $200,269 (7.0%) 0.00 308
    2019-10-01 $151,700 (3.6%) $191,076 (-12.5%) 0.00 295
    2019-11-01 $149,000 (6.5%) $192,288 (-9.2%) 0.00 296
    2019-12-01 $137,850 (-0.3%) $190,803 (-11.4%) 0.00 270
    2020-01-01 $134,950 (-0.7%) $186,562 (-12.5%) 0.00 248
    2020-02-01 $142,000 (1.9%) $194,254 (-13.9%) 0.00 244
    2020-03-01 $149,500 (2.2%) $198,757 (-13.4%) 0.00 230
    2020-04-01 $153,375 (-1.0%) $200,210 (-13.0%) 0.00 233
    2020-05-01 $155,000 (-2.8%) $206,031 (-10.9%) 0.00 186
    2020-06-01 $159,450 (2.9%) $214,994 (-2.9%) 0.00 168
    2020-07-01 $164,750 (3.5%) $223,101 (0.0%) 0.00 146
    2020-08-01 $165,000 (5.0%) $225,797 (4.2%) 0.00 134
    2020-09-01 $163,000 (6.4%) $220,887 (10.3%) 0.00 149
    2020-10-01 $151,675 (0.0%) $221,347 (15.8%) 0.00 133
    2020-11-01 $163,500 (9.7%) $231,331 (20.3%) 0.00 130
    2020-12-01 $165,000 (19.7%) $240,103 (25.8%) 0.00 119
    2021-01-01 $159,200 (18.0%) $240,761 (29.1%) 0.00 94
    2021-02-01 $166,100 (17.0%) $232,709 (19.8%) 0.00 79
    2021-03-01 $166,950 (11.7%) $242,301 (21.9%) 0.00 72
    2021-04-01 $189,900 (23.8%) $264,224 (32.0%) 0.00 63
    2021-05-01 $172,500 (11.3%) $250,551 (21.6%) 0.00 68
    2021-06-01 $172,950 (8.5%) $244,519 (13.7%) 0.00 87
    2021-07-01 $189,900 (15.3%) $255,288 (14.4%) 0.00 106
    2021-08-01 $177,950 (7.9%) $245,719 (8.8%) 0.00 106
    2021-09-01 $174,404 (7.0%) $241,338 (9.3%) 0.00 109
    2021-10-01 $178,288 (17.6%) $246,377 (11.3%) 0.00 113
    2021-11-01 $176,125 (7.7%) $249,547 (7.9%) 0.00 100
    2021-12-01 $183,250 (11.1%) $251,952 (4.9%) 0.00 93
    2022-01-01 $185,000 (16.2%) $278,925 (15.9%) 0.00 73
    2022-02-01 $159,000 (-4.3%) $274,942 (18.2%) 0.00 73
    2022-03-01 $162,725 (-2.5%) $286,126 (18.1%) 0.00 72
    2022-04-01 $230,000 (21.1%) $304,493 (15.2%) 0.00 72
    2022-05-01 $206,639 (19.8%) $296,731 (18.4%) 0.00 87
    2022-06-01 $213,721 (23.6%) $301,758 (23.4%) 0.00 90
    2022-07-01 $219,900 (15.8%) $281,979 (10.5%) 0.00 118
    2022-08-01 $224,999 (26.4%) $285,237 (16.1%) 0.00 122
    2022-09-01 $209,950 (20.4%) $279,215 (15.7%) 0.00 120
    2022-10-01 $215,000 (20.6%) $282,030 (14.5%) 0.00 114
    2022-11-01 $210,950 (19.8%) $269,780 (8.1%) 0.00 129
    2022-12-01 $228,900 (24.9%) $297,028 (17.9%) 0.00 128
    2023-01-01 $244,450 (32.1%) $297,529 (6.7%) 0.00 96
    2023-02-01 $245,500 (54.4%) $328,358 (19.4%) 0.00 92
    2023-03-01 $249,950 (53.6%) $332,067 (16.1%) 0.00 97
    2023-04-01 $265,000 (15.2%) $362,042 (18.9%) 0.00 100
    2023-05-01 $275,000 (33.1%) $369,493 (24.5%) 0.00 110
    2023-06-01 $249,450 (16.7%) $351,580 (16.5%) 0.00 113
    2023-07-01 $250,000 (13.7%) $339,976 (20.6%) 0.00 121
    2023-08-01 $236,150 (5.0%) $335,722 (17.7%) 0.00 133
    2023-09-01 $241,250 (14.9%) $331,374 (18.7%) 0.00 148
    2023-10-01 $224,836 (4.6%) $318,701 (13.0%) 0.00 145
    2023-11-01 $225,000 (6.7%) $314,342 (16.5%) 0.00 153
    2023-12-01 $229,900 (0.4%) $313,979 (5.7%) 0.00 156
    2024-01-01 $229,950 (-5.9%) $312,996 (5.2%) 0.00 145
    2024-02-01 $232,766 (-5.2%) $325,579 (-0.9%) 0.00 140
    2024-03-01 $232,250 (-7.1%) $325,092 (-2.1%) 0.00 151
    2024-04-01 $232,900 (-12.1%) $326,998 (-9.7%) 0.00 163
    2024-05-01 $240,225 (-12.7%) $327,497 (-11.4%) 0.00 169
    2024-06-01 $248,000 (-0.6%) $337,011 (-4.1%) 0.00 168
    2024-07-01 $249,500 (-0.2%) $334,401 (-1.6%) 0.00 186
    2024-08-01 $249,000 (5.4%) $325,626 (-3.0%) 0.00 192
    2024-09-01 $222,400 (-7.8%) $309,092 (-6.7%) 0.00 200
    2024-10-01 $227,400 (1.1%) $294,056 (-7.7%) 0.00 208
    2024-11-01 $223,250 (-0.8%) $290,057 (-7.7%) 0.00 225
    Searcy's median listing price for 2024-11-01 was $223,250, a difference of $-1,750 (-0.8%) versus the prior year and $-4,150 versus the prior month.

