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 59 lenders originated 328 FHA loans during 2023. The total origination value was $63,730,000, with an average FHA loan value of $194,299.

    Texarkana FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Texarkana averaged 6.75% for the week of 2024-06-14, compared to the national average (all FHA variants) of 6.712% for the same period.

    Texarkana's average FHA mortgage closing costs are $6,760.

    The average rate for the prior week (2024-06-07) was 7.04% and one month ago for the week of 2024-05-10, the average rate was 6.82%.

    The average rate one year ago was 6.57%.

    For refis of the same type during the week of 2024-06-14, the average rate was 6.44%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MORTGAGE FINANCIAL SERVICES, LLC 54 6.78% $9,552
    EVERETT FINANCIAL, INC. 46 6.90% $7,230
    QUICKEN LOANS, LLC 25 6.42% $7,724
    UNITED WHOLESALE MORTGAGE, LLC 20 6.41% $10,773
    GUILD MORTGAGE COMPANY 17 6.82% $8,904
    SWBC MORTGAGE CORPORATION 16 6.88% $5,837
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 14 6.87% $9,398
    SECURITYNATIONAL MORTGAGE COMPANY 8 6.58% $9,566
    Farmers Bank & Trust Company 7 6.96% $7,826
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.88% $9,388
    State Bank of De Kalb 7 5.80% $11,593
    FirstTrust Home Loans, Inc. 6 6.66% $11,181
    Regions Bank 6 6.31% $8,180
    BROKER SOLUTIONS, INC. 4 6.22% $7,641
    FIRST COMMUNITY MORTGAGE, INC. 3 7.00% $9,927
    AMERISAVE MORTGAGE CORPORATION 3 6.29% $13,071
    BancorpSouth 3 6.79% $5,161
    PENNYMAC LOAN SERVICES, LLC 3 6.17% $7,330
    CROSSCOUNTRY MORTGAGE, LLC 3 6.83% $12,616
    Citizens Bank 2 7.06% $5,200
    CALCON MUTUAL MORTGAGE LLC 2 7.00% $18,433
    DRAPER AND KRAMER MORTGAGE CORP. 2 6.88% $10,682
    Equity Prime Mortgage LLC 2 6.63% $7,789
    FREEDOM MORTGAGE CORPORATION 2 7.25% $12,340
    Guaranty Bank & Trust, N.A. 2 6.50% $7,356
    NBH Bank 2 7.25% $7,151
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.25% $8,938
    RELIANCE FIRST CAPITAL, LLC 2 6.25% $9,674
    ZILLOW HOME LOANS, LLC 2 7.00% $9,113
    AMCAP MORTGAGE, LTD. 1 7.13% $7,036
    CARDINAL FINANCIAL 1 5.75% $13,085
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $9,702
    LOANDEPOT.COM, LLC 1 7.25% $6,053
    LOANPAL, LLC 1 5.99% $10,517
    BECKAM FUNDING CORP. 1 8.00% $9,436
    Mortgage Research Center, LLC 1 7.13% $4,656
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.00% $9,555
    Mr. Cooper ( Nationstar Mortgage ) 1 5.25% $14,606
    Town Square Mortgage & Investments, Inc. 1 7.25% $7,665
    NBKC BANK 1 6.13% $5,927
    OCMBC, INC. 1 7.63% $11,206
    BAY EQUITY LLC 1 6.38% $9,455
    PENTAGON FEDERAL CREDIT UNION 1 6.50% $8,063
    PLANET HOME LENDING, LLC 1 6.99% $8,215
    PLAZA HOME MORTGAGE, INC. 1 7.25% $8,549
    UNION HOME MORTGAGE CORP. 1 7.25% $8,325
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $18,825
    Bank of England 1 8.00% $6,374
    Assurance Financial Group, L.L.C. 1 6.12% $6,579
    AMERICAN FINANCIAL NETWORK, INC. 1 7.25% $10,978
    AmeriHome Mortgage Company, LLC 1 6.13% $10,390
    SFMC, LP 1 7.38% $18,125
    Simmons Bank 1 6.63% $14,228
    ENDEAVOR CAPITAL, LLC. 1 6.50% $8,165
    DELMAR FINANCIAL COMPANY 1 8.63% $9,506
    First United Bank and Trust Company 1 6.50% $8,426
    Flagstar Bank, FSB 1 6.88% $9,562
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $8,548
    AMERICAN FINANCING CORPORATION 1 6.50% $9,132

    The top Texarkana FHA lender as defined by loan originations is MORTGAGE FINANCIAL SERVICES, LLC, with 54 FHA loans originated. Their average total fees are $9,552, which is $2,321 higher than the next largest lender, EVERETT FINANCIAL, INC..

