Texarkana FHA Loans

TEXARKANA, TX-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.

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).