Amarillo FHA Loan Rates, Closing Costs & Stats

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 83 lenders originated 1,065 FHA loans during 2022. The total origination value was $216,625,000, with an average FHA loan value of $203,404.

    Amarillo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Amarillo averaged 0.03% for the week of 2023-06-02, compared to the national average (all FHA variants) of 0% for the same period.

    Amarillo's average FHA mortgage closing costs are $7,198.

    The average rate for the prior week (2023-05-26) was 6.26% and one month ago for the week of 2023-04-28, the average rate was 6%.

    The average rate one year ago was 5.26%.

    For refis of the same type during the week of 2023-06-02, the average rate was -1.52%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    AMCAP MORTGAGE, LTD. 177 5.30% $10,740
    Amarillo National Bank 125 4.97% $7,588
    NATIONS RELIABLE LENDING, LLC 101 5.15% $11,874
    ASSOCIATED MORTGAGE CORPORATION 75 5.20% $10,022
    PRIMELENDING, A PLAINSCAPITAL COMPANY 51 5.09% $9,704
    EVERETT FINANCIAL, INC. 48 5.59% $6,556
    Centennial Bank 33 4.36% $7,536
    EUSTIS AND AMERICAN MORTGAGE COMPANY 32 5.39% $8,837
    QUICKEN LOANS, LLC 31 4.23% $8,078
    PREMIER LENDING, INC. 30 5.74% $10,580
    Network Funding, L.P. 19 5.47% $8,932
    First United Bank 19 5.14% $8,276
    THRIVE MORTGAGE, LLC 18 5.03% $8,548
    CARDINAL FINANCIAL 15 6.46% $11,575
    UNITED WHOLESALE MORTGAGE, LLC 10 4.62% $8,429
    CALIBER HOME LOANS, INC. 8 5.08% $10,144
    PRIMARY RESIDENTIAL MORTGAGE, INC. 7 5.64% $9,785
    HOMETRUST MORTGAGE COMPANY 7 5.00% $10,835
    Mr. Cooper ( Nationstar Mortgage ) 7 3.66% $7,455
    BROKER SOLUTIONS, INC. 7 5.26% $9,219
    FREEDOM MORTGAGE CORPORATION 7 4.54% $9,740
    Trinity Oaks Mortgage, LLC 6 6.42% $10,922
    TEXAS TECH 5 6.35% $9,219
    Gateway First Bank 5 5.33% $6,268
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.50% $8,270
    J. VIRGIL, INC. 5 4.58% $8,683
    PENNYMAC LOAN SERVICES, LLC 5 3.98% $8,481
    THE MORTGAGE LINK, INC. 4 6.81% $12,316
    LAKEVIEW LOAN SERVICING, LLC 4 3.34% $3,956
    Lakeview Community Capital, LLC 3 3.66% $3,780
    AMERISAVE MORTGAGE CORPORATION 3 4.08% $10,959
    UNIVERSAL LENDING CORPORATION 3 4.67% $8,289
    VILLAGE CAPITAL MORTGAGE 3 3.33% $3,861
    PLANET HOME LENDING, LLC 3 3.08% $3,806
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 5.29% $10,310
    LOANDEPOT.COM, LLC 3 5.79% $8,350
    Flagstar Bank, FSB 3 5.72% $8,358
    GUARANTEED RATE, INC. 2 5.63% $9,340
    American Mortgage Bank, LLC 2 4.75% $12,111
    Amerifirst Financial, Inc. 2 6.00% $11,452
    ANGEL OAK HOME LOANS LLC 2 4.44% $15,972
    Carrington Mortgage Services, LLC 2 6.06% $9,898
    GREAT WESTERN FINANCIAL SERVICES, INC. 2 4.94% $9,523
    HOMESIDE FINANCIAL, LLC 2 4.69% $7,153
    LEADERONE FINANCIAL CORPORATION 2 5.13% $7,673
    Loan Simple, Inc. 2 5.75% $13,102
    Mortgage Research Center, LLC 2 5.06% $6,059
    NEWREZ LLC 2 3.81% $3,176
    RANLIFE, INC. 2 3.00% $11,508
    First State Bank 1 4.13% $11,573
    Arvest Bank 1 3.75% $8,876
    First Guaranty Mortgage Corporation 1 3.75% $5,966
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.63% $9,362
    ARC HOME LLC 1 5.50% $7,801
    First Bank & Trust 1 3.88% $5,155
    FINANCE OF AMERICA MORTGAGE LLC 1 4.25% $10,276
    Nations Lending Corporation 1 7.75% $5,732
    FBC MORTGAGE, LLC 1 5.13% $7,063
    Equity Prime Mortgage LLC 1 7.13% $16,078
    VAN DYK MORTGAGE CORPORATION 1 7.75% $7,174
    ENVOY MORTGAGE, LTD 1 5.13% $8,429
    DHI MORTGAGE COMPANY, LTD. 1 5.00% $8,892
    CROSSCOUNTRY MORTGAGE, LLC 1 3.75% $7,193
    CMG MORTGAGE, INC. 1 4.50% $14,029
    CHURCHILL MORTGAGE CORPORATION 1 5.75% $7,815
    Prosperity Bank 1 5.25% $9,629
    Prosperity Home Mortgage, LLC 1 4.99% $14,286
    BNC National Bank 1 5.00% $7,725
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 4.50% $8,575
    S1L, Inc. 1 6.50% $9,770
    SFMC, LP 1 7.13% $7,965
    SIWELL, INC. 1 5.75% $7,654
    Stride Bank 1 6.25% $11,707
    SWBC MORTGAGE CORPORATION 1 4.25% $8,833
    Barrington Bank & Trust Company, N.A. 1 6.50% $10,336
    Bank of England 1 4.38% $7,720
    Atlantic Coast Mortgage, LLC 1 5.13% $7,187
    TIB The Independent Bankersbank 1 5.25% $8,084
    Hometown Lenders, Inc. 1 2.88% $10,719
    HAMILTON HOME LOANS, INC. 1 4.99% $10,315
    INFINITY MORTGAGE HOLDINGS, LLC 1 3.25% $9,666
    Access Community Credit Union 1 5.88% $6,738
    First United Bank and Trust Company 1 5.88% $7,224