    The lowest fee Texarkana FHA lenders (with over 10 loans originated) are SWBC MORTGAGE CORPORATION ($5,837), EVERETT FINANCIAL, INC. ($7,230), QUICKEN LOANS, LLC ($7,724), GUILD MORTGAGE COMPANY ($8,904) and HIGHLANDS RESIDENTIAL MORTGAGE, LTD. ($9,398).

    The lowest rate Texarkana FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.41%), QUICKEN LOANS, LLC (6.42%), MORTGAGE FINANCIAL SERVICES, LLC (6.78%), GUILD MORTGAGE COMPANY (6.82%) and HIGHLANDS RESIDENTIAL MORTGAGE, LTD. (6.87%).

    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 (-1.2%) $185,893 (0.1%) 0.51 473
    2018-02-01 $135,150 (-2.8%) $186,605 (0.8%) 0.49 469
    2018-03-01 $140,000 (-0.7%) $192,447 (0.4%) 0.49 466
    2018-04-01 $156,119 (4.2%) $203,696 (5.5%) 0.53 467
    2018-05-01 $159,900 (0.3%) $210,057 (7.3%) 0.53 469
    2018-06-01 $159,900 (0.2%) $218,528 (13.4%) 0.53 510
    2018-07-01 $163,500 (9.4%) $218,514 (14.5%) 0.55 547
    2018-08-01 $169,700 (19.1%) $219,864 (18.9%) 0.57 548
    2018-09-01 $166,125 (14.6%) $217,886 (17.1%) 0.56 529
    2018-10-01 $157,450 (9.3%) $209,776 (13.8%) 0.53 546
    2018-11-01 $157,500 (12.6%) $212,487 (16.4%) 0.53 554
    2018-12-01 $155,900 (12.2%) $216,601 (17.9%) 0.54 522
    2019-01-01 $155,250 (13.3%) $213,251 (14.7%) 0.54 500
    2019-02-01 $159,950 (18.4%) $211,934 (13.6%) 0.54 495
    2019-03-01 $166,957 (19.3%) $216,118 (12.3%) 0.55 487
    2019-04-01 $174,200 (11.6%) $224,185 (10.1%) 0.55 486
    2019-05-01 $171,600 (7.3%) $217,176 (3.4%) 0.54 472
    2019-06-01 $165,450 (3.5%) $212,968 (-2.5%) 0.52 498
    2019-07-01 $167,750 (2.6%) $212,875 (-2.6%) 0.53 493
    2019-08-01 $166,064 (-2.1%) $213,203 (-3.0%) 0.53 478
    2019-09-01 $161,659 (-2.7%) $210,771 (-3.3%) 0.52 481
    2019-10-01 $159,556 (1.3%) $209,150 (-0.3%) 0.51 481
    2019-11-01 $159,900 (1.5%) $207,186 (-2.5%) 0.52 464
    2019-12-01 $161,175 (3.4%) $207,224 (-4.3%) 0.54 421
    2020-01-01 $159,450 (2.7%) $209,008 (-2.0%) 0.53 370
    2020-02-01 $163,000 (1.9%) $214,846 (1.4%) 0.53 361
    2020-03-01 $157,950 (-5.4%) $205,903 (-4.7%) 0.50 366
    2020-04-01 $166,375 (-4.5%) $213,144 (-4.9%) 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 (11.4%) $234,150 (9.8%) 0.53 258
    2020-09-01 $184,850 (14.4%) $240,405 (14.1%) 0.53 234
    2020-10-01 $189,000 (18.5%) $240,177 (14.8%) 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 $179,700 (-9.2%) $322,468 (33.2%) 0.47 168
    2021-08-01 $170,225 (-8.0%) $306,602 (30.9%) 0.45 188
    2021-09-01 $174,000 (-5.9%) $292,226 (21.6%) 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 (31.9%) $308,644 (-4.3%) 0.53 271
    2022-08-01 $225,975 (32.8%) $295,166 (-3.7%) 0.52 276
    2022-09-01 $223,625 (28.5%) $281,971 (-3.5%) 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
    2023-05-01 $279,000 (7.9%) $318,928 (-6.4%) 0.63 272
    2023-06-01 $259,950 (8.4%) $314,937 (-2.5%) 0.58 294
    2023-07-01 $245,000 (3.4%) $305,294 (-1.1%) 0.56 314
    2023-08-01 $249,900 (10.6%) $316,550 (7.2%) 0.57 353
    2023-09-01 $235,000 (5.1%) $302,236 (7.2%) 0.55 359
    2023-10-01 $239,450 (12.2%) $295,558 (8.2%) 0.56 380
    2023-11-01 $248,625 (24.5%) $309,937 (17.0%) 0.59 362
    2023-12-01 $252,000 (26.6%) $302,921 (15.2%) 0.61 371
    2024-01-01 $253,000 (22.1%) $306,973 (15.3%) 0.62 356
    2024-02-01 $241,350 (8.0%) $288,187 (3.7%) 0.58 363
    2024-03-01 $234,500 (0.2%) $283,358 (-2.7%) 0.55 391
    2024-04-01 $236,750 (-3.4%) $285,526 (-5.8%) 0.55 366
    2024-05-01 $239,900 (-14.0%) $284,656 (-10.8%) 0.54 386
    Texarkana's median listing price for 2024-05-01 was $239,900, a difference of $-39,100 (-14.0%) versus the prior year and $3,150 versus the prior month.

