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 6.92% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Amarillo's average FHA mortgage closing costs are $7,624.

The average rate for the prior week (2024-04-05) was 6.55% and one month ago for the week of 2024-03-08, the average rate was 6.78%.

The average rate one year ago was 6.42%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.51%.

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

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 $218,975 (9.5%) $298,124 (8.6%) 0.81 1,018
2018-02-01 $225,250 (9.9%) $298,518 (9.3%) 0.82 1,023
2018-03-01 $225,000 (6.2%) $303,151 (10.3%) 0.79 1,017
2018-04-01 $231,450 (8.0%) $306,502 (8.4%) 0.78 1,016
2018-05-01 $236,700 (8.7%) $309,283 (6.7%) 0.79 1,083
2018-06-01 $238,900 (8.9%) $311,231 (7.4%) 0.80 1,144
2018-07-01 $238,600 (8.5%) $310,106 (9.6%) 0.80 1,202
2018-08-01 $236,200 (7.5%) $307,728 (8.5%) 0.79 1,215
2018-09-01 $234,900 (9.3%) $306,618 (9.0%) 0.79 1,191
2018-10-01 $234,850 (9.7%) $305,584 (7.4%) 0.80 1,235
2018-11-01 $235,950 (10.0%) $302,984 (5.9%) 0.80 1,228
2018-12-01 $233,613 (8.7%) $302,514 (3.2%) 0.81 1,193
2019-01-01 $227,700 (4.0%) $294,781 (-1.1%) 0.79 1,136
2019-02-01 $235,450 (4.5%) $299,664 (0.4%) 0.80 1,135
2019-03-01 $240,286 (6.8%) $305,008 (0.6%) 0.79 1,126
2019-04-01 $243,500 (5.2%) $305,647 (-0.3%) 0.77 1,116
2019-05-01 $248,975 (5.2%) $314,697 (1.8%) 0.78 1,091
2019-06-01 $244,950 (2.5%) $311,815 (0.2%) 0.77 1,140
2019-07-01 $239,475 (0.4%) $312,099 (0.6%) 0.75 1,129
2019-08-01 $239,616 (1.5%) $310,531 (0.9%) 0.76 1,103
2019-09-01 $239,115 (1.8%) $306,885 (0.1%) 0.77 1,065
2019-10-01 $237,363 (1.1%) $304,455 (-0.4%) 0.77 1,037
2019-11-01 $234,700 (-0.5%) $306,651 (1.2%) 0.77 966
2019-12-01 $229,450 (-1.8%) $302,064 (-0.2%) 0.77 937
2020-01-01 $227,344 (-0.2%) $300,875 (2.1%) 0.76 862
2020-02-01 $239,925 (1.9%) $317,160 (5.8%) 0.79 864
2020-03-01 $260,372 (8.4%) $334,361 (9.6%) 0.82 808
2020-04-01 $269,450 (10.7%) $333,321 (9.1%) 0.84 787
2020-05-01 $279,000 (12.1%) $344,382 (9.4%) 0.85 771
2020-06-01 $281,200 (14.8%) $353,522 (13.4%) 0.83 729
2020-07-01 $279,472 (16.7%) $353,564 (13.3%) 0.81 665
2020-08-01 $272,268 (13.6%) $351,797 (13.3%) 0.78 604
2020-09-01 $274,950 (15.0%) $353,128 (15.1%) 0.79 594
2020-10-01 $275,000 (15.9%) $355,429 (16.7%) 0.79 583
2020-11-01 $279,800 (19.2%) $354,693 (15.7%) 0.82 571
2020-12-01 $279,685 (21.9%) $360,706 (19.4%) 0.83 509
2021-01-01 $275,900 (21.4%) $364,537 (21.2%) 0.82 459
2021-02-01 $317,375 (32.3%) $412,383 (30.0%) 0.92 370
2021-03-01 $334,875 (28.6%) $436,602 (30.6%) 0.95 330
2021-04-01 $340,440 (26.4%) $440,938 (32.3%) 0.92 334
2021-05-01 $325,250 (16.6%) $436,979 (26.9%) 0.86 305
2021-06-01 $306,250 (8.9%) $406,486 (15.0%) 0.81 368
2021-07-01 $299,900 (7.3%) $399,773 (13.1%) 0.79 401
2021-08-01 $288,975 (6.1%) $397,666 (13.0%) 0.77 407
2021-09-01 $288,450 (4.9%) $393,456 (11.4%) 0.77 405
2021-10-01 $305,000 (10.9%) $402,139 (13.1%) 0.81 403
2021-11-01 $313,500 (12.0%) $405,464 (14.3%) 0.84 383
2021-12-01 $316,200 (13.1%) $410,301 (13.8%) 0.86 361
2022-01-01 $315,200 (14.2%) $403,720 (10.8%) 0.85 316
2022-02-01 $332,625 (4.8%) $426,390 (3.4%) 0.87 286
2022-03-01 $336,000 (0.3%) $441,005 (1.0%) 0.84 251
2022-04-01 $326,950 (-4.0%) $433,513 (-1.7%) 0.78 283
2022-05-01 $322,000 (-1.0%) $407,502 (-6.8%) 0.74 342
2022-06-01 $330,950 (8.1%) $394,456 (-3.0%) 0.74 407
2022-07-01 $320,000 (6.7%) $382,496 (-4.3%) 0.72 481
2022-08-01 $326,838 (13.1%) $381,309 (-4.1%) 0.76 507
2022-09-01 $326,500 (13.2%) $383,139 (-2.6%) 0.76 501
2022-10-01 $325,000 (6.6%) $374,577 (-6.9%) 0.76 526
2022-11-01 $327,450 (4.5%) $377,437 (-6.9%) 0.79 562
2022-12-01 $340,000 (7.5%) $378,973 (-7.6%) 0.84 550
2023-01-01 $346,375 (9.9%) $386,369 (-4.3%) 0.86 542
2023-02-01 $359,925 (8.2%) $394,745 (-7.4%) 0.87 554
2023-03-01 $349,900 (4.1%) $393,769 (-10.7%) 0.83 566
2023-04-01 $355,025 (8.6%) $404,331 (-6.7%) 0.83 592
2023-05-01 $373,500 (16.0%) $421,912 (3.5%) 0.85 646
2023-06-01 $375,396 (13.4%) $426,414 (8.1%) 0.84 698
2023-07-01 $375,000 (17.2%) $424,902 (11.1%) 0.85 732
2023-08-01 $368,870 (12.9%) $417,217 (9.4%) 0.85 735
2023-09-01 $345,000 (5.7%) $422,409 (10.3%) 0.80 771
2023-10-01 $335,500 (3.2%) $418,442 (11.7%) 0.79 808
2023-11-01 $317,000 (-3.2%) $394,058 (4.4%) 0.75 882
2023-12-01 $320,000 (-5.9%) $396,071 (4.5%) 0.78 891
2024-01-01 $314,503 (-9.2%) $396,685 (2.7%) 0.77 872
2024-02-01 $313,950 (-12.8%) $397,010 (0.6%) 0.76 876
2024-03-01 $315,000 (-10.0%) $400,797 (1.8%) 0.74 882
Amarillo's median listing price for 2024-03-01 was $315,000, a difference of $-34,900 (-10.0%) versus the prior year and $1,050 versus the prior month.

