Corsicana FHA Loan Rates, Closing Costs & Stats

Corsicana, 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.

    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 0.32% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

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

    The average rate for the prior week (2024-11-08) was 6.73% and one month ago for the week of 2024-10-11, the average rate was 6.13%.

    The average rate one year ago was 7.48%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Corsicana (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $159,900 (9.2%) $235,540 (-2.4%) 0.00 121
    2018-02-01 $159,900 (6.7%) $236,392 (-5.3%) 0.00 119
    2018-03-01 $159,900 (8.2%) $242,559 (4.9%) 0.00 119
    2018-04-01 $195,000 (16.8%) $269,424 (15.8%) 0.00 128
    2018-05-01 $222,400 (34.3%) $288,429 (24.6%) 0.00 116
    2018-06-01 $229,900 (45.9%) $296,404 (29.3%) 0.00 114
    2018-07-01 $201,700 (20.5%) $277,556 (12.3%) 0.00 119
    2018-08-01 $183,375 (8.0%) $261,020 (7.1%) 0.00 121
    2018-09-01 $166,500 (4.2%) $248,483 (5.5%) 0.00 122
    2018-10-01 $157,000 (4.7%) $244,122 (3.3%) 0.00 132
    2018-11-01 $164,250 (3.7%) $256,067 (7.6%) 0.00 111
    2018-12-01 $177,950 (11.3%) $233,884 (-0.8%) 0.00 114
    2019-01-01 $194,663 (21.7%) $255,310 (8.4%) 0.00 106
    2019-02-01 $184,800 (15.6%) $251,025 (6.2%) 0.00 110
    2019-03-01 $178,300 (11.5%) $244,355 (0.7%) 0.00 116
    2019-04-01 $179,900 (-7.7%) $260,025 (-3.5%) 0.00 112
    2019-05-01 $197,800 (-11.1%) $287,894 (-0.2%) 0.00 109
    2019-06-01 $209,700 (-8.8%) $295,144 (-0.4%) 0.00 128
    2019-07-01 $198,500 (-1.6%) $286,003 (3.0%) 0.00 147
    2019-08-01 $203,000 (10.7%) $295,049 (13.0%) 0.00 150
    2019-09-01 $209,750 (26.0%) $287,834 (15.8%) 0.00 144
    2019-10-01 $215,000 (36.9%) $289,200 (18.5%) 0.00 131
    2019-11-01 $215,000 (30.9%) $296,636 (15.8%) 0.00 101
    2019-12-01 $201,975 (13.5%) $279,833 (19.7%) 0.00 102
    2020-01-01 $193,600 (-0.6%) $278,441 (9.1%) 0.00 96
    2020-02-01 $212,500 (15.0%) $274,928 (9.5%) 0.00 89
    2020-03-01 $198,000 (11.1%) $273,951 (12.1%) 0.00 105
    2020-04-01 $199,900 (11.1%) $278,166 (7.0%) 0.00 101
    2020-05-01 $189,450 (-4.2%) $369,337 (28.3%) 0.00 94
    2020-06-01 $188,450 (-10.1%) $362,286 (22.8%) 0.00 78
    2020-07-01 $178,679 (-10.0%) $368,766 (28.9%) 0.00 66
    2020-08-01 $172,500 (-15.0%) $252,961 (-14.3%) 0.00 72
    2020-09-01 $175,000 (-16.6%) $243,537 (-15.4%) 0.00 66
    2020-10-01 $198,750 (-7.6%) $305,645 (5.7%) 0.00 68
    2020-11-01 $172,425 (-19.8%) $265,947 (-10.4%) 0.00 67
    2020-12-01 $184,950 (-8.4%) $271,552 (-3.0%) 0.00 68
    2021-01-01 $174,900 (-9.7%) $268,788 (-3.5%) 0.00 53