    The top Amarillo FHA lender as defined by loan originations is AMCAP MORTGAGE, LTD., with 177 FHA loans originated. Their average total fees are $10,740, which is $3,152 higher than the next largest lender, Amarillo National Bank.

    The lowest fee Amarillo FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($6,556), Centennial Bank ($7,536), Amarillo National Bank ($7,588), QUICKEN LOANS, LLC ($8,078) and First United Bank ($8,276).

    The lowest rate Amarillo FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.23%), Centennial Bank (4.36%), UNITED WHOLESALE MORTGAGE, LLC (4.62%), Amarillo National Bank (4.97%) and THRIVE MORTGAGE, LLC (5.03%).

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Amarillo (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 $218,700 (9.4%) $297,757 (8.6%) 0.81 1,020
    2018-02-01 $223,875 (9.2%) $298,075 (9.3%) 0.81 1,026
    2018-03-01 $225,000 (6.4%) $302,613 (10.2%) 0.79 1,021
    2018-04-01 $230,426 (7.5%) $305,766 (8.2%) 0.78 1,021
    2018-05-01 $236,000 (8.4%) $308,570 (6.6%) 0.79 1,088
    2018-06-01 $238,800 (8.8%) $310,356 (7.2%) 0.80 1,151
    2018-07-01 $238,150 (8.3%) $309,277 (9.4%) 0.80 1,207
    2018-08-01 $235,000 (6.9%) $306,841 (8.2%) 0.79 1,220
    2018-09-01 $234,000 (8.9%) $305,796 (8.8%) 0.79 1,196
    2018-10-01 $234,500 (9.6%) $304,721 (7.3%) 0.79 1,240
    2018-11-01 $234,807 (9.5%) $302,187 (5.7%) 0.80 1,233
    2018-12-01 $230,000 (7.0%) $301,723 (3.0%) 0.79 1,198
    2019-01-01 $227,450 (4.0%) $294,279 (-1.2%) 0.79 1,139
    2019-02-01 $234,048 (4.5%) $299,053 (0.3%) 0.79 1,138
    2019-03-01 $239,954 (6.7%) $304,463 (0.6%) 0.78 1,129
    2019-04-01 $243,113 (5.5%) $305,200 (-0.2%) 0.77 1,118
    2019-05-01 $248,850 (5.4%) $314,459 (1.9%) 0.78 1,093
    2019-06-01 $244,900 (2.6%) $311,588 (0.4%) 0.77 1,141
    2019-07-01 $239,200 (0.4%) $311,715 (0.8%) 0.75 1,131
    2019-08-01 $239,518 (1.9%) $310,184 (1.1%) 0.76 1,105
    2019-09-01 $238,945 (2.1%) $306,598 (0.3%) 0.76 1,067
    2019-10-01 $237,002 (1.1%) $304,207 (-0.2%) 0.76 1,038
    2019-11-01 $234,700 (-0.1%) $306,651 (1.5%) 0.77 966
    2019-12-01 $229,425 (-0.3%) $301,783 (0.0%) 0.77 938
    2020-01-01 $227,063 (-0.2%) $300,574 (2.1%) 0.76 863
    2020-02-01 $239,925 (2.5%) $317,160 (6.1%) 0.79 864
    2020-03-01 $260,372 (8.5%) $334,361 (9.8%) 0.82 808
