Beaumont FHA Loan Rates, Closing Costs & Stats

BEAUMONT-PORT ARTHUR, 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.

    Beaumont's 100 lenders originated 1,130 FHA loans during 2023. The total origination value was $238,380,000, with an average FHA loan value of $210,956.

    Beaumont FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Beaumont averaged 6.52% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Beaumont's average FHA mortgage closing costs are $8,023.

    The average rate for the prior week (2024-07-12) was 6.57% and one month ago for the week of 2024-06-14, the average rate was 6.53%.

    The average rate one year ago was 6.62%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.75%.

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

    Beaumont 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 Beaumont level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 123 6.33% $10,290
    AMCAP MORTGAGE, LTD. 73 6.86% $10,730
    GUILD MORTGAGE COMPANY 64 6.72% $11,141
    SECURITYNATIONAL MORTGAGE COMPANY 53 7.33% $10,585
    FBC MORTGAGE, LLC 50 6.29% $11,003
    Republic State Mortgage Co. 47 6.47% $9,765
    OPEN MORTGAGE, LLC 47 6.53% $9,125
    QUICKEN LOANS, LLC 41 6.47% $10,933
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 38 7.06% $9,885
    EVERETT FINANCIAL, INC. 35 6.89% $10,594
    DHI MORTGAGE COMPANY, LTD. 31 5.53% $10,215
    Gateway First Bank 25 6.70% $10,042
    T2 FINANCIAL LLC 24 6.99% $10,878
    First Financial Bank 21 6.86% $10,356
    CARDINAL FINANCIAL 18 6.44% $10,748
    LOANDEPOT.COM, LLC 17 6.90% $9,759
    DSLD MORTGAGE, LLC 14 6.06% $6,013
    Flagstar Bank, FSB 14 6.90% $9,920
    City Bank 14 6.46% $11,095
    CMG MORTGAGE, INC. 13 7.00% $12,623
    AMERICAN FINANCIAL NETWORK, INC. 13 6.90% $12,822
    FREEDOM MORTGAGE CORPORATION 11 6.74% $14,085
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 11 7.22% $11,422
    WILLOW BEND MORTGAGE COMPANY, LLC 11 6.82% $11,259
    JPMorgan Chase Bank 11 6.20% $4,302
    Network Funding, L.P. 10 7.04% $10,506
    LEGEND LENDING CORPORATION 10 6.48% $13,194
    Citizens Bank 9 6.31% $15,318
    NEWREZ LLC 8 6.84% $9,608
    ZILLOW HOME LOANS, LLC 8 6.56% $11,311
    Century Mortgage Company DBA Century Lending Company 8 6.89% $9,859
    Equity Prime Mortgage LLC 7 6.82% $8,339
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 7 6.71% $10,736
    GUARANTEED RATE, INC. 7 6.95% $9,706
    MID AMERICA MORTGAGE, INC. 6 6.71% $11,672
    LEADERONE FINANCIAL CORPORATION 6 7.00% $12,731
    Loan Simple, Inc. 6 7.12% $12,731
    PLAZA HOME MORTGAGE, INC. 6 6.14% $10,199
    NATIONS RELIABLE LENDING, LLC 6 6.69% $9,053
    Hamilton Mortgage Corporation 5 6.95% $13,205
    CROSSCOUNTRY MORTGAGE, LLC 5 7.05% $11,489
    CALCON MUTUAL MORTGAGE LLC 5 7.05% $11,117
    BROKER SOLUTIONS, INC. 5 6.58% $10,799
    Town Square Mortgage & Investments, Inc. 5 7.10% $6,875
    V.I.P. MORTGAGE, INC. 5 6.60% $9,477
    Plains Commerce Bank 5 6.55% $8,977
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 7.22% $11,874
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 7.25% $10,796
    Mortgage Research Center, LLC 4 7.00% $4,983
    Renasant Bank 4 7.03% $10,345
    AMERISAVE MORTGAGE CORPORATION 4 6.13% $13,454
    PENNYMAC LOAN SERVICES, LLC 4 6.63% $9,393
    ACADEMY MORTGAGE CORPORATION 3 7.04% $10,188
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.75% $8,453
    EUSTIS AND AMERICAN MORTGAGE COMPANY 3 6.79% $9,183
    MORTGAGE FINANCIAL SERVICES, LLC 3 7.21% $11,132
    RESIDENTIAL BANCORP 3 6.83% $14,703
    Stride Bank 3 6.54% $10,443
    UNION HOME MORTGAGE CORP. 3 6.29% $12,111
    The Federal Savings Bank 2 6.44% $9,655
    Magnolia Bank 2 6.38% $9,762
    Hometown Equity Mortgage, LLC 2 6.00% $11,442
    CORNERSTONE HOME LENDING, INC. 2 5.88% $5,751
    DRAPER AND KRAMER MORTGAGE CORP. 2 6.13% $16,271
    American Mortgage Bank, LLC 2 6.19% $9,450
    Sunflower Bank 2 6.38% $15,744
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.88% $9,623
    SWBC MORTGAGE CORPORATION 2 6.56% $6,420
    PENTAGON FEDERAL CREDIT UNION 2 5.81% $8,430
    CRESCENT MORTGAGE COMPANY 1 5.50% $7,930
    Prosperity Bank 1 7.25% $8,055
    Prosperity Home Mortgage, LLC 1 5.75% $14,717
    RADIUS FINANCIAL GROUP INC. 1 6.75% $12,701
    CHURCHILL MORTGAGE CORPORATION 1 6.99% $7,880
    BETTER MORTGAGE CORPORATION 1 6.75% $22,732
    Wells Fargo Bank 1 6.63% $18,011
    S1L, Inc. 1 6.00% $7,050
    BECKAM FUNDING CORP. 1 7.75% $16,276
    SOUTHWEST STAGE FUNDING, LLC 1 6.88% $7,655
    SUN WEST MORTGAGE COMPANY, INC. 1 6.62% $6,327
    BAY EQUITY LLC 1 6.50% $8,264
    The Loan Store, Inc. 1 7.63% $7,152
    Bank of America 1 5.50% $4,110
    AMERICAN FINANCING CORPORATION 1 7.00% $8,596
    Armed Forces Bank 1 6.00% $25,892
    US MORTGAGE CORPORATION 1 7.13% $16,234
    ML Mortgage Corp. 1 7.25% $15,011
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.75% $7,947
    MICHIGAN MUTUAL, INC. 1 6.63% $14,078
    MOVEMENT MORTGAGE, LLC 1 7.25% $8,921
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $15,363
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $10,452
    Nations Lending Corporation 1 7.63% $4,013
    LAND HOME FINANCIAL SERVICES, INC. 1 7.50% $10,935
    NFM, INC. 1 7.63% $16,496
    First Federal Bank 1 6.00% $7,605
    Paramount Residential Mortgage Group, Inc. 1 6.13% $11,173
    FIRST COMMUNITY MORTGAGE, INC. 1 5.88% $7,740
    ENVOY MORTGAGE, LTD 1 6.25% $11,982
    PLANET HOME LENDING, LLC 1 6.38% $5,654