    2021-02-01 $195,000 (-8.2%) $300,132 (9.2%) 0.00 36
    2021-03-01 $182,000 (-8.1%) $287,357 (4.9%) 0.00 37
    2021-04-01 $233,339 (16.7%) $407,689 (46.6%) 0.00 36
    2021-05-01 $199,000 (5.0%) $392,982 (6.4%) 0.00 42
    2021-06-01 $222,500 (18.1%) $521,428 (43.9%) 0.00 46
    2021-07-01 $269,500 (50.8%) $520,595 (41.2%) 0.00 53
    2021-08-01 $270,950 (57.1%) $548,409 (116.8%) 0.00 54
    2021-09-01 $309,725 (77.0%) $569,696 (133.9%) 0.00 56
    2021-10-01 $296,998 (49.4%) $554,428 (81.4%) 0.00 54
    2021-11-01 $286,975 (66.4%) $414,056 (55.7%) 0.00 48
    2021-12-01 $271,125 (46.6%) $425,479 (56.7%) 0.00 49
    2022-01-01 $283,300 (62.0%) $403,495 (50.1%) 0.00 48
    2022-02-01 $288,350 (47.9%) $465,630 (55.1%) 0.00 46
    2022-03-01 $278,225 (52.9%) $410,703 (42.9%) 0.00 63
    2022-04-01 $289,000 (23.9%) $409,756 (0.5%) 0.00 62
    2022-05-01 $293,350 (47.4%) $487,247 (24.0%) 0.00 71
    2022-06-01 $307,500 (38.2%) $600,212 (15.1%) 0.00 94
    2022-07-01 $314,900 (16.9%) $570,571 (9.6%) 0.00 126
    2022-08-01 $316,200 (16.7%) $567,676 (3.5%) 0.00 133
    2022-09-01 $319,975 (3.3%) $556,980 (-2.2%) 0.00 139
    2022-10-01 $309,900 (4.3%) $531,412 (-4.2%) 0.00 161
    2022-11-01 $308,550 (7.5%) $512,766 (23.8%) 0.00 163
    2022-12-01 $301,900 (11.4%) $521,452 (22.6%) 0.00 142
    2023-01-01 $300,888 (6.2%) $498,428 (23.5%) 0.00 129
    2023-02-01 $311,463 (8.0%) $474,354 (1.9%) 0.00 128
    2023-03-01 $329,350 (18.4%) $522,387 (27.2%) 0.00 128
    2023-04-01 $326,925 (13.1%) $525,696 (28.3%) 0.00 140
    2023-05-01 $325,000 (10.8%) $508,243 (4.3%) 0.00 148
    2023-06-01 $301,775 (-1.9%) $455,609 (-24.1%) 0.00 156
    2023-07-01 $308,750 (-2.0%) $448,771 (-21.4%) 0.00 155
    2023-08-01 $300,000 (-5.1%) $447,467 (-21.2%) 0.00 151
    2023-09-01 $300,875 (-6.0%) $454,516 (-18.4%) 0.00 158
    2023-10-01 $292,700 (-5.6%) $462,376 (-13.0%) 0.00 170
    2023-11-01 $286,000 (-7.3%) $468,084 (-8.7%) 0.00 170
    2023-12-01 $279,000 (-7.6%) $454,434 (-12.9%) 0.00 169
    2024-01-01 $289,750 (-3.7%) $434,860 (-12.8%) 0.00 168
    2024-02-01 $287,250 (-7.8%) $427,458 (-9.9%) 0.00 163
    2024-03-01 $295,000 (-10.4%) $441,484 (-15.5%) 0.00 168
    2024-04-01 $290,475 (-11.2%) $439,273 (-16.4%) 0.00 186
    2024-05-01 $289,975 (-10.8%) $460,195 (-9.5%) 0.00 195
    2024-06-01 $293,500 (-2.7%) $503,412 (10.5%) 0.00 197
    2024-07-01 $293,498 (-4.9%) $502,091 (11.9%) 0.00 212
    2024-08-01 $289,999 (-3.3%) $503,470 (12.5%) 0.00 208
    2024-09-01 $291,000 (-3.3%) $498,264 (9.6%) 0.00 214
    2024-10-01 $282,368 (-3.5%) $481,134 (4.1%) 0.00 221
    Corsicana's median listing price for 2024-10-01 was $282,368, a difference of $-10,332 (-3.5%) versus the prior year and $-8,632 versus the prior month.

