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 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 -0.2% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.49% and one month ago for the week of 2024-10-25, the average rate was 6.07%.

The average rate one year ago was 6.86%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.2%.

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 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
Searcy's median listing price for 2024-10-01 was $227,400, a difference of $2,564 (1.1%) versus the prior year and $5,000 versus the prior month.

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

Searcy's average listing price for 2024-10-01 was $294,056, a difference of $-24,645 (-7.7%) versus the prior year and $-15,036 versus the prior month.

For the 2024-10-01 period, Searcy had 208 MLS listings, a difference of 8 listings (4%) versus the prior month and 63 listings (43%) 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
Searcy's median listing age (time on market) for 2024-10-01 was 0 days.

Searcy's median square footage for active listings during the 2024-10-01 period was 1,731 sqft. One year prior, the average listing was 1,850 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).