    2020-04-01 $269,450 (10.8%) $333,321 (9.2%) 0.84 787
    2020-05-01 $279,000 (12.1%) $344,043 (9.4%) 0.85 772
    2020-06-01 $281,200 (14.8%) $353,335 (13.4%) 0.83 729
    2020-07-01 $279,417 (16.8%) $353,097 (13.3%) 0.81 666
    2020-08-01 $271,000 (13.1%) $351,310 (13.3%) 0.78 604
    2020-09-01 $274,950 (15.1%) $353,128 (15.2%) 0.79 594
    2020-10-01 $275,000 (16.0%) $355,429 (16.8%) 0.79 584
    2020-11-01 $279,600 (19.1%) $354,455 (15.6%) 0.82 572
    2020-12-01 $278,500 (21.4%) $360,095 (19.3%) 0.83 511
    2021-01-01 $275,700 (21.4%) $364,222 (21.2%) 0.82 460
    2021-02-01 $315,372 (31.5%) $410,841 (29.5%) 0.92 372
    2021-03-01 $333,375 (28.0%) $434,814 (30.0%) 0.95 332
    2021-04-01 $340,380 (26.3%) $439,100 (31.7%) 0.92 336
    2021-05-01 $325,250 (16.6%) $436,161 (26.8%) 0.87 306
    2021-06-01 $304,950 (8.5%) $405,215 (14.7%) 0.80 370
    2021-07-01 $299,500 (7.2%) $398,091 (12.7%) 0.79 403
    2021-08-01 $287,475 (6.1%) $396,200 (12.8%) 0.77 408
    2021-09-01 $287,700 (4.6%) $391,543 (10.9%) 0.77 407
    2021-10-01 $304,200 (10.6%) $400,510 (12.7%) 0.81 405
    2021-11-01 $312,225 (11.7%) $404,209 (14.0%) 0.83 385
    2021-12-01 $316,200 (13.5%) $410,059 (13.9%) 0.86 362
    2022-01-01 $315,200 (14.3%) $402,903 (10.6%) 0.85 316
    2022-02-01 $332,625 (5.5%) $426,390 (3.8%) 0.87 286
    2022-03-01 $336,000 (0.8%) $441,005 (1.4%) 0.84 252
    2022-04-01 $324,900 (-4.6%) $432,324 (-1.5%) 0.77 284
    2022-05-01 $322,000 (-1.0%) $407,126 (-6.7%) 0.74 342
    2022-06-01 $330,925 (8.5%) $393,820 (-2.8%) 0.74 409
    2022-07-01 $320,000 (6.8%) $382,496 (-3.9%) 0.72 481
    2022-08-01 $326,838 (13.7%) $381,309 (-3.8%) 0.76 507
    2022-09-01 $326,500 (13.5%) $383,139 (-2.2%) 0.76 501
    2022-10-01 $325,000 (6.8%) $374,577 (-6.5%) 0.76 526
    2022-11-01 $327,450 (4.9%) $377,437 (-6.6%) 0.79 562
    2022-12-01 $340,000 (7.5%) $379,044 (-7.6%) 0.84 551
    2023-01-01 $346,375 (9.9%) $386,327 (-4.1%) 0.86 542
    2023-02-01 $359,925 (8.2%) $394,594 (-7.5%) 0.87 554
    2023-03-01 $349,900 (4.1%) $393,769 (-10.7%) 0.83 566
    2023-04-01 $355,025 (9.3%) $404,331 (-6.5%) 0.83 592
    2023-05-01 $373,500 (16.0%) $421,904 (3.6%) 0.85 646
    Amarillo's median listing price for 2023-05-01 was $373,500, a difference of $51,500 (16.0%) versus the prior year and $18,475 versus the prior month.