    Corsicana's median listing price comes in at 0% of the national average.

    Corsicana's average listing price for 2024-10-01 was $481,134, a difference of $18,758 (4.1%) versus the prior year and $-17,130 versus the prior month.

    For the 2024-10-01 period, Corsicana had 221 MLS listings, a difference of 7 listings (3%) versus the prior month and 51 listings (30%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Corsicana (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,777 sqft
    2018-02-01 0 days 1,736 sqft
    2018-03-01 0 days 1,792 sqft
    2018-04-01 0 days 1,873 sqft
    2018-05-01 0 days 1,986 sqft
    2018-06-01 0 days 2,098 sqft
    2018-07-01 0 days 2,065 sqft
    2018-08-01 0 days 2,008 sqft
    2018-09-01 0 days 1,943 sqft
    2018-10-01 0 days 1,846 sqft
    2018-11-01 0 days 1,829 sqft
    2018-12-01 0 days 1,801 sqft
    2019-01-01 0 days 1,865 sqft
    2019-02-01 0 days 1,871 sqft
    2019-03-01 0 days 1,825 sqft
    2019-04-01 0 days 1,826 sqft
    2019-05-01 0 days 1,834 sqft
    2019-06-01 0 days 1,921 sqft
    2019-07-01 0 days 1,935 sqft
    2019-08-01 0 days 1,995 sqft
    2019-09-01 0 days 2,029 sqft
    2019-10-01 0 days 2,063 sqft
    2019-11-01 0 days 2,055 sqft
    2019-12-01 0 days 2,021 sqft
    2020-01-01 0 days 1,959 sqft
    2020-02-01 0 days 1,976 sqft
    2020-03-01 0 days 1,998 sqft
    2020-04-01 0 days 1,956 sqft
    2020-05-01 0 days 1,848 sqft
    2020-06-01 0 days 1,831 sqft
    2020-07-01 0 days 1,824 sqft
    2020-08-01 0 days 1,870 sqft
    2020-09-01 0 days 1,826 sqft
    2020-10-01 0 days 1,881 sqft
    2020-11-01 0 days 1,822 sqft
    2020-12-01 0 days 1,839 sqft
    2021-01-01 0 days 1,802 sqft
    2021-02-01 0 days 1,832 sqft
    2021-03-01 0 days 1,809 sqft
    2021-04-01 0 days 1,962 sqft
    2021-05-01 0 days 1,781 sqft
    2021-06-01 0 days 1,771 sqft
    2021-07-01 0 days 1,951 sqft
    2021-08-01 0 days 1,880 sqft
    2021-09-01 0 days 2,020 sqft
    2021-10-01 0 days 1,988 sqft
    2021-11-01 0 days 1,762 sqft
    2021-12-01 0 days 1,780 sqft
    2022-01-01 0 days 1,888 sqft
    2022-02-01 0 days 1,768 sqft
    2022-03-01 0 days 1,650 sqft
    2022-04-01 0 days 1,670 sqft
    2022-05-01 0 days 1,771 sqft
    2022-06-01 0 days 1,913 sqft
    2022-07-01 0 days 1,917 sqft
    2022-08-01 0 days 1,962 sqft
    2022-09-01 0 days 1,959 sqft
    2022-10-01 0 days 1,908 sqft
    2022-11-01 0 days 1,900 sqft
    2022-12-01 0 days 1,900 sqft
    2023-01-01 0 days 1,894 sqft
    2023-02-01 0 days 1,815 sqft
    2023-03-01 0 days 1,793 sqft
    2023-04-01 0 days 1,798 sqft
    2023-05-01 0 days 1,787 sqft
    2023-06-01 0 days 1,798 sqft
    2023-07-01 0 days 1,794 sqft
    2023-08-01 0 days 1,788 sqft
    2023-09-01 0 days 1,828 sqft
    2023-10-01 0 days 1,828 sqft
    2023-11-01 0 days 1,849 sqft
    2023-12-01 0 days 1,823 sqft
    2024-01-01 0 days 1,787 sqft
    2024-02-01 0 days 1,751 sqft
    2024-03-01 0 days 1,766 sqft
    2024-04-01 0 days 1,766 sqft
    2024-05-01 0 days 1,697 sqft
    2024-06-01 0 days 1,743 sqft
    2024-07-01 0 days 1,722 sqft
    2024-08-01 0 days 1,698 sqft
    2024-09-01 0 days 1,712 sqft
    2024-10-01 0 days 1,693 sqft
    Corsicana's median listing age (time on market) for 2024-10-01 was 0 days.

    Corsicana's median square footage for active listings during the 2024-10-01 period was 1,693 sqft. One year prior, the average listing was 1,828 sqft.

    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).