Texarkana FHA Loans

TEXARKANA, TX-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.

    Texarkana's 63 lenders originated 520 FHA loans during 2021. The total origination value was $86,340,000, with an average FHA loan value of $166,038.

    Texarkana FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Texarkana averaged 5.25% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.28% and one month ago for the week of 2022-04-08, the average rate was 4.74%.

    The average rate one year ago was 3.05%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.94%.

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

    Texarkana FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Texarkana level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    MORTGAGE FINANCIAL SERVICES, LLC 99 3.14% $7,155
    QUICKEN LOANS, LLC 53 2.72% $6,329
    GUILD MORTGAGE COMPANY 46 3.15% $7,616
    State Bank of De Kalb 23 2.72% $6,456
    SWBC MORTGAGE CORPORATION 21 3.11% $6,402
    Mr. Cooper ( Nationstar Mortgage ) 14 3.62% $2,174
    PENNYMAC LOAN SERVICES, LLC 14 3.23% $4,050
    Farmers Bank & Trust Company 11 2.81% $6,981
    PRIMARY RESIDENTIAL MORTGAGE, INC. 11 3.92% $6,005
    VILLAGE CAPITAL & INVESTMENT LLC 10 2.90% $2,362
    EVERETT FINANCIAL, INC. 9 4.04% $5,160
    LAKEVIEW LOAN SERVICING, LLC 9 3.23% $4,046
    FREEDOM MORTGAGE CORPORATION 8 2.86% $4,822
    AMCAP MORTGAGE, LTD. 8 3.28% $7,237
    CALIBER HOME LOANS, INC. 7 2.61% $4,542
    ACADEMY MORTGAGE CORPORATION 7 3.46% $7,475
    Waterstone Mortgage Corporation 6 3.15% $9,891
    Guaranty Bank & Trust, N.A. 5 2.78% $7,295
    Bank of England 5 3.13% $5,885
    FirstTrust Home Loans, Inc. 5 2.83% $6,577
    BancorpSouth Bank 4 3.03% $7,492
    Regions Bank 4 2.94% $5,969
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 3.00% $7,111
    HOME POINT FINANCIAL CORPORATION 4 3.94% $5,520
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 3.00% $5,466
    NEWREZ LLC 3 3.00% $2,512
    S1L, Inc. 3 3.38% $7,187
    Mortgage Research Center, LLC 3 3.17% $7,690
    Barrington Bank & Trust Company, N.A. 3 3.25% $7,679
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 3.25% $4,939
    AmeriHome Mortgage Company, LLC 2 2.88% $3,891
    BROKER SOLUTIONS, INC. 2 3.94% $7,362
    UNION HOME MORTGAGE CORP. 2 3.50% $6,238
    Gateway First Bank 2 3.31% $5,992
    CMG MORTGAGE, INC. 2 3.44% $8,949
    Lakeview Community Capital, LLC 2 3.19% $4,235
    LOANDEPOT.COM, LLC 2 3.43% $6,363
    ZILLOW HOME LOANS, LLC 1 3.00% $9,866
    Acre Mortgage and Financial Inc 1 2.50% $9,078
    AMERICAN FINANCING CORPORATION 1 3.13% $5,195
    AMERISAVE MORTGAGE CORPORATION 1 3.25% $8,214
    Austin Capital Bank SSB 1 4.50% $9,494
    CROSSCOUNTRY MORTGAGE, LLC 1 3.25% $8,488
    DRAPER AND KRAMER MORTGAGE CORP. 1 3.25% $5,564
    Equity Prime Mortgage LLC 1 3.75% $7,506
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 3.50% $9,875
    FINANCE OF AMERICA MORTGAGE LLC 1 3.50% $8,881
    First Guaranty Mortgage Corporation 1 3.25% $4,761
    First Security Bank 1 2.25% $2,439
    First United Bank and Trust Company 1 2.50% $7,533
    Goldwater Bank, N.A. 1 2.63% $13,466
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.50% $10,145
    LEADERONE FINANCIAL CORPORATION 1 3.50% $3,370
    Loan Simple, Inc. 1 2.25% $12,487
    NATIONS DIRECT MORTGAGE, LLC 1 2.25% $11,267
    Nations Lending Corporation 1 3.63% $7,811
    PLANET HOME LENDING, LLC 1 3.25% $2,656
    POLARIS HOME FUNDING CORP. 1 2.88% $6,959
    PREMIA MORTGAGE, LLC 1 2.75% $10,300
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.63% $7,499
    SFMC, LP 1 3.25% $10,362
    SUMMIT FUNDING, INC. 1 3.75% $14,736
    Texana Bank 1 2.75% $7,735

    The top Texarkana FHA lender as defined by loan originations is MORTGAGE FINANCIAL SERVICES, LLC, with 99 FHA loans originated. Their average total fees are $7,155, which is $826 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Texarkana FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($2,174), VILLAGE CAPITAL & INVESTMENT LLC ($2,362), PENNYMAC LOAN SERVICES, LLC ($4,050), PRIMARY RESIDENTIAL MORTGAGE, INC. ($6,005) and QUICKEN LOANS, LLC ($6,329).

