Corpus Christi FHA Loans

CORPUS CHRISTI, 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.

Corpus Christi's 110 lenders originated 1,901 FHA loans during 2021. The total origination value was $385,405,000, with an average FHA loan value of $202,738.

Corpus Christi FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Corpus Christi averaged 5.33% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

The average rate for the prior week (2022-07-29) was 5.47% and one month ago for the week of 2022-07-01, the average rate was 5.66%.

The average rate one year ago was 3.16%.

For refis of the same type during the week of 2022-08-05, the average rate was 4.78%.

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

Corpus Christi FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Corpus Christi level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
CALIBER HOME LOANS, INC. 192 2.99% $8,052
GUILD MORTGAGE COMPANY 118 3.28% $9,146
QUICKEN LOANS, LLC 110 2.67% $6,633
PRIMARY RESIDENTIAL MORTGAGE, INC. 105 3.68% $8,436
WILLOW BEND MORTGAGE COMPANY, LLC 72 3.13% $8,600
DHI MORTGAGE COMPANY, LTD. 64 3.00% $8,007
EVERETT FINANCIAL, INC. 55 3.88% $6,715
FREEDOM MORTGAGE CORPORATION 53 2.92% $5,704
Gateway First Bank 53 3.55% $7,040
AMCAP MORTGAGE, LTD. 49 3.47% $10,067
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 45 3.56% $8,376
GUARANTEED RATE, INC. 44 3.01% $8,458
PENNYMAC LOAN SERVICES, LLC 37 3.27% $5,637
Mr. Cooper ( Nationstar Mortgage ) 33 3.32% $3,513
LAKEVIEW LOAN SERVICING, LLC 32 3.06% $4,843
First National Bank Texas 28 2.99% $8,319
LOANDEPOT.COM, LLC 26 3.66% $8,700
AmeriHome Mortgage Company, LLC 26 2.73% $4,829
Lakeview Community Capital, LLC 23 3.05% $4,921
UNITED WHOLESALE MORTGAGE, LLC 22 2.66% $7,883
PANORAMA MORTGAGE GROUP, LLC 21 3.19% $9,120
CORNERSTONE HOME LENDING, INC. 21 3.34% $8,725
VILLAGE CAPITAL & INVESTMENT LLC 20 2.92% $2,447
PLAZA HOME MORTGAGE, INC. 15 2.72% $10,857
PRIMELENDING, A PLAINSCAPITAL COMPANY 11 4.06% $8,505
PLANET HOME LENDING, LLC 11 2.93% $5,619
UNION HOME MORTGAGE CORP. 11 3.09% $8,087
THRIVE MORTGAGE, LLC 11 3.55% $12,056
MID AMERICA MORTGAGE, INC. 10 3.11% $4,838
BROKER SOLUTIONS, INC. 10 3.03% $8,334
HOME POINT FINANCIAL CORPORATION 9 2.54% $8,464
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 9 3.17% $10,950
Carrington Mortgage Services, LLC 9 3.40% $7,552
CERTAINTY HOME LOANS, LLC 8 3.55% $7,524
LEGEND LENDING CORPORATION 8 3.13% $4,639
NATIONS RELIABLE LENDING, LLC 8 3.30% $8,624
SECURITYNATIONAL MORTGAGE COMPANY 7 3.75% $8,401
AMERISAVE MORTGAGE CORPORATION 7 2.98% $8,825
HOMESIDE FINANCIAL, LLC 6 3.14% $9,613
Network Funding, L.P. 6 3.08% $7,717
Commerce Home Mortgage, Inc. 6 2.96% $6,672
MOVEMENT MORTGAGE, LLC 6 3.27% $9,140
SOUTHWEST FUNDING, LP 6 3.23% $13,600
MORTGAGE FINANCIAL SERVICES, LLC 5 3.39% $8,943
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.56% $7,401
AMERICAN PACIFIC MORTGAGE CORPORATION 4 2.84% $10,715
CROSSCOUNTRY MORTGAGE, LLC 4 2.78% $9,434
Equity Prime Mortgage LLC 4 3.53% $10,026
First Guaranty Mortgage Corporation 4 2.88% $8,122
GREAT WESTERN FINANCIAL SERVICES, INC. 4 3.13% $9,074
Midwest Mortgage Associates Corporation 4 3.22% $10,337
NFM, INC. 4 3.31% $11,435
Paramount Residential Mortgage Group, Inc. 4 3.19% $9,300