    Texarkana's median listing price comes in at 54% of the national average.

    Texarkana's average listing price for 2024-05-01 was $284,656, a difference of $-34,272 (-10.8%) versus the prior year and $-870 versus the prior month.

    For the 2024-05-01 period, Texarkana had 386 MLS listings, a difference of 20 listings (5%) versus the prior month and 114 listings (42%) 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
    2018-01-01 108 days 1,792 sqft
    2018-02-01 109 days 1,801 sqft
    2018-03-01 105 days 1,821 sqft
    2018-04-01 75 days 1,902 sqft
    2018-05-01 73 days 1,930 sqft
    2018-06-01 68 days 1,954 sqft
    2018-07-01 65 days 1,949 sqft
    2018-08-01 68 days 1,987 sqft
    2018-09-01 78 days 1,974 sqft
    2018-10-01 80 days 1,947 sqft
    2018-11-01 79 days 1,957 sqft
    2018-12-01 89 days 1,970 sqft
    2019-01-01 103 days 1,969 sqft
    2019-02-01 108 days 1,948 sqft
    2019-03-01 99 days 1,962 sqft
    2019-04-01 83 days 1,993 sqft
    2019-05-01 75 days 2,000 sqft
    2019-06-01 73 days 1,981 sqft
    2019-07-01 77 days 1,990 sqft
    2019-08-01 73 days 2,005 sqft
    2019-09-01 73 days 1,957 sqft
    2019-10-01 73 days 1,920 sqft
    2019-11-01 86 days 1,920 sqft
    2019-12-01 95 days 1,952 sqft
    2020-01-01 106 days 1,961 sqft
    2020-02-01 100 days 1,955 sqft
    2020-03-01 77 days 1,880 sqft
    2020-04-01 75 days 1,928 sqft
    2020-05-01 87 days 1,997 sqft
    2020-06-01 87 days 2,030 sqft
    2020-07-01 71 days 2,070 sqft
    2020-08-01 66 days 2,043 sqft
    2020-09-01 71 days 2,124 sqft
    2020-10-01 73 days 2,088 sqft
    2020-11-01 54 days 1,982 sqft
    2020-12-01 67 days 2,032 sqft
    2021-01-01 76 days 2,038 sqft
    2021-02-01 86 days 2,112 sqft
    2021-03-01 64 days 2,127 sqft
    2021-04-01 52 days 2,024 sqft
    2021-05-01 30 days 1,920 sqft
    2021-06-01 33 days 1,849 sqft
    2021-07-01 33 days 1,796 sqft
    2021-08-01 44 days 1,775 sqft
    2021-09-01 45 days 1,797 sqft
    2021-10-01 49 days 1,877 sqft
    2021-11-01 53 days 1,836 sqft
    2021-12-01 55 days 1,848 sqft
    2022-01-01 61 days 1,894 sqft
    2022-02-01 68 days 1,905 sqft
    2022-03-01 57 days 2,002 sqft
    2022-04-01 36 days 2,133 sqft
    2022-05-01 33 days 2,053 sqft
    2022-06-01 35 days 1,983 sqft
    2022-07-01 41 days 1,944 sqft
    2022-08-01 48 days 1,907 sqft
    2022-09-01 65 days 1,890 sqft
    2022-10-01 67 days 1,913 sqft
    2022-11-01 68 days 1,877 sqft
    2022-12-01 80 days 1,871 sqft
    2023-01-01 86 days 1,841 sqft
    2023-02-01 88 days 1,883 sqft
    2023-03-01 70 days 1,950 sqft
    2023-04-01 61 days 2,016 sqft
    2023-05-01 60 days 2,073 sqft
    2023-06-01 47 days 2,016 sqft
    2023-07-01 48 days 1,946 sqft
    2023-08-01 56 days 1,942 sqft
    2023-09-01 59 days 1,913 sqft
    2023-10-01 63 days 1,906 sqft
    2023-11-01 73 days 1,920 sqft
    2023-12-01 80 days 1,925 sqft
    2024-01-01 89 days 1,914 sqft
    2024-02-01 81 days 1,840 sqft
    2024-03-01 67 days 1,807 sqft
    2024-04-01 72 days 1,849 sqft
    2024-05-01 67 days 1,879 sqft
    Texarkana's median listing age (time on market) for 2024-05-01 was 67 days. This is 12% longer than the same period one year ago.

    Texarkana's median square footage for active listings during the 2024-05-01 period was 1,879 sqft. One year prior, the average listing was 2,073 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).