Texarkana FHA Loan Rates, Closing Costs & Stats

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 61 lenders originated 351 FHA loans during 2022. The total origination value was $64,975,000, with an average FHA loan value of $185,114.

    Texarkana FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Texarkana averaged 6.12% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Texarkana's average FHA mortgage closing costs are $6,401.

    The average rate for the prior week (2023-05-19) was 6.2% and one month ago for the week of 2023-04-21, the average rate was 6.24%.

    The average rate one year ago was 4.96%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.58%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Texarkana level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    MORTGAGE FINANCIAL SERVICES, LLC 67 4.92% $8,701
    EVERETT FINANCIAL, INC. 30 5.57% $5,301
    QUICKEN LOANS, LLC 28 4.51% $7,948
    CARDINAL FINANCIAL 19 5.05% $9,480
    SWBC MORTGAGE CORPORATION 17 4.85% $7,216
    GUILD MORTGAGE COMPANY 14 5.41% $7,709
    PRIMARY RESIDENTIAL MORTGAGE, INC. 12 6.01% $9,816
    Farmers Bank & Trust Company 10 5.02% $9,231
    State Bank of De Kalb 10 4.31% $8,941
    UNITED WHOLESALE MORTGAGE, LLC 8 5.04% $11,226
    Gateway First Bank 6 4.81% $9,056
    AMERISAVE MORTGAGE CORPORATION 5 5.23% $12,990
    Bank of England 5 4.98% $8,596
    HOME POINT FINANCIAL CORPORATION 5 5.88% $4,659
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 5.50% $7,167
    FirstTrust Home Loans, Inc. 5 4.70% $7,514
    Guaranty Bank & Trust, N.A. 5 3.80% $8,587
    LOANDEPOT.COM, LLC 5 4.77% $8,938
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 4 6.47% $11,931
    Mr. Cooper ( Nationstar Mortgage ) 4 5.06% $10,987
    FREEDOM MORTGAGE CORPORATION 4 5.34% $8,400
    BROKER SOLUTIONS, INC. 4 5.03% $7,354
    Mortgage Research Center, LLC 3 5.58% $6,020
    Equity Prime Mortgage LLC 3 5.46% $7,763
    Regions Bank 3 4.71% $6,576
    Ixonia Bank 3 5.54% $8,109
    AMERICAN FINANCING CORPORATION 3 4.17% $7,676
    CALIBER HOME LOANS, INC. 3 4.75% $6,175
    BancorpSouth Bank 3 3.75% $7,506
    AMCAP MORTGAGE, LTD. 2 5.31% $11,564
    Arvest Bank 2 4.44% $9,611
    CALCON MUTUAL MORTGAGE LLC 2 5.56% $8,993
    LEADERONE FINANCIAL CORPORATION 2 4.31% $6,301
    NEWREZ LLC 2 4.00% $3,334
    PENNYMAC LOAN SERVICES, LLC 2 5.19% $10,656
    LIBERTY HOME MORTGAGE CORPORATION 1 4.50% $15,279
    Hometown Equity Mortgage, LLC 1 5.38% $12,378
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.38% $5,380
    First United Bank and Trust Company 1 6.13% $8,415
    First State Bank of St. Charles, Missouri 1 3.13% $6,535
    NBH Bank 1 7.25% $3,312
    Waterstone Mortgage Corporation 1 4.25% $8,412
    NFM, INC. 1 5.63% $8,578
    OPEN MORTGAGE, LLC 1 7.13% $7,444
    Paramount Residential Mortgage Group, Inc. 1 7.13% $19,382
    ZILLOW HOME LOANS, LLC 1 5.75% $13,648
    PLANET HOME LENDING, LLC 1 3.25% $2,395
    ENDEAVOR CAPITAL, LLC. 1 4.13% $7,601
    CROSSCOUNTRY MORTGAGE, LLC 1 3.99% $8,963
    Carrington Mortgage Services, LLC 1 6.13% $6,039
    S1L, Inc. 1 6.13% $9,184
    BETTER MORTGAGE CORPORATION 1 3.25% $4,818
    SUN WEST MORTGAGE COMPANY, INC. 1 6.25% $6,105
    Austin Capital Bank SSB 1 6.63% $7,925
    T2 FINANCIAL LLC 1 4.75% $6,843
    Texana Bank 1 3.63% $9,189
    The Home Loan Expert LLC 1 5.50% $4,766
    United Fidelity Funding Corp. 1 5.75% $14,537
    Hometown Lenders, Inc. 1 4.75% $11,665
    LAKEVIEW LOAN SERVICING, LLC 1 3.75% $3,789
    AMERICAN FINANCIAL RESOURCES, INC. 1 4.88% $10,219

