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 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 -0.12% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

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

    The average rate for the prior week (2024-11-08) was 6.49% and one month ago for the week of 2024-10-11, the average rate was 5.99%.

    The average rate one year ago was 7.14%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.07%.

    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
    2024-04-01 $313,750 (-11.6%) $410,827 (1.6%) 0.73 882
    2024-05-01 $319,675 (-14.4%) $418,495 (-0.8%) 0.72 910
    2024-06-01 $315,000 (-16.1%) $420,676 (-1.4%) 0.71 971
    2024-07-01 $299,394 (-20.2%) $392,033 (-7.7%) 0.68 1,021
    2024-08-01 $299,000 (-18.9%) $382,087 (-8.4%) 0.70 1,023
    2024-09-01 $299,900 (-13.1%) $376,821 (-10.8%) 0.71 1,019
    2024-10-01 $293,875 (-12.4%) $373,967 (-10.6%) 0.69 1,045
    Amarillo's median listing price for 2024-10-01 was $293,875, a difference of $-41,625 (-12.4%) versus the prior year and $-6,025 versus the prior month.

    Amarillo's median listing price comes in at 69% of the national average.

    Amarillo's average listing price for 2024-10-01 was $373,967, a difference of $-44,475 (-10.6%) versus the prior year and $-2,854 versus the prior month.

    For the 2024-10-01 period, Amarillo had 1,045 MLS listings, a difference of 26 listings (3%) versus the prior month and 237 listings (29%) 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 2,036 sqft
    2024-03-01 48 days 2,040 sqft
    2024-04-01 52 days 2,031 sqft
    2024-05-01 46 days 2,077 sqft
    2024-06-01 50 days 2,055 sqft
    2024-07-01 52 days 1,984 sqft
    2024-08-01 53 days 1,972 sqft
    2024-09-01 56 days 1,961 sqft
    2024-10-01 58 days 1,963 sqft
    Amarillo's median listing age (time on market) for 2024-10-01 was 58 days. This is 15% longer than the same period one year ago.

    Amarillo's median square footage for active listings during the 2024-10-01 period was 1,963 sqft. One year prior, the average listing was 2,100 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).