Corpus Christi FHA Loans

CORPUS CHRISTI, 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.

    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).