    The top Texarkana FHA lender as defined by loan originations is MORTGAGE FINANCIAL SERVICES, LLC, with 67 FHA loans originated. Their average total fees are $8,701, which is $3,400 higher than the next largest lender, EVERETT FINANCIAL, INC..

    The lowest fee Texarkana FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($5,301), SWBC MORTGAGE CORPORATION ($7,216), GUILD MORTGAGE COMPANY ($7,709), QUICKEN LOANS, LLC ($7,948) and MORTGAGE FINANCIAL SERVICES, LLC ($8,701).

    The lowest rate Texarkana FHA lenders (with over 10 loans originated) are State Bank of De Kalb (4.31%), QUICKEN LOANS, LLC (4.51%), SWBC MORTGAGE CORPORATION (4.85%), MORTGAGE FINANCIAL SERVICES, LLC (4.92%) and Farmers Bank & Trust Company (5.02%).

    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
    TEXARKANA, TX-AR LITTLE RIVER 2023 $472,030 $604,400 $730,525 $907,900
    TEXARKANA, TX-AR MILLER 2023 $472,030 $604,400 $730,525 $907,900
    TEXARKANA, TX-AR BOWIE 2023 $472,030 $604,400 $730,525 $907,900

    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 $136,975 (-1.3%) $185,893 (-0.1%) 0.51 473
    2018-02-01 $135,150 (-2.8%) $186,605 (0.7%) 0.49 469
    2018-03-01 $141,500 (0.0%) $192,739 (0.4%) 0.50 467
    2018-04-01 $157,287 (4.9%) $203,969 (5.6%) 0.53 468
    2018-05-01 $159,900 (0.3%) $210,470 (7.5%) 0.53 470
    2018-06-01 $159,950 (0.2%) $218,921 (13.6%) 0.53 510
    2018-07-01 $164,550 (10.1%) $218,876 (14.7%) 0.55 547
    2018-08-01 $169,700 (19.1%) $220,122 (19.1%) 0.57 547
    2018-09-01 $166,350 (14.7%) $218,039 (17.3%) 0.56 528
    2018-10-01 $157,475 (9.4%) $209,776 (13.8%) 0.53 547
    2018-11-01 $158,250 (13.2%) $212,687 (16.8%) 0.54 555
    2018-12-01 $155,900 (12.2%) $216,807 (15.7%) 0.54 523
    2019-01-01 $155,750 (13.7%) $213,471 (14.8%) 0.54 501
    2019-02-01 $159,950 (18.4%) $212,155 (13.7%) 0.54 496
    2019-03-01 $171,000 (20.9%) $219,559 (13.9%) 0.57 484
    2019-04-01 $174,800 (11.1%) $224,503 (10.1%) 0.56 485
    2019-05-01 $171,600 (7.3%) $217,176 (3.2%) 0.54 472
    2019-06-01 $165,450 (3.4%) $212,968 (-2.7%) 0.52 498
    2019-07-01 $167,750 (1.9%) $212,875 (-2.7%) 0.53 493
    2019-08-01 $168,500 (-0.7%) $217,823 (-1.0%) 0.53 485
    2019-09-01 $165,125 (-0.7%) $216,842 (-0.6%) 0.52 466
    2019-10-01 $159,900 (1.5%) $209,608 (-0.1%) 0.52 479
    2019-11-01 $159,900 (1.0%) $207,186 (-2.6%) 0.52 464
    2019-12-01 $161,175 (3.4%) $207,224 (-4.4%) 0.54 421
