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 302 FHA loans during 2021. The total origination value was $46,320,000, with an average FHA loan value of $153,377.

    Searcy FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Searcy averaged 6.33% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

    Searcy's average FHA mortgage closing costs are $5,192.

    The average rate for the prior week (2022-11-25) was 6.25% and one month ago for the week of 2022-10-28, the average rate was 6.69%.

    The average rate one year ago was 3.52%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.2%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    QUICKEN LOANS, LLC 39 2.86% $5,577
    Bank of England 24 3.33% $7,347
    First Security Bank 21 2.58% $5,163
    FirstTrust Home Loans, Inc. 21 3.14% $5,770
    MORTGAGE FINANCIAL SERVICES, LLC 17 3.11% $6,417
    First Community Bank 14 2.76% $5,834
    FREEDOM MORTGAGE CORPORATION 11 2.76% $3,861
    Centennial Bank 10 2.73% $5,429
    SENTE MORTGAGE, INC. 8 3.09% $6,721
    Arvest Bank 8 3.03% $4,397
    Simmons Bank 7 2.80% $5,220
    AMCAP MORTGAGE, LTD. 5 3.68% $5,693
    PENNYMAC LOAN SERVICES, LLC 5 2.97% $4,012
    Mr. Cooper ( Nationstar Mortgage ) 5 3.53% $2,059
    CORNERSTONE HOME LENDING, INC. 4 3.06% $9,216
    UNITED WHOLESALE MORTGAGE, LLC 3 2.93% $6,150
    Gateway First Bank 3 2.92% $4,560
    Carrington Mortgage Services, LLC 3 3.17% $6,315
    LAKEVIEW LOAN SERVICING, LLC 3 2.91% $3,617
    CALIBER HOME LOANS, INC. 3 2.75% $4,571
    Eagle Bank and Trust Company 3 3.04% $4,757
    VILLAGE CAPITAL MORTGAGE 3 2.83% $2,157
    FBC MORTGAGE, LLC 3 3.63% $5,682
    Sierra Pacific Mortgage Company, Inc. 2 3.38% $6,294
    AMERICAN FINANCIAL RESOURCES, INC. 2 2.75% $6,677
    BROKER SOLUTIONS, INC. 2 3.25% $6,192
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.31% $6,151
    DAS Acquisition Company, LLC 2 3.31% $5,203
    ENCORE BANK 2 2.56% $4,829
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.75% $4,462
    First Guaranty Mortgage Corporation 2 3.25% $4,227
    FLAT BRANCH MORTGAGE, INC. 2 3.13% $7,236
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 2.88% $6,927
    PLAZA HOME MORTGAGE, INC. 2 3.38% $5,007
    MID AMERICA MORTGAGE, INC. 1 3.63% $262
    MORIA DEVELOPMENT, INC. 1 3.63% $8,003
    GUARANTEED RATE, INC. 1 3.13% $4,484
    MORTGAGE INVESTORS GROUP, INC. 1 3.25% $7,511
    GUARANTEED RATE AFFINITY, LLC 1 2.25% $6,292
    NEWREZ LLC 1 2.50% $4,153
    EVERETT FINANCIAL, INC. 1 3.00% $3,740
    Barrington Bank & Trust Company, N.A. 1 3.25% $5,312
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.88% $3,093
    CROSSCOUNTRY MORTGAGE, LLC 1 3.25% $5,588
    Regions Bank 1 2.75% $5,201
    Renasant Bank 1 2.99% $8,025
    COMMUNITY MORTGAGE CORPORATION 1 2.88% $5,521
    ACADEMY MORTGAGE CORPORATION 1 3.00% $6,296
    Commerce Bank 1 3.13% $3,569
    The Home Loan Expert LLC 1 2.63% $7,940
    UNION HOME MORTGAGE CORP. 1 3.25% $6,643
    Citizens Bank 1 2.63% $4,539
    U.S. Bank 1 3.75% $3,703
    HOMESIDE FINANCIAL, LLC 1 3.63% $6,025

    The top Searcy FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 39 FHA loans originated. Their average total fees are $5,577, which is $1,770 lower than the next largest lender, Bank of England.

    The lowest fee Searcy FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($3,861), First Security Bank ($5,163), Centennial Bank ($5,429), QUICKEN LOANS, LLC ($5,577) and FirstTrust Home Loans, Inc. ($5,770).