    Amarillo's median listing price comes in at 85% of the national average.

    Amarillo's average listing price for 2023-05-01 was $421,904, a difference of $14,778 (3.6%) versus the prior year and $17,573 versus the prior month.

    For the 2023-05-01 period, Amarillo had 646 MLS listings, a difference of 54 listings (9%) versus the prior month and 304 listings (89%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Amarillo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 70 days 2,066 sqft
    2018-02-01 48 days 2,077 sqft
    2018-03-01 48 days 2,084 sqft
    2018-04-01 53 days 2,119 sqft
    2018-05-01 51 days 2,131 sqft
    2018-06-01 47 days 2,145 sqft
    2018-07-01 52 days 2,139 sqft
    2018-08-01 54 days 2,134 sqft
    2018-09-01 57 days 2,130 sqft
    2018-10-01 59 days 2,121 sqft
    2018-11-01 61 days 2,118 sqft
    2018-12-01 71 days 2,112 sqft
    2019-01-01 68 days 2,098 sqft
    2019-02-01 45 days 2,104 sqft
    2019-03-01 51 days 2,110 sqft
    2019-04-01 58 days 2,120 sqft
    2019-05-01 60 days 2,136 sqft
    2019-06-01 60 days 2,119 sqft
    2019-07-01 59 days 2,111 sqft
    2019-08-01 59 days 2,115 sqft
    2019-09-01 60 days 2,101 sqft
    2019-10-01 63 days 2,088 sqft
    2019-11-01 68 days 2,057 sqft
    2019-12-01 74 days 2,030 sqft
    2020-01-01 71 days 2,031 sqft
    2020-02-01 56 days 2,053 sqft
    2020-03-01 53 days 2,147 sqft
    2020-04-01 54 days 2,179 sqft
    2020-05-01 56 days 2,220 sqft
    2020-06-01 49 days 2,254 sqft
    2020-07-01 52 days 2,238 sqft
    2020-08-01 51 days 2,225 sqft
    2020-09-01 44 days 2,226 sqft
    2020-10-01 45 days 2,212 sqft
    2020-11-01 43 days 2,212 sqft
    2020-12-01 54 days 2,207 sqft
    2021-01-01 63 days 2,197 sqft
    2021-02-01 40 days 2,390 sqft
    2021-03-01 38 days 2,475 sqft
    2021-04-01 30 days 2,515 sqft
    2021-05-01 32 days 2,484 sqft
    2021-06-01 24 days 2,205 sqft
    2021-07-01 31 days 2,196 sqft
    2021-08-01 34 days 2,159 sqft
    2021-09-01 38 days 2,096 sqft
    2021-10-01 41 days 2,140 sqft
    2021-11-01 44 days 2,157 sqft
    2021-12-01 47 days 2,125 sqft
    2022-01-01 46 days 2,131 sqft
    2022-02-01 33 days 2,221 sqft
    2022-03-01 31 days 2,234 sqft
    2022-04-01 22 days 2,164 sqft
    2022-05-01 22 days 2,130 sqft
    2022-06-01 27 days 2,142 sqft
    2022-07-01 30 days 2,103 sqft
    2022-08-01 37 days 2,129 sqft
    2022-09-01 40 days 2,135 sqft
    2022-10-01 45 days 2,148 sqft
    2022-11-01 44 days 2,155 sqft
    2022-12-01 51 days 2,158 sqft
    2023-01-01 54 days 2,147 sqft
    2023-02-01 41 days 2,162 sqft
    2023-03-01 45 days 2,119 sqft
    2023-04-01 44 days 2,145 sqft
    2023-05-01 42 days 2,197 sqft
    Amarillo's median listing age (time on market) for 2023-05-01 was 42 days. This is 87% longer than the same period one year ago.

    Amarillo's median square footage for active listings during the 2023-05-01 period was 2,197 sqft. One year prior, the average listing was 2,130 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).