    2020-01-01 $159,450 (2.4%) $209,008 (-2.1%) 0.53 370
    2020-02-01 $163,000 (1.9%) $214,846 (1.3%) 0.53 361
    2020-03-01 $157,950 (-7.6%) $205,903 (-6.2%) 0.50 366
    2020-04-01 $166,375 (-4.8%) $213,144 (-5.1%) 0.52 346
    2020-05-01 $179,450 (4.6%) $224,877 (3.6%) 0.55 304
    2020-06-01 $188,425 (13.9%) $233,975 (9.9%) 0.56 293
    2020-07-01 $197,824 (17.9%) $242,080 (13.7%) 0.57 280
    2020-08-01 $185,000 (9.8%) $234,150 (7.5%) 0.53 258
    2020-09-01 $184,850 (12.0%) $240,405 (10.9%) 0.53 234
    2020-10-01 $189,000 (18.2%) $240,177 (14.6%) 0.54 236
    2020-11-01 $185,000 (15.7%) $238,842 (15.3%) 0.54 235
    2020-12-01 $187,125 (16.1%) $247,094 (19.2%) 0.56 202
    2021-01-01 $184,900 (16.0%) $253,718 (21.4%) 0.55 182
    2021-02-01 $191,075 (17.2%) $254,469 (18.4%) 0.56 170
    2021-03-01 $195,350 (23.7%) $259,122 (25.9%) 0.55 161
    2021-04-01 $193,875 (16.5%) $363,138 (70.4%) 0.52 136
    2021-05-01 $199,900 (11.4%) $372,681 (65.7%) 0.53 134
    2021-06-01 $180,950 (-4.0%) $344,953 (47.4%) 0.48 142
    2021-07-01 $179,500 (-9.3%) $321,072 (32.6%) 0.47 169
    2021-08-01 $169,500 (-8.4%) $305,381 (30.4%) 0.45 189
    2021-09-01 $172,875 (-6.5%) $291,635 (21.3%) 0.46 197
    2021-10-01 $178,000 (-5.8%) $294,760 (22.7%) 0.47 213
    2021-11-01 $178,750 (-3.4%) $297,029 (24.4%) 0.48 226
    2021-12-01 $179,950 (-3.8%) $295,872 (19.7%) 0.49 229
    2022-01-01 $195,000 (5.5%) $318,221 (25.4%) 0.53 186
    2022-02-01 $223,250 (16.8%) $334,202 (31.3%) 0.58 178
    2022-03-01 $246,500 (26.2%) $316,835 (22.3%) 0.62 164
    2022-04-01 $272,500 (40.6%) $353,032 (-2.8%) 0.65 160
    2022-05-01 $258,500 (29.3%) $340,701 (-8.6%) 0.59 208
    2022-06-01 $239,800 (32.5%) $322,975 (-6.4%) 0.53 228
    2022-07-01 $237,000 (32.0%) $308,644 (-3.9%) 0.54 271
    2022-08-01 $225,975 (33.3%) $295,166 (-3.4%) 0.52 276
    2022-09-01 $223,625 (29.4%) $281,971 (-3.3%) 0.52 285
    2022-10-01 $213,450 (19.9%) $273,162 (-7.3%) 0.50 293
    2022-11-01 $199,700 (11.7%) $264,871 (-10.8%) 0.48 321
    2022-12-01 $199,000 (10.6%) $263,046 (-11.1%) 0.49 315
    2023-01-01 $207,225 (6.3%) $266,335 (-16.3%) 0.51 297
    2023-02-01 $223,450 (0.1%) $277,803 (-16.9%) 0.54 268
    2023-03-01 $233,950 (-5.1%) $291,280 (-8.1%) 0.55 267
    2023-04-01 $245,000 (-10.1%) $302,957 (-14.2%) 0.57 280
    Texarkana's median listing price for 2023-04-01 was $245,000, a difference of $-27,500 (-10.1%) versus the prior year and $11,050 versus the prior month.