    The top Beaumont FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 123 FHA loans originated. Their average total fees are $10,290, which is $441 lower than the next largest lender, AMCAP MORTGAGE, LTD..

    The lowest fee Beaumont FHA lenders (with over 10 loans originated) are JPMorgan Chase Bank ($4,302), DSLD MORTGAGE, LLC ($6,013), OPEN MORTGAGE, LLC ($9,125), LOANDEPOT.COM, LLC ($9,759) and Republic State Mortgage Co. ($9,765).

    The lowest rate Beaumont FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.53%), DSLD MORTGAGE, LLC (6.06%), JPMorgan Chase Bank (6.20%), FBC MORTGAGE, LLC (6.29%) and UNITED WHOLESALE MORTGAGE, LLC (6.33%).

    Beaumont FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BEAUMONT-PORT ARTHUR, TX HARDIN 2022 $420,680 $538,650 $651,050 $809,150
    BEAUMONT-PORT ARTHUR, TX JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
    BEAUMONT-PORT ARTHUR, TX ORANGE 2022 $420,680 $538,650 $651,050 $809,150
    BEAUMONT-PORT ARTHUR, TX HARDIN 2023 $472,030 $604,400 $730,525 $907,900
    BEAUMONT-PORT ARTHUR, TX JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900
    BEAUMONT-PORT ARTHUR, TX ORANGE 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).