    The lowest rate Texarkana FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.72%), State Bank of De Kalb (2.72%), Farmers Bank & Trust Company (2.81%), VILLAGE CAPITAL & INVESTMENT LLC (2.90%) and SWBC MORTGAGE CORPORATION (3.11%).

    Texarkana FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    TEXARKANA, TX-AR LITTLE RIVER 2022 $420,680 $538,650 $651,050 $809,150
    TEXARKANA, TX-AR MILLER 2022 $420,680 $538,650 $651,050 $809,150
    TEXARKANA, TX-AR BOWIE 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Texarkana (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 $133,900 (-3.5%) $180,606 (-3.1%) 0.49 522
    2018-02-01 $133,450 (-4.0%) $182,334 (-1.9%) 0.48 522
    2018-03-01 $140,000 (-0.7%) $189,748 (-1.6%) 0.48 523
    2018-04-01 $152,337 (2.2%) $199,574 (3.2%) 0.51 520
    2018-05-01 $158,450 (0.3%) $205,287 (3.9%) 0.53 513
    2018-06-01 $159,900 (0.6%) $215,307 (11.4%) 0.53 555
    2018-07-01 $159,900 (7.3%) $213,001 (11.7%) 0.53 608
    2018-08-01 $161,700 (14.7%) $213,195 (16.3%) 0.54 619
    2018-09-01 $165,000 (15.8%) $212,598 (15.8%) 0.55 598
    2018-10-01 $155,000 (10.8%) $207,982 (15.2%) 0.52 632
    2018-11-01 $157,500 (15.0%) $212,512 (18.9%) 0.53 633
    2018-12-01 $155,000 (14.9%) $212,408 (17.8%) 0.53 601
    2019-01-01 $153,400 (14.6%) $209,826 (16.2%) 0.53 578
    2019-02-01 $157,500 (18.0%) $212,336 (16.5%) 0.53 595
    2019-03-01 $166,386 (18.9%) $217,919 (14.9%) 0.54 599
    2019-04-01 $174,900 (14.8%) $226,729 (13.6%) 0.55 600
    2019-05-01 $175,000 (10.4%) $224,190 (9.2%) 0.54 583
    2019-06-01 $169,900 (6.3%) $220,041 (2.2%) 0.52 599
    2019-07-01 $169,900 (6.3%) $219,124 (2.9%) 0.53 604
    2019-08-01 $168,657 (4.3%) $219,798 (3.1%) 0.53 593
    2019-09-01 $166,000 (0.6%) $217,837 (2.5%) 0.53 588
    2019-10-01 $159,900 (3.2%) $211,101 (1.5%) 0.51 604
    2019-11-01 $159,500 (1.3%) $210,290 (-1.1%) 0.51 586
    2019-12-01 $159,900 (3.2%) $208,734 (-1.7%) 0.53 535
    2020-01-01 $162,400 (5.9%) $211,081 (0.6%) 0.54 480
    2020-02-01 $164,900 (4.7%) $215,252 (1.4%) 0.53 454
    2020-03-01 $159,400 (-4.2%) $209,044 (-4.1%) 0.50 453
    2020-04-01 $161,500 (-7.7%) $215,343 (-5.0%) 0.50 429
    2020-05-01 $179,900 (2.8%) $230,365 (2.8%) 0.55 365
    2020-06-01 $193,449 (13.9%) $241,849 (9.9%) 0.56 375
    2020-07-01 $204,900 (20.6%) $253,176 (15.5%) 0.59 356
    2020-08-01 $189,900 (12.6%) $247,551 (12.6%) 0.54 325
    2020-09-01 $193,200 (16.4%) $259,237 (19.0%) 0.55 295
    2020-10-01 $195,000 (22.0%) $256,763 (21.6%) 0.56 282
    2020-11-01 $190,000 (19.1%) $250,492 (19.1%) 0.54 286
    2020-12-01 $190,000 (18.8%) $266,349 (27.6%) 0.56 254
    2021-01-01 $189,900 (16.9%) $270,693 (28.2%) 0.56 228
    2021-02-01 $196,000 (18.9%) $270,466 (25.7%) 0.56 212
    2021-03-01 $199,500 (25.2%) $279,087 (33.5%) 0.56 196
    2021-04-01 $231,950 (43.6%) $367,794 (70.8%) 0.62 165
    2021-05-01 $220,000 (22.3%) $380,057 (65.0%) 0.58 146
    2021-06-01 $184,450 (-4.7%) $358,739 (48.3%) 0.48 149
    2021-07-01 $182,500 (-10.9%) $333,702 (31.8%) 0.47 170
    2021-08-01 $172,450 (-9.2%) $312,960 (26.4%) 0.45 195
    2021-09-01 $173,000 (-10.5%) $296,734 (14.5%) 0.46 212
    2021-10-01 $179,500 (-8.0%) $296,328 (15.4%) 0.47 229
    2021-11-01 $179,700 (-5.4%) $298,538 (19.2%) 0.47 240
    2021-12-01 $179,950 (-5.3%) $292,984 (10.0%) 0.48 247
    2022-01-01 $189,900 (0.0%) $309,788 (14.4%) 0.51 207
    2022-02-01 $211,950 (8.1%) $330,339 (22.1%) 0.54 191
    2022-03-01 $231,500 (16.0%) $320,166 (14.7%) 0.57 182
    2022-04-01 $279,900 (20.7%) $347,565 (-5.5%) 0.66 166
    Texarkana's median listing price for 2022-04-01 was $279,900, a difference of $47,950 (20.7%) versus the prior year and $48,400 versus the prior month.

