Corsicana FHA Loan Rates, Closing Costs & Stats

Corsicana, 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.

Corsicana's 50 lenders originated 138 FHA loans during 2023. The total origination value was $34,550,000, with an average FHA loan value of $250,362.

Corsicana FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Corsicana averaged 6.32% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

Corsicana's average FHA mortgage closing costs are $8,479.

The average rate for the prior week (2024-10-04) was 6.14% and one month ago for the week of 2024-09-06, the average rate was 6.17%.

The average rate one year ago was 7.49%.

For refis of the same type during the week of 2024-10-11, the average rate was 6.1%.

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

Corsicana 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 Corsicana level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
DRAPER AND KRAMER MORTGAGE CORP. 15 7.08% $12,487
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 7.01% $10,081
GUILD MORTGAGE COMPANY 8 7.19% $11,134
ACADEMY MORTGAGE CORPORATION 7 7.05% $13,521
UNITED WHOLESALE MORTGAGE, LLC 6 6.68% $11,766
WILLOW BEND MORTGAGE COMPANY, LLC 6 6.46% $11,751
QUICKEN LOANS, LLC 6 6.22% $8,728
LOANPEOPLE, LLC 4 7.38% $10,493
CARDINAL FINANCIAL 4 6.50% $14,675
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 6.38% $16,032
EVERETT FINANCIAL, INC. 3 6.75% $12,665
Firstar Bank 3 5.79% $12,862
Trinity Oaks Mortgage, LLC 3 6.63% $18,575
SFMC, LP 3 6.08% $14,395
SWBC MORTGAGE CORPORATION 2 6.31% $13,517
BOKF 2 6.88% $10,973
Century Mortgage Company DBA Century Lending Company 2 7.19% $16,093
CROSSCOUNTRY MORTGAGE, LLC 2 6.69% $14,608
FREEDOM MORTGAGE CORPORATION 2 6.63% $18,177
JPMorgan Chase Bank 2 6.50% $11,210
Network Funding, L.P. 2 6.63% $9,839
AMCAP MORTGAGE, LTD. 1 7.25% $22,836
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.75% $17,653
GSF Mortgage Corporation 1 8.13% $15,130
GUARANTEED RATE AFFINITY, LLC 1 6.25% $10,638
GUARANTEED RATE, INC. 1 6.50% $12,060
CALCON MUTUAL MORTGAGE LLC 1 7.13% $10,349
BROKER SOLUTIONS, INC. 1 5.50% $28,647
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $12,712
INTEGRITY MORTGAGE CORPORATION OF TEXAS 1 6.13% $9,181
INTERCAP LENDING INC. 1 6.88% $16,067
Wallick & Volk, Inc. 1 6.75% $5,143
BECKAM FUNDING CORP. 1 7.25% $22,022
Mortgage Research Center, LLC 1 7.25% $7,109
Neighborhood Loans, Inc. 1 7.25% $14,224
Affiliated Bank 1 6.50% $10,499
NEWREZ LLC 1 7.25% $8,904
Paramount Residential Mortgage Group, Inc. 1 6.25% $10,989
PLANET HOME LENDING, LLC 1 6.38% $10,266
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $11,252
BancorpSouth 1 7.38% $11,001
SECURITYNATIONAL MORTGAGE COMPANY 1 5.25% $10,707
ASSOCIATED MORTGAGE CORPORATION 1 7.25% $12,435
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $7,452
TOWNE MORTGAGE COMPANY 1 5.75% $7,771
Town Square Mortgage & Investments, Inc. 1 6.75% $8,924
AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $14,982
Equity Prime Mortgage LLC 1 7.75% $10,882
Citizens Bank 1 5.63% $9,802
CHURCHILL MORTGAGE CORPORATION 1 6.13% $11,909

The top Corsicana FHA lender as defined by loan originations is DRAPER AND KRAMER MORTGAGE CORP., with 15 FHA loans originated. Their average total fees are $12,487, which is $2,407 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Corsicana FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,081), DRAPER AND KRAMER MORTGAGE CORP. ($12,487), .

The lowest rate Corsicana FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION (7.01%), DRAPER AND KRAMER MORTGAGE CORP. (7.08%), .

Corsicana FHA Loan Limits

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