    The lowest rate Searcy FHA lenders (with over 10 loans originated) are First Security Bank (2.58%), Centennial Bank (2.73%), First Community Bank (2.76%), FREEDOM MORTGAGE CORPORATION (2.76%) and QUICKEN LOANS, LLC (2.86%).

    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

    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 (-1.3%) $174,511 (-1.3%) 0.00 311
    2018-02-01 $134,675 (0.5%) $176,178 (1.3%) 0.00 301
    2018-03-01 $139,900 (0.3%) $178,677 (0.1%) 0.00 311
    2018-04-01 $148,975 (7.6%) $185,669 (3.4%) 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 $147,950 (-0.5%) $183,759 (-2.0%) 0.00 370
    2018-09-01 $149,000 (-0.6%) $187,253 (-1.2%) 0.00 364
    2018-10-01 $146,000 (-2.7%) $218,496 (16.4%) 0.00 362
    2018-11-01 $139,950 (-5.3%) $211,828 (13.1%) 0.00 355
    2018-12-01 $137,500 (-0.5%) $215,468 (19.8%) 0.00 321
    2019-01-01 $135,925 (2.5%) $213,349 (22.3%) 0.00 285
    2019-02-01 $139,200 (3.4%) $225,599 (28.1%) 0.00 280
    2019-03-01 $146,329 (4.6%) $229,596 (28.5%) 0.00 294
    2019-04-01 $154,900 (4.0%) $229,992 (23.9%) 0.00 306
    2019-05-01 $159,375 (7.3%) $231,281 (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 (6.3%) $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 (3.9%) $191,076 (-12.6%) 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 (-11.5%) 0.00 270
    2020-01-01 $134,950 (-0.7%) $186,562 (-12.6%) 0.00 248
    2020-02-01 $142,000 (2.0%) $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 $162,725 (6.3%) $220,684 (10.2%) 0.00 148
    2020-10-01 $151,400 (-0.2%) $220,917 (15.6%) 0.00 132
    2020-11-01 $162,250 (8.9%) $231,149 (20.2%) 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 (7.2%) $241,338 (9.4%) 0.00 109
    2021-10-01 $178,288 (17.8%) $246,377 (11.5%) 0.00 113
    2021-11-01 $175,250 (8.0%) $249,853 (8.1%) 0.00 99
    2021-12-01 $182,625 (10.7%) $252,558 (5.2%) 0.00 92
    2022-01-01 $185,000 (16.2%) $280,077 (16.3%) 0.00 72
    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 $213,725 (23.6%) $301,758 (23.4%) 0.00 90
    2022-07-01 $219,900 (15.8%) $282,661 (10.7%) 0.00 117
    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 (20.4%) $269,780 (8.0%) 0.00 129
    Searcy's median listing price for 2022-11-01 was $210,950, a difference of $35,700 (20.4%) versus the prior year and $-4,050 versus the prior month.

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

    Searcy's average listing price for 2022-11-01 was $269,780, a difference of $19,927 (8.0%) versus the prior year and $-12,250 versus the prior month.

    For the 2022-11-01 period, Searcy had 129 MLS listings, a difference of 15 listings (13%) versus the prior month and 30 listings (30%) 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 1,793 sqft
    2018-05-01 0 days 1,789 sqft
    2018-06-01 0 days 1,761 sqft
    2018-07-01 0 days 1,770 sqft
    2018-08-01 0 days 1,738 sqft
    2018-09-01 0 days 1,750 sqft
    2018-10-01 0 days 1,710 sqft
    2018-11-01 0 days 1,695 sqft
    2018-12-01 0 days 1,654 sqft
    2019-01-01 0 days 1,664 sqft
    2019-02-01 0 days 1,732 sqft
    2019-03-01 0 days 1,809 sqft
    2019-04-01 0 days 1,841 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 1,878 sqft
    2020-10-01 0 days 1,850 sqft
    2020-11-01 0 days 1,949 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 1,857 sqft
    2021-12-01 0 days 1,878 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
    Searcy's median listing age (time on market) for 2022-11-01 was 0 days.

    Searcy's median square footage for active listings during the 2022-11-01 period was 1,787 sqft. One year prior, the average listing was 1,857 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).