    Texarkana's median listing price comes in at 66% of the national average.

    Texarkana's average listing price for 2022-04-01 was $347,565, a difference of $-20,229 (-5.5%) versus the prior year and $27,399 versus the prior month.

    For the 2022-04-01 period, Texarkana had 166 MLS listings, a difference of -16 listings (-9%) versus the prior month and 1 listings (1%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Texarkana (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 112 days 1,796 sqft
    2018-02-01 112 days 1,801 sqft
    2018-03-01 110 days 1,855 sqft
    2018-04-01 81 days 1,912 sqft
    2018-05-01 78 days 1,931 sqft
    2018-06-01 71 days 1,978 sqft
    2018-07-01 69 days 1,955 sqft
    2018-08-01 72 days 1,988 sqft
    2018-09-01 80 days 1,998 sqft
    2018-10-01 82 days 1,948 sqft
    2018-11-01 82 days 1,954 sqft
    2018-12-01 92 days 1,959 sqft
    2019-01-01 103 days 1,953 sqft
    2019-02-01 113 days 1,956 sqft
    2019-03-01 95 days 1,971 sqft
    2019-04-01 83 days 2,003 sqft
    2019-05-01 80 days 2,028 sqft
    2019-06-01 77 days 2,004 sqft
    2019-07-01 79 days 2,043 sqft
    2019-08-01 77 days 2,064 sqft
    2019-09-01 75 days 1,992 sqft
    2019-10-01 75 days 1,916 sqft
    2019-11-01 84 days 1,920 sqft
    2019-12-01 98 days 1,958 sqft
    2020-01-01 109 days 1,970 sqft
    2020-02-01 105 days 1,966 sqft
    2020-03-01 92 days 1,920 sqft
    2020-04-01 83 days 1,931 sqft
    2020-05-01 95 days 2,025 sqft
    2020-06-01 85 days 2,041 sqft
    2020-07-01 57 days 2,087 sqft
    2020-08-01 64 days 2,025 sqft
    2020-09-01 71 days 2,149 sqft
    2020-10-01 71 days 2,090 sqft
    2020-11-01 55 days 2,019 sqft
    2020-12-01 62 days 2,077 sqft
    2021-01-01 73 days 2,128 sqft
    2021-02-01 78 days 2,183 sqft
    2021-03-01 78 days 2,198 sqft
    2021-04-01 75 days 2,151 sqft
    2021-05-01 37 days 2,019 sqft
    2021-06-01 35 days 1,886 sqft
    2021-07-01 39 days 1,848 sqft
    2021-08-01 39 days 1,814 sqft
    2021-09-01 44 days 1,799 sqft
    2021-10-01 44 days 1,888 sqft
    2021-11-01 54 days 1,851 sqft
    2021-12-01 56 days 1,841 sqft
    2022-01-01 63 days 1,863 sqft
    2022-02-01 69 days 1,875 sqft
    2022-03-01 60 days 1,960 sqft
    2022-04-01 36 days 2,161 sqft
    Texarkana's median listing age (time on market) for 2022-04-01 was 36 days. This is -52% shorter than the same period one year ago.

    Texarkana's median square footage for active listings during the 2022-04-01 period was 2,161 sqft. One year prior, the average listing was 2,151 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).