Amarillo FHA Loan Rates, Closing Costs & Stats
AMARILLO, TX
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.
Amarillo's 75 lenders originated 954 FHA
loans during 2023. The total origination value was $208,920,000, with an average FHA loan value of
$218,994.
Amarillo FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Amarillo
averaged
6.38%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Amarillo's average FHA mortgage closing costs are $7,624.
The average rate for the prior week (2024-10-04) was
6.1% and
one month ago for the week of 2024-09-06, the
average rate was 6.33%.
The average rate one year ago was 7.35%.
For refis of the same type during the week of 2024-10-11, the average rate
was 5.97%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Amarillo 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 Amarillo level.
Name |
# of Loans |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
AMCAP MORTGAGE, LTD.
|
147
|
6.78%
|
$11,619
|
Amarillo National Bank
|
126
|
6.60%
|
$8,233
|
ASSOCIATED MORTGAGE CORPORATION
|
63
|
6.49%
|
$10,402
|
CARDINAL FINANCIAL
|
50
|
6.80%
|
$10,975
|
NATIONS RELIABLE LENDING, LLC
|
46
|
6.70%
|
$12,471
|
TEXAS TECH
|
46
|
6.49%
|
$8,491
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
46
|
6.81%
|
$9,845
|
EVERETT FINANCIAL, INC.
|
30
|
7.11%
|
$8,971
|
EUSTIS AND AMERICAN MORTGAGE COMPANY
|
28
|
7.03%
|
$10,279
|
QUICKEN LOANS, LLC
|
24
|
6.38%
|
$10,879
|
UNITED WHOLESALE MORTGAGE, LLC
|
21
|
6.05%
|
$13,592
|
PREMIER LENDING, INC.
|
20
|
6.73%
|
$12,052
|
SECURITYNATIONAL MORTGAGE COMPANY
|
19
|
6.90%
|
$11,378
|
GUILD MORTGAGE COMPANY
|
16
|
7.19%
|
$9,214
|
THE MORTGAGE LINK, INC.
|
15
|
7.20%
|
$11,488
|
First United Bank
|
14
|
6.61%
|
$9,856
|
Centennial Bank
|
12
|
6.75%
|
$8,463
|
HOMETRUST MORTGAGE COMPANY
|
8
|
6.33%
|
$13,082
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
7
|
7.07%
|
$11,054
|
Flagstar Bank, FSB
|
6
|
6.23%
|
$9,718
|
S1L, Inc.
|
4
|
6.97%
|
$11,550
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
4
|
6.91%
|
$10,909
|
LEADERONE FINANCIAL CORPORATION
|
4
|
6.94%
|
$7,963
|
BROKER SOLUTIONS, INC.
|
3
|
6.54%
|
$12,717
|
CHURCHILL MORTGAGE CORPORATION
|
2
|
6.75%
|
$10,039
|
First Bank
|
2
|
6.38%
|
$10,004
|
BECKAM FUNDING CORP.
|
2
|
7.13%
|
$10,892
|
AMERICAN FINANCIAL NETWORK, INC.
|
2
|
7.50%
|
$14,982
|
American Bank of Commerce
|
2
|
6.63%
|
$10,571
|
THRIVE MORTGAGE, LLC
|
2
|
7.06%
|
$9,096
|
Century Mortgage Company DBA Century Lending Company
|
2
|
6.94%
|
$12,624
|
NFM, INC.
|
2
|
6.63%
|
$9,909
|
Access Community Credit Union
|
2
|
6.88%
|
$7,711
|
PENNYMAC LOAN SERVICES, LLC
|
2
|
6.75%
|
$9,023
|
VAN DYK MORTGAGE CORPORATION
|
2
|
7.25%
|
$11,884
|
Gateway First Bank
|
2
|
6.88%
|
$7,711
|
V.I.P. MORTGAGE, INC.
|
2
|
6.75%
|
$15,189
|
LOANDEPOT.COM, LLC
|
2
|
6.13%
|
$12,920
|
AMERISAVE MORTGAGE CORPORATION
|
2
|
6.88%
|
$17,184
|
MANN FINANCIAL INC.
|
2
|
7.44%
|
$8,498
|
MID AMERICA MORTGAGE, INC.
|
2
|
6.69%
|
$12,000
|
PLAZA HOME MORTGAGE, INC.
