Searcy FHA Loan Rates, Closing Costs & Stats

Searcy, 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.

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).