Texarkana FHA Loan Rates, Closing Costs & Stats

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 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 6.22% for the week of 2024-10-04, compared to the national average (all FHA variants) of 5.885% for the same period.

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

The average rate for the prior week (2024-09-27) was 5.81% and one month ago for the week of 2024-08-30, the average rate was 6.37%.

The average rate one year ago was 7.41%.

For refis of the same type during the week of 2024-10-04, the average rate was 5.81%.

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
2024-06-01 $245,000 (-5.8%) $287,354 (-8.8%) 0.55 426
2024-07-01 $246,699 (0.7%) $288,084 (-5.6%) 0.56 431
2024-08-01 $245,000 (-2.0%) $287,959 (-9.0%) 0.57 440
2024-09-01 $237,750 (1.2%) $288,162 (-4.7%) 0.00 454
Texarkana's median listing price for 2024-09-01 was $237,750, a difference of $2,750 (1.2%) versus the prior year and $-7,250 versus the prior month.

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

Texarkana's average listing price for 2024-09-01 was $288,162, a difference of $-14,074 (-4.7%) versus the prior year and $203 versus the prior month.

For the 2024-09-01 period, Texarkana had 454 MLS listings, a difference of 14 listings (3%) versus the prior month and 95 listings (26%) 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
2024-06-01 65 days 1,923 sqft
2024-07-01 76 days 1,920 sqft
2024-08-01 79 days 1,895 sqft
2024-09-01 0 days 1,902 sqft
Texarkana's median listing age (time on market) for 2024-09-01 was 0 days. This is -100% shorter than the same period one year ago.

Texarkana's median square footage for active listings during the 2024-09-01 period was 1,902 sqft. One year prior, the average listing was 1,913 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).