|
1
|
6.75%
|
$13,613
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
1
|
5.88%
|
$6,112
|
Prosperity Home Mortgage, LLC
|
1
|
6.75%
|
$12,160
|
American National Bank & Trust
|
1
|
6.75%
|
$15,805
|
SeaTrust Mortgage Company
|
1
|
7.75%
|
$7,656
|
AMERICAN FINANCIAL RESOURCES, INC.
|
1
|
6.00%
|
$18,583
|
SFMC, LP
|
1
|
6.25%
|
$14,257
|
SUMMIT FUNDING, INC.
|
1
|
6.38%
|
$17,192
|
UNION HOME MORTGAGE CORP.
|
1
|
5.75%
|
$31,945
|
UNIVERSAL LENDING CORPORATION
|
1
|
6.75%
|
$7,311
|
VANDERBILT MORTGAGE AND FINANCE, INC.
|
1
|
6.50%
|
$13,190
|
VILLAGE CAPITAL MORTGAGE
|
1
|
6.38%
|
$12,425
|
TIB The Independent Bankersbank
|
1
|
6.75%
|
$10,552
|
CMG MORTGAGE, INC.
|
1
|
6.25%
|
$9,959
|
CORNERSTONE HOME LENDING, INC.
|
1
|
7.00%
|
$6,495
|
CROSSCOUNTRY MORTGAGE, LLC
|
1
|
6.75%
|
$12,552
|
Equity Prime Mortgage LLC
|
1
|
6.63%
|
$6,780
|
BM Real Estate Services, Inc.
|
1
|
6.25%
|
$11,017
|
Evolve Bank & Trust
|
1
|
6.63%
|
$9,641
|
1ST SIGNATURE LENDING, LLC
|
1
|
6.75%
|
$8,203
|
F & M Bank
|
1
|
6.75%
|
$6,664
|
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION
|
1
|
8.25%
|
$6,247
|
BAYSHORE MORTGAGE FUNDING, LLC
|
1
|
5.38%
|
$9,908
|
HOME APPROVALS DIRECT, INC.
|
1
|
6.75%
|
$20,426
|
AXIA FINANCIAL, LLC
|
1
|
7.63%
|
$7,798
|
JPMorgan Chase Bank
|
1
|
6.13%
|
$11,692
|
LENOX FINANCIAL MORTGAGE CORPORATION
|
1
|
6.25%
|
$12,507
|
MOVEMENT MORTGAGE, LLC
|
1
|
5.50%
|
$6,707
|
Mr. Cooper ( Nationstar Mortgage )
|
1
|
6.75%
|
$11,807
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
1
|
6.25%
|
$8,253
|
NBKC BANK
|
1
|
5.63%
|
$6,494
|
Paramount Residential Mortgage Group, Inc.
|
1
|
6.75%
|
$14,094
|
Plains Commerce Bank
|
1
|
5.75%
|
$11,465
|
PLANET HOME LENDING, LLC
|
1
|
5.25%
|
$9,941
|
The top Amarillo FHA lender as defined by loan originations is AMCAP MORTGAGE, LTD., with
147 FHA loans originated. Their average total fees are
$11,619, which is $3,386
higher than the next largest lender,
Amarillo National Bank.
The lowest fee Amarillo FHA lenders (with over 10 loans originated) are
Amarillo National Bank ($8,233), Centennial Bank ($8,463), TEXAS TECH ($8,491), EVERETT FINANCIAL, INC. ($8,971) and GUILD MORTGAGE COMPANY ($9,214).
The lowest rate Amarillo FHA lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC (6.05%), QUICKEN LOANS, LLC (6.38%), ASSOCIATED MORTGAGE CORPORATION (6.49%), TEXAS TECH (6.49%) and Amarillo National Bank (6.60%).
Amarillo FHA Loan Limits
Metro |
County |
Year |
Single Family Limit |
2 Family Limit |
3 Family Limit |
4 Family Limit |
AMARILLO, TX |
ARMSTRONG |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
AMARILLO, TX |
CARSON |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
AMARILLO, TX |
OLDHAM |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
AMARILLO, TX |
POTTER |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
AMARILLO, TX |
RANDALL |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
AMARILLO, TX |
ARMSTRONG |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
AMARILLO, TX |
CARSON |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
AMARILLO, TX |
OLDHAM |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
AMARILLO, TX |
POTTER |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
AMARILLO, TX |
RANDALL |
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).