Athens FHA Loan Rates, Closing Costs & Stats

Athens, 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.

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 0.31% for the week of 2024-06-21, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-06-14) was 6.81% and one month ago for the week of 2024-05-17, the average rate was 6.75%.

The average rate one year ago was 6.74%.

For refis of the same type during the week of 2024-06-21, the average rate was 0.01%.

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).