Amarillo FHA Loans
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 92 lenders originated 1,732 FHA
loans during 2021. The total origination value was $304,560,000, with an average FHA loan value of
$175,843.
Amarillo FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Amarillo
averaged
5.51%
for the week of 2022-05-13, compared to the national average (all FHA variants) of
5.361% for the same period.
The average rate for the prior week (2022-05-06) was
5.34% and
one month ago for the week of 2022-04-08, the
average rate was 5.11%.
The average rate one year ago was 3.01%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.19%.
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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender
at the Amarillo level.
Name |
# of Loans |
2021 Avg. 30yFix Rate |
2021 Avg. Total Fees |
AMCAP MORTGAGE, LTD.
|
209
|
3.56%
|
$9,019
|
Amarillo National Bank
|
192
|
2.82%
|
$6,505
|
NATIONS RELIABLE LENDING, LLC
|
133
|
3.61%
|
$9,715
|
Happy State Bank
|
111
|
2.92%
|
$6,966
|
ASSOCIATED MORTGAGE CORPORATION
|
94
|
3.03%
|
$7,102
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
89
|
3.53%
|
$7,419
|
QUICKEN LOANS, LLC
|
83
|
2.76%
|
$5,662
|
EUSTIS AND AMERICAN MORTGAGE COMPANY
|
49
|
3.27%
|
$7,691
|
VILLAGE CAPITAL & INVESTMENT LLC
|
35
|
3.21%
|
$2,236
|
FREEDOM MORTGAGE CORPORATION
|
31
|
3.08%
|
$4,242
|
Mr. Cooper ( Nationstar Mortgage )
|
29
|
3.67%
|
$3,239
|
LAKEVIEW LOAN SERVICING, LLC
|
26
|
3.21%
|
$4,468
|
Network Funding, L.P.
|
20
|
3.44%
|
$7,555
|
PENNYMAC LOAN SERVICES, LLC
|
19
|
3.10%
|
$4,824
|
PLANET HOME LENDING, LLC
|
19
|
2.78%
|
$3,978
|
EVERETT FINANCIAL, INC.
|
19
|
3.93%
|
$5,942
|
INFINITY MORTGAGE HOLDINGS, LLC
|
18
|
3.24%
|
$8,359
|
CALIBER HOME LOANS, INC.
|
17
|
2.82%
|
$5,061
|
NEWREZ LLC
|
17
|
3.06%
|
$4,076
|
J. VIRGIL, INC.
|
17
|
3.40%
|
$8,082
|
First United Bank
|
15
|
2.76%
|
$8,225
|
Lakeview Community Capital, LLC
|
14
|
3.14%
|
$4,948
|
AmeriHome Mortgage Company, LLC
|
13
|
2.90%
|
$4,869
|
Gateway First Bank
|
11
|
2.97%
|
$6,902
|
Access Community Credit Union
|
9
|
3.08%
|
$7,017
|
THRIVE MORTGAGE, LLC
|
8
|
3.55%
|
$8,474
|
HOMETRUST MORTGAGE COMPANY
|
7
|
3.45%
|
$7,340
|
PREMIER LENDING, INC.
|
7
|
3.13%
|
$6,529
|
MID AMERICA MORTGAGE, INC.
|
6
|
3.02%
|
$3,841
|
KELLER MORTGAGE, LLC
|
5
|
2.75%
|
$7,563
|
AMERISAVE MORTGAGE CORPORATION
|
5
|
2.93%
|
$7,516
|
HOMESIDE FINANCIAL, LLC
|
4
|
2.91%
|
$8,751
|
OCEANSIDE MORTGAGE COMPANY
|
4
|
3.15%
|
$2,396
|
First Guaranty Mortgage Corporation
|
4
|
2.91%
|
$4,653
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
4
|
3.63%
|
$8,900
|
UNIVERSAL LENDING CORPORATION
|
4
|
2.81%
|
$7,882
|
MOVEMENT MORTGAGE, LLC
|
3
|
3.88%
|
$9,406
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
3
|
2.88%
|
$6,873
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
3
|
3.45%
|
$7,835
|
LOANDEPOT.COM, LLC
|
3
|
3.96%
|
$5,892
|
CMG MORTGAGE, INC.
|
3
|
3.25%
|
$7,434
|
Evolve Bank & Trust
|
3
|
3.38%
|
$8,033
|
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
|
3
|
3.04%
|
$7,853
|
UNITED WHOLESALE MORTGAGE, LLC
|
3
|
2.74%
|
$8,937
|
PANORAMA MORTGAGE GROUP, LLC
|
3
|
3.54%
|
$8,506
|
Mortgage Research Center, LLC
|
2
|
3.19%
|
$10,935
|
Bank of America
|
2
|
2.94%
|
$718
|
First National Bank Texas
|
2
|
3.19%
|
$9,022
|
ACADEMY MORTGAGE CORPORATION
|
2
|
3.69%
|
$11,699
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
2
|
3.13%
|
$5,160
|
GUILD MORTGAGE COMPANY
|
2
|
3.13%
|
$5,351
|
HIGHLANDS RESIDENTIAL MORTGAGE, LTD.