    Texarkana's median listing price comes in at 57% of the national average.

    Texarkana's average listing price for 2023-04-01 was $302,957, a difference of $-50,075 (-14.2%) versus the prior year and $11,677 versus the prior month.

    For the 2023-04-01 period, Texarkana had 280 MLS listings, a difference of 13 listings (5%) versus the prior month and 120 listings (75%) 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
    2018-01-01 113 days 1,792 sqft
    2018-02-01 117 days 1,800 sqft
    2018-03-01 116 days 1,817 sqft
    2018-04-01 81 days 1,902 sqft
    2018-05-01 78 days 1,927 sqft
    2018-06-01 73 days 1,953 sqft
    2018-07-01 70 days 1,947 sqft
    2018-08-01 74 days 1,981 sqft
    2018-09-01 85 days 1,973 sqft
    2018-10-01 88 days 1,947 sqft
    2018-11-01 91 days 1,960 sqft
    2018-12-01 96 days 1,973 sqft
    2019-01-01 111 days 1,971 sqft
    2019-02-01 119 days 1,951 sqft
    2019-03-01 122 days 1,999 sqft
    2019-04-01 92 days 2,000 sqft
    2019-05-01 86 days 1,999 sqft
    2019-06-01 80 days 1,986 sqft
    2019-07-01 85 days 1,994 sqft
    2019-08-01 87 days 2,036 sqft
    2019-09-01 87 days 1,986 sqft
    2019-10-01 82 days 1,920 sqft
    2019-11-01 89 days 1,920 sqft
    2019-12-01 104 days 1,952 sqft
    2020-01-01 117 days 1,961 sqft
    2020-02-01 107 days 1,955 sqft
    2020-03-01 92 days 1,880 sqft
    2020-04-01 85 days 1,928 sqft
    2020-05-01 96 days 1,997 sqft
    2020-06-01 99 days 2,030 sqft
    2020-07-01 87 days 2,070 sqft
    2020-08-01 73 days 2,043 sqft
    2020-09-01 78 days 2,124 sqft
    2020-10-01 79 days 2,088 sqft
    2020-11-01 67 days 1,982 sqft
    2020-12-01 72 days 2,032 sqft
    2021-01-01 79 days 2,038 sqft
    2021-02-01 87 days 2,112 sqft
    2021-03-01 72 days 2,127 sqft
    2021-04-01 58 days 2,024 sqft
    2021-05-01 32 days 1,920 sqft
    2021-06-01 34 days 1,849 sqft
    2021-07-01 33 days 1,791 sqft
    2021-08-01 45 days 1,773 sqft
    2021-09-01 47 days 1,794 sqft
    2021-10-01 50 days 1,877 sqft
    2021-11-01 54 days 1,836 sqft
    2021-12-01 58 days 1,848 sqft
    2022-01-01 63 days 1,894 sqft
    2022-02-01 71 days 1,905 sqft
    2022-03-01 59 days 2,002 sqft
    2022-04-01 37 days 2,135 sqft
    2022-05-01 34 days 2,053 sqft
    2022-06-01 37 days 1,983 sqft
    2022-07-01 43 days 1,944 sqft
    2022-08-01 49 days 1,907 sqft
    2022-09-01 66 days 1,890 sqft
    2022-10-01 68 days 1,913 sqft
    2022-11-01 69 days 1,877 sqft
    2022-12-01 81 days 1,871 sqft
    2023-01-01 88 days 1,841 sqft
    2023-02-01 92 days 1,883 sqft
    2023-03-01 78 days 1,950 sqft
    2023-04-01 64 days 2,016 sqft
    Texarkana's median listing age (time on market) for 2023-04-01 was 64 days. This is 73% longer than the same period one year ago.

    Texarkana's median square footage for active listings during the 2023-04-01 period was 2,016 sqft. One year prior, the average listing was 2,135 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).