Amarillo's median listing price comes in at 74% of the national average.

Amarillo's average listing price for 2024-03-01 was $400,797, a difference of $7,028 (1.8%) versus the prior year and $3,787 versus the prior month.

For the 2024-03-01 period, Amarillo had 882 MLS listings, a difference of 6 listings (1%) versus the prior month and 316 listings (56%) 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 2,079 sqft
2018-03-01 48 days 2,092 sqft
2018-04-01 53 days 2,122 sqft
2018-05-01 51 days 2,133 sqft
2018-06-01 47 days 2,146 sqft
2018-07-01 52 days 2,140 sqft
2018-08-01 53 days 2,136 sqft
2018-09-01 57 days 2,131 sqft
2018-10-01 59 days 2,121 sqft
2018-11-01 61 days 2,119 sqft
2018-12-01 71 days 2,113 sqft
2019-01-01 68 days 2,102 sqft
2019-02-01 45 days 2,105 sqft
2019-03-01 51 days 2,111 sqft
2019-04-01 58 days 2,121 sqft
2019-05-01 60 days 2,136 sqft
2019-06-01 60 days 2,121 sqft
2019-07-01 59 days 2,113 sqft
2019-08-01 59 days 2,117 sqft
2019-09-01 60 days 2,102 sqft
2019-10-01 63 days 2,088 sqft
2019-11-01 68 days 2,057 sqft
2019-12-01 74 days 2,029 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 50 days 2,255 sqft
2020-07-01 52 days 2,240 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 2,216 sqft
2020-12-01 54 days 2,211 sqft
2021-01-01 63 days 2,197 sqft
2021-02-01 40 days 2,393 sqft
2021-03-01 37 days 2,485 sqft
2021-04-01 30 days 2,520 sqft
2021-05-01 32 days 2,487 sqft
2021-06-01 24 days 2,217 sqft
2021-07-01 31 days 2,204 sqft
2021-08-01 34 days 2,166 sqft
2021-09-01 38 days 2,098 sqft
2021-10-01 41 days 2,142 sqft
2021-11-01 44 days 2,160 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 2,134 sqft
2022-06-01 27 days 2,143 sqft
2022-07-01 31 days 2,103 sqft
2022-08-01 37 days 2,129 sqft
2022-09-01 40 days 2,136 sqft
2022-10-01 45 days 2,148 sqft
2022-11-01 44 days 2,155 sqft
2022-12-01 51 days 2,159 sqft
2023-01-01 54 days 2,147 sqft
2023-02-01 41 days 2,163 sqft
2023-03-01 45 days 2,119 sqft
2023-04-01 44 days 2,145 sqft
2023-05-01 42 days 2,191 sqft
2023-06-01 42 days 2,204 sqft
2023-07-01 45 days 2,199 sqft
2023-08-01 48 days 2,167 sqft
2023-09-01 47 days 2,118 sqft
2023-10-01 50 days 2,100 sqft
2023-11-01 52 days 2,057 sqft
2023-12-01 57 days 2,053 sqft
2024-01-01 62 days 2,036 sqft
2024-02-01 47 days 2,039 sqft
2024-03-01 48 days 2,057 sqft
Amarillo's median listing age (time on market) for 2024-03-01 was 48 days. This is 7% longer than the same period one year ago.

Amarillo's median square footage for active listings during the 2024-03-01 period was 2,057 sqft. One year prior, the average listing was 2,119 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).