Abilene FHA Loan Rates, Closing Costs & Stats

ABILENE, TX

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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.

    Abilene's 56 lenders originated 485 FHA loans during 2023. The total origination value was $104,315,000, with an average FHA loan value of $215,082.

    Abilene FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Abilene averaged 6.56% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Abilene's average FHA mortgage closing costs are $7,295.

    The average rate for the prior week (2024-11-01) was 6.34% and one month ago for the week of 2024-10-04, the average rate was 6.06%.

    The average rate one year ago was 7.3%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.67%.

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

    Abilene 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 Abilene level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    First Financial Bank 80 6.54% $9,576
    PRIMELENDING, A PLAINSCAPITAL COMPANY 58 6.90% $10,796
    SUCCESS MORTGAGE PARTNERS, INC. 35 7.13% $10,338
    CARDINAL FINANCIAL 35 6.76% $11,773
    City Bank 32 6.85% $8,595
    MORTGAGE FINANCIAL SERVICES, LLC 29 6.90% $9,502
    SWBC MORTGAGE CORPORATION 28 6.99% $6,653
    UNITED WHOLESALE MORTGAGE, LLC 20 6.29% $9,958
    MOVEMENT MORTGAGE, LLC 15 6.61% $12,236
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 11 6.86% $9,901
    Renasant Bank 10 6.94% $9,212
    Paramount Residential Mortgage Group, Inc. 8 6.94% $9,190
    FREEDOM MORTGAGE CORPORATION 8 6.86% $11,923
    LOANDEPOT.COM, LLC 7 7.05% $9,389
    Citizens Bank 6 6.83% $9,482
    ZILLOW HOME LOANS, LLC 5 6.55% $9,473
    QUICKEN LOANS, LLC 5 6.48% $8,604
    Prosperity Home Mortgage, LLC 4 6.78% $9,248
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.46% $15,110
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 7.69% $11,235
    BROKER SOLUTIONS, INC. 3 7.08% $9,485
    Carrington Mortgage Services, LLC 3 6.50% $11,521
    Mortgage Research Center, LLC 3 6.88% $5,779
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.88% $6,915
    Flagstar Bank, FSB 2 5.56% $14,202
    AMCAP MORTGAGE, LTD. 2 6.81% $16,701
    CALCON MUTUAL MORTGAGE LLC 2 5.63% $18,032
    DHI MORTGAGE COMPANY, LTD. 2 5.50% $7,131
    MICHIGAN MUTUAL, INC. 2 7.19% $10,308
    OPEN MORTGAGE, LLC 2 6.06% $9,384
    PLAZA HOME MORTGAGE, INC. 2 6.38% $12,006
    Prosperity Bank 2 6.19% $9,351
    SECURITYNATIONAL MORTGAGE COMPANY 2 7.25% $9,443
    Wells Fargo Bank 2 6.81% $10,732
    Nations Lending Corporation 1 6.75% $9,657
    OCMBC, INC. 1 7.13% $5,438
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $9,632
    Gateway First Bank 1 7.25% $22,860
    PENNYMAC LOAN SERVICES, LLC 1 7.50% $5,476
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.50% $12,686
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.63% $7,645
    AHL FUNDING 1 6.63% $13,389
    Wallick & Volk, Inc. 1 7.25% $8,247
    First United Bank 1 6.63% $9,261
    EVERETT FINANCIAL, INC. 1 6.75% $9,294
    CORNERSTONE HOME LENDING, INC. 1 6.75% $15,528
    American Mortgage & Equity Consultants, Inc. 1 6.75% $15,717
    SFMC, LP 1 7.25% $9,027
    STOCKTON MORTGAGE CORPORATION 1 8.13% $7,252
    CMG MORTGAGE, INC. 1 7.25% $11,376
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $7,774
    MEMBER FIRST MORTGAGE, LLC 1 7.38% $7,011
    SUMMIT FUNDING, INC. 1 6.99% $12,639
    GUILD MORTGAGE COMPANY 1 7.13% $7,878
    GUARANTEED RATE, INC. 1 6.25% $8,485
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.13% $10,157

    The top Abilene FHA lender as defined by loan originations is First Financial Bank, with 80 FHA loans originated. Their average total fees are $9,576, which is $1,220 lower than the next largest lender, PRIMELENDING, A PLAINSCAPITAL COMPANY.

    The lowest fee Abilene FHA lenders (with over 10 loans originated) are SWBC MORTGAGE CORPORATION ($6,653), City Bank ($8,595), Renasant Bank ($9,212), MORTGAGE FINANCIAL SERVICES, LLC ($9,502) and First Financial Bank ($9,576).

    The lowest rate Abilene FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.29%), First Financial Bank (6.54%), MOVEMENT MORTGAGE, LLC (6.61%), CARDINAL FINANCIAL (6.76%) and City Bank (6.85%).

    Abilene FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ABILENE, TX CALLAHAN 2022 $420,680 $538,650 $651,050 $809,150
    ABILENE, TX JONES 2022 $420,680 $538,650 $651,050 $809,150
    ABILENE, TX TAYLOR 2022 $420,680 $538,650 $651,050 $809,150
    ABILENE, TX CALLAHAN 2023 $472,030 $604,400 $730,525 $907,900
    ABILENE, TX JONES 2023 $472,030 $604,400 $730,525 $907,900
    ABILENE, TX TAYLOR 2023 $472,030 $604,400 $730,525 $907,900

    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).