Amarillo FHA Loans

AMARILLO, 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.

    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).