Amarillo FHA Loan Rates, Closing Costs & Stats

AMARILLO, TX

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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 6.47% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.82% and one month ago for the week of 2024-06-14, the average rate was 6.68%.

    The average rate one year ago was 6.77%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.56%.

    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

    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).