Athens FHA Loan Rates, Closing Costs & Stats

Athens, 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.

    Athens's 72 lenders originated 208 FHA loans during 2023. The total origination value was $45,300,000, with an average FHA loan value of $217,788.

    Athens FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Athens averaged 7% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Athens's average FHA mortgage closing costs are $8,208.

    The average rate for the prior week (2024-07-12) was 7.06% and one month ago for the week of 2024-06-14, the average rate was 6.81%.

    The average rate one year ago was 7.1%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.7%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Athens 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 Athens level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 6.87% $10,860
    CARDINAL FINANCIAL 14 7.59% $11,680
    UNITED WHOLESALE MORTGAGE, LLC 12 6.90% $10,010
    QUICKEN LOANS, LLC 11 6.26% $12,546
    GUILD MORTGAGE COMPANY 9 7.04% $10,123
    EVERETT FINANCIAL, INC. 8 7.02% $11,087
    HALLMARK HOME MORTGAGE, LLC 6 7.06% $11,486
    MORTGAGE FINANCIAL SERVICES, LLC 5 7.00% $13,040
    CROSSCOUNTRY MORTGAGE, LLC 4 7.22% $10,524
    SFMC, LP 4 7.03% $12,310
    AMCAP MORTGAGE, LTD. 4 6.91% $11,639
    LOANDEPOT.COM, LLC 3 6.92% $10,251
    Town Square Mortgage & Investments, Inc. 3 7.08% $10,204
    INTEGRITY MORTGAGE CORPORATION OF TEXAS 3 6.75% $10,862
    AMERICAN FINANCIAL NETWORK, INC. 3 6.38% $11,039
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.71% $7,362
    MANN FINANCIAL INC. 3 7.00% $7,493
    Nations Lending Corporation 2 6.75% $8,354
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.50% $15,205
    CALCON MUTUAL MORTGAGE LLC 2 6.63% $19,632
    DAS Acquisition Company, LLC 2 6.75% $16,392
    DHI MORTGAGE COMPANY, LTD. 2 5.12% $7,622
    DRAPER AND KRAMER MORTGAGE CORP. 2 7.88% $10,936
    Ixonia Bank 2 7.88% $13,955
    MID AMERICA MORTGAGE, INC. 2 7.31% $7,041
    ACADEMY MORTGAGE CORPORATION 2 5.88% $9,439
    NBH Bank 2 6.75% $5,230
    NEWREZ LLC 2 7.13% $8,840
    Prosperity Bank 2 6.38% $7,390
    SUMMIT FUNDING, INC. 2 6.06% $13,379
    T2 FINANCIAL LLC 2 7.69% $8,815
    CMG MORTGAGE, INC. 1 7.13% $13,771
    CHURCHILL MORTGAGE CORPORATION 1 8.50% $9,198
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.63% $11,173
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 7.25% $6,182
    CANOPY MORTGAGE, LLC 1 6.63% $12,426
    VAN DYK MORTGAGE CORPORATION 1 6.50% $7,743
    BancorpSouth 1 6.38% $7,077
    LOANPEOPLE, LLC 1 7.25% $17,718
    Loan Simple, Inc. 1 7.63% $11,112
    ASPIRE FINANCIAL, INC. 1 5.88% $11,808
    WILLOW BEND MORTGAGE COMPANY, LLC 1 7.13% $7,217
    Midwest Mortgage Associates Corporation 1 7.63% $8,598
    AmeriHome Mortgage Company, LLC 1 6.63% $10,371
    Mortgage Research Center, LLC 1 5.75% $10,612
    ALTRA 1 5.99% $9,336
    Trinity Oaks Mortgage, LLC 1 6.88% $17,199
    Neighborhood Loans, Inc. 1 8.25% $12,421
    Network Funding, L.P. 1 6.63% $8,986
    Alcova Mortgage LLC 1 5.75% $12,686
    NTFN, INC. 1 6.63% $9,354
    OCMBC, INC. 1 8.13% $7,390
    Paramount Residential Mortgage Group, Inc. 1 7.50% $8,650
    PENNYMAC LOAN SERVICES, LLC 1 7.63% $7,643
    PENTAGON FEDERAL CREDIT UNION 1 6.13% $10,873
    Platinum Home Mortgage Corporation 1 6.75% $9,766
    PLAZA HOME MORTGAGE, INC. 1 6.25% $12,109
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.13% $7,227
    U.S. Bank 1 6.00% $7,970
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 8.38% $9,008
    Regions Bank 1 5.75% $6,624
    Republic State Mortgage Co. 1 5.50% $12,136
    SECURITYNATIONAL MORTGAGE COMPANY 1 6.50% $13,442
    American Bank of Commerce 1 6.75% $10,005
    Equity Prime Mortgage LLC 1 6.75% $6,032
    ENVOY MORTGAGE, LTD 1 6.50% $11,029
    Commercial Bank of Texas 1 7.50% $9,780
    FIDELITY BANK 1 5.63% $16,369
    FIRST COLONY MORTGAGE CORPORATION 1 5.75% $14,684
    GENEVA FINANCIAL, LLC 1 6.75% $12,441
    GSF Mortgage Corporation 1 5.63% $22,466
    GUARANTEED RATE, INC. 1 7.25% $8,919

    The top Athens FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 16 FHA loans originated. Their average total fees are $10,860, which is $820 lower than the next largest lender, CARDINAL FINANCIAL.

    The lowest fee Athens FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($10,010), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,860), CARDINAL FINANCIAL ($11,680), QUICKEN LOANS, LLC ($12,546) and .

    The lowest rate Athens FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.26%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.87%), UNITED WHOLESALE MORTGAGE, LLC (6.90%), CARDINAL FINANCIAL (7.59%) and .

    Athens FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ATHENS, TX HENDERSON 2022 $420,680 $538,650 $651,050 $809,150
    ATHENS, TX HENDERSON 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).