SWBC MORTGAGE CORPORATION 4 3.47% $6,518
MORTGAGE SOLUTIONS OF COLORADO, LLC 3 3.17% $10,524
NEWREZ LLC 3 2.75% $4,428
Nations Lending Corporation 3 2.79% $8,548
Affiliated Bank 3 3.08% $8,859
SUN WEST MORTGAGE COMPANY, INC. 3 3.25% $8,361
LOANPAL, LLC 3 2.58% $8,282
LEADERONE FINANCIAL CORPORATION 3 3.38% $8,638
INTERLINC MORTGAGE SERVICES, LLC 3 3.71% $11,204
SFMC, LP 3 3.63% $7,490
CMG MORTGAGE, INC. 3 4.08% $11,166
Extraco Banks 3 2.67% $7,997
OCEANSIDE MORTGAGE COMPANY 3 2.83% $4,199
ACADEMY MORTGAGE CORPORATION 3 3.33% $11,236
GENEVA FINANCIAL, LLC 2 3.13% $6,801
Loan Simple, Inc. 2 3.94% $8,417
Low VA Rates, LLC 2 2.56% $5,423
FINANCE OF AMERICA MORTGAGE LLC 2 2.81% $6,967
FBC MORTGAGE, LLC 2 3.44% $8,005
Priority Bank 2 2.56% $10,840
Bank of America 2 3.06% $8,441
Austin Capital Bank SSB 2 2.69% $8,753
UNIVERSITY Federal Credit Union 2 3.13% $8,219
VAN DYK MORTGAGE CORPORATION 2 3.13% $8,913
AMERICAN FINANCIAL RESOURCES, INC. 2 3.25% $7,333
KELLER MORTGAGE, LLC 2 2.69% $7,008
DIRECTIONS EQUITY, LLC 1 2.75% $7,112
PILGRIM MORTGAGE LLC 1 3.38% $9,932
MICHIGAN MUTUAL, INC. 1 3.50% $20,015
CANOPY MORTGAGE, LLC 1 2.99% $11,297
BECKAM FUNDING CORP. 1 3.25% $5,359
Barrington Bank & Trust Company, N.A. 1 3.38% $10,306
JPMorgan Chase Bank 1 3.25% $6,618
V.I.P. MORTGAGE, INC. 1 2.99% $7,451
RB MORTGAGE LLC 1 2.88% $6,051
Republic State Mortgage Co. 1 3.00% $8,103
S1L, Inc. 1 3.63% $8,388
Wallick & Volk, Inc. 1 3.25% $8,751
MEMBER HOME LOAN, L.L.C. 1 2.50% $8,920
ASPIRE FINANCIAL, INC. 1 3.00% $6,740
SOUTHWEST STAGE FUNDING, LLC 1 2.88% $7,183
SUMMIT FUNDING, INC. 1 3.38% $9,436
INLANTA MORTGAGE, INC. 1 3.50% $8,424
InterContinental Capital Group, Inc 1 2.50% $8,164
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.00% $8,445
ARC HOME LLC 1 3.88% $10,272
Amerifirst Financial, Inc. 1 3.63% $7,256
LEGACY MORTGAGE LLC 1 3.13% $14,130
FLAT BRANCH MORTGAGE, INC. 1 3.13% $10,323
VANDERBILT MORTGAGE AND FINANCE, INC. 1 4.00% $8,913
NETWORK CAPITAL FUNDING CORPORATION 1 3.00% $7,193
Lake Area Bank 1 2.63% $12,042
LAND HOME FINANCIAL SERVICES, INC. 1 4.00% $7,507
WESTERN EXPRESS LENDING 1 3.75% $8,143
Wells Fargo Bank 1 3.38% $7,418
HOMETRUST MORTGAGE COMPANY 1 3.00% $8,584
WESTSTAR MORTGAGE CORPORATION 1 3.75% $8,477

The top Corpus Christi FHA lender as defined by loan originations is CALIBER HOME LOANS, INC., with 192 FHA loans originated. Their average total fees are $8,052, which is $1,094 lower than the next largest lender, GUILD MORTGAGE COMPANY.

The lowest fee Corpus Christi FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,447), Mr. Cooper ( Nationstar Mortgage ) ($3,513), AmeriHome Mortgage Company, LLC ($4,829), MID AMERICA MORTGAGE, INC. ($4,838) and LAKEVIEW LOAN SERVICING, LLC ($4,843).

The lowest rate Corpus Christi FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.66%), QUICKEN LOANS, LLC (2.67%), PLAZA HOME MORTGAGE, INC. (2.72%), AmeriHome Mortgage Company, LLC (2.73%) and VILLAGE CAPITAL & INVESTMENT LLC (2.92%).

Corpus Christi FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
CORPUS CHRISTI, TX NUECES 2022 $420,680 $538,650 $651,050 $809,150
CORPUS CHRISTI, TX SAN PATRICIO 2022 $420,680 $538,650 $651,050 $809,150

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).