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

    Searcy's average listing price for 2024-11-01 was $290,057, a difference of $-24,285 (-7.7%) versus the prior year and $-3,999 versus the prior month.

    For the 2024-11-01 period, Searcy had 225 MLS listings, a difference of 17 listings (8%) versus the prior month and 72 listings (47%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Searcy (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,625 sqft
    2018-02-01 0 days 1,637 sqft
    2018-03-01 0 days 1,730 sqft
    2018-04-01 0 days 1,788 sqft
    2018-05-01 0 days 1,786 sqft
    2018-06-01 0 days 1,764 sqft
    2018-07-01 0 days 1,765 sqft
    2018-08-01 0 days 1,734 sqft
    2018-09-01 0 days 1,748 sqft
    2018-10-01 0 days 1,706 sqft
    2018-11-01 0 days 1,690 sqft
    2018-12-01 0 days 1,654 sqft
    2019-01-01 0 days 1,664 sqft
    2019-02-01 0 days 1,728 sqft
    2019-03-01 0 days 1,795 sqft
    2019-04-01 0 days 1,840 sqft
    2019-05-01 0 days 1,874 sqft
    2019-06-01 0 days 1,816 sqft
    2019-07-01 0 days 1,832 sqft
    2019-08-01 0 days 1,835 sqft
    2019-09-01 0 days 1,830 sqft
    2019-10-01 0 days 1,829 sqft
    2019-11-01 0 days 1,804 sqft
    2019-12-01 0 days 1,804 sqft
    2020-01-01 0 days 1,801 sqft
    2020-02-01 0 days 1,801 sqft
    2020-03-01 0 days 1,781 sqft
    2020-04-01 0 days 1,804 sqft
    2020-05-01 0 days 1,815 sqft
    2020-06-01 0 days 1,821 sqft
    2020-07-01 0 days 1,906 sqft
    2020-08-01 0 days 1,934 sqft
    2020-09-01 0 days 1,877 sqft
    2020-10-01 0 days 1,848 sqft
    2020-11-01 0 days 1,941 sqft
    2020-12-01 0 days 1,944 sqft
    2021-01-01 0 days 1,814 sqft
    2021-02-01 0 days 1,826 sqft
    2021-03-01 0 days 1,839 sqft
    2021-04-01 0 days 1,827 sqft
    2021-05-01 0 days 1,710 sqft
    2021-06-01 0 days 1,840 sqft
    2021-07-01 0 days 1,914 sqft
    2021-08-01 0 days 1,862 sqft
    2021-09-01 0 days 1,867 sqft
    2021-10-01 0 days 1,866 sqft
    2021-11-01 0 days 1,851 sqft
    2021-12-01 0 days 1,851 sqft
    2022-01-01 0 days 1,900 sqft
    2022-02-01 0 days 1,761 sqft
    2022-03-01 0 days 1,754 sqft
    2022-04-01 0 days 1,892 sqft
    2022-05-01 0 days 1,778 sqft
    2022-06-01 0 days 1,818 sqft
    2022-07-01 0 days 1,752 sqft
    2022-08-01 0 days 1,773 sqft
    2022-09-01 0 days 1,772 sqft
    2022-10-01 0 days 1,779 sqft
    2022-11-01 0 days 1,787 sqft
    2022-12-01 0 days 1,800 sqft
    2023-01-01 0 days 1,898 sqft
    2023-02-01 0 days 1,999 sqft
    2023-03-01 0 days 2,028 sqft
    2023-04-01 0 days 1,925 sqft
    2023-05-01 0 days 1,910 sqft
    2023-06-01 0 days 1,885 sqft
    2023-07-01 0 days 1,903 sqft
    2023-08-01 0 days 1,873 sqft
    2023-09-01 0 days 1,905 sqft
    2023-10-01 0 days 1,850 sqft
    2023-11-01 0 days 1,820 sqft
    2023-12-01 0 days 1,818 sqft
    2024-01-01 0 days 1,776 sqft
    2024-02-01 0 days 1,829 sqft
    2024-03-01 0 days 1,800 sqft
    2024-04-01 0 days 1,736 sqft
    2024-05-01 0 days 1,789 sqft
    2024-06-01 0 days 1,861 sqft
    2024-07-01 0 days 1,815 sqft
    2024-08-01 0 days 1,800 sqft
    2024-09-01 0 days 1,754 sqft
    2024-10-01 0 days 1,731 sqft
    2024-11-01 0 days 1,711 sqft
    Searcy's median listing age (time on market) for 2024-11-01 was 0 days.

    Searcy's median square footage for active listings during the 2024-11-01 period was 1,711 sqft. One year prior, the average listing was 1,820 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).