|
2
|
3.63%
|
$7,597
|
HOME POINT FINANCIAL CORPORATION
|
2
|
2.63%
|
$5,815
|
CHURCHILL MORTGAGE CORPORATION
|
2
|
2.75%
|
$6,136
|
City Bank
|
2
|
2.50%
|
$6,997
|
CROSSCOUNTRY MORTGAGE, LLC
|
2
|
3.13%
|
$11,258
|
LIBERTY HOME MORTGAGE CORPORATION
|
2
|
2.94%
|
$9,059
|
BROKER SOLUTIONS, INC.
|
2
|
2.93%
|
$7,920
|
Wyndham Capital Mortgage, Inc.
|
1
|
2.75%
|
$7,621
|
AMERICAN FINANCING CORPORATION
|
1
|
3.25%
|
$7,612
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
1
|
2.25%
|
$11,220
|
ASPIRE FINANCIAL, INC.
|
1
|
2.25%
|
$6,442
|
Carrington Mortgage Services, LLC
|
1
|
3.13%
|
$12,608
|
Commerce Home Mortgage, Inc.
|
1
|
2.88%
|
$5,703
|
CORNERSTONE HOME LENDING, INC.
|
1
|
3.25%
|
$8,047
|
DAS Acquisition Company, LLC
|
1
|
3.25%
|
$7,026
|
DATA MORTGAGE, INC.
|
1
|
3.25%
|
$9,817
|
ENDEAVOR CAPITAL, LLC.
|
1
|
3.00%
|
$3,063
|
FBC MORTGAGE, LLC
|
1
|
3.13%
|
$6,138
|
First Bank & Trust
|
1
|
2.50%
|
$10,173
|
First Financial Bank
|
1
|
2.25%
|
$10,915
|
FLAT BRANCH MORTGAGE, INC.
|
1
|
3.00%
|
$7,576
|
GREAT WESTERN FINANCIAL SERVICES, INC.
|
1
|
3.13%
|
$7,401
|
GUARANTEED RATE, INC.
|
1
|
3.13%
|
$7,650
|
Hometown Lenders, Inc.
|
1
|
3.25%
|
$5,487
|
InterContinental Capital Group, Inc
|
1
|
3.00%
|
$9,454
|
MANN FINANCIAL INC.
|
1
|
3.25%
|
$9,198
|
MORIA DEVELOPMENT, INC.
|
1
|
3.63%
|
$10,142
|
NATIONS DIRECT MORTGAGE, LLC
|
1
|
3.63%
|
$8,850
|
Nations Lending Corporation
|
1
|
3.88%
|
$6,483
|
Paramount Residential Mortgage Group, Inc.
|
1
|
3.25%
|
$7,235
|
PHH Mortgage Corporation
|
1
|
3.13%
|
$3,621
|
RANLIFE, INC.
|
1
|
3.75%
|
$6,923
|
ROUNDPOINT MORTGAGE SERVICING CORPORATION
|
1
|
3.88%
|
$5,633
|
S1L, Inc.
|
1
|
3.38%
|
$11,976
|
SOUTHWEST STAGE FUNDING, LLC
|
1
|
2.75%
|
$3,757
|
TEXAS TECH
|
1
|
3.75%
|
$7,914
|
Trinity Oaks Mortgage, LLC
|
1
|
2.99%
|
$6,492
|
U.S. Bank
|
1
|
3.25%
|
$6,549
|
VANDERBILT MORTGAGE AND FINANCE, INC.
|
1
|
3.75%
|
$9,046
|
Wallick & Volk, Inc.
|
1
|
4.13%
|
$8,972
|
Waterstone Mortgage Corporation
|
1
|
3.63%
|
$8,429
|
The top Amarillo FHA lender as defined by loan originations is AMCAP MORTGAGE, LTD., with
209 FHA loans originated. Their average total fees are
$9,019, which is $2,513
higher than the next largest lender,
Amarillo National Bank.
The lowest fee Amarillo FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC ($2,236), Mr. Cooper ( Nationstar Mortgage ) ($3,239), PLANET HOME LENDING, LLC ($3,978), NEWREZ LLC ($4,076) and FREEDOM MORTGAGE CORPORATION ($4,242).
The lowest rate Amarillo FHA lenders (with over 10 loans originated) are
First United Bank (2.76%), QUICKEN LOANS, LLC (2.76%), PLANET HOME LENDING, LLC (2.78%), CALIBER HOME LOANS, INC. (2.82%) and Amarillo National Bank (2.82%).
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 |
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).