Killeen FHA Loan Rates, Closing Costs & Stats

KILLEEN-TEMPLE, 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.

    Killeen's 137 lenders originated 1,354 FHA loans during 2023. The total origination value was $335,320,000, with an average FHA loan value of $247,651.

    Killeen FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Killeen averaged 6.32% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Killeen's average FHA mortgage closing costs are $7,112.

    The average rate for the prior week (2024-07-12) was 6.27% and one month ago for the week of 2024-06-14, the average rate was 6.32%.

    The average rate one year ago was 6.71%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.67%.

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

    Killeen 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 Killeen level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 290 6.84% $7,887
    DHI MORTGAGE COMPANY, LTD. 199 5.33% $8,439
    First National Bank Texas 85 6.13% $11,289
    CMG MORTGAGE, INC. 56 6.60% $12,188
    SWBC MORTGAGE CORPORATION 53 6.57% $6,884
    UNITED WHOLESALE MORTGAGE, LLC 44 6.20% $12,680
    QUICKEN LOANS, LLC 34 6.37% $11,294
    CORNERSTONE HOME LENDING, INC. 20 6.74% $11,098
    KBHS HOME LOANS, LLC 19 5.57% $15,571
    HOMESIDE FINANCIAL, LLC 18 7.23% $9,982
    GUILD MORTGAGE COMPANY 17 6.51% $12,561
    AMCAP MORTGAGE, LTD. 16 6.86% $12,465
    THRIVE MORTGAGE, LLC 16 6.90% $14,736
    MUTUAL OF OMAHA MORTGAGE, INC. 15 6.88% $12,711
    PLAZA HOME MORTGAGE, INC. 14 6.60% $12,243
    AMERICAN PACIFIC MORTGAGE CORPORATION 12 6.96% $11,871
    Wolfe Financial, Inc 12 6.71% $11,426
    AMERICAN FINANCIAL NETWORK, INC. 11 6.77% $13,693
    GUARANTEED RATE, INC. 11 6.54% $11,694
    NEWREZ LLC 10 6.44% $9,667
    LEADERONE FINANCIAL CORPORATION 10 6.49% $10,961
    ENVOY MORTGAGE, LTD 10 6.80% $10,433
    EVERETT FINANCIAL, INC. 9 6.61% $8,528
    Equity Prime Mortgage LLC 9 6.63% $11,154
    Gateway First Bank 9 6.92% $9,548
    NTFN, INC. 7 5.98% $13,453
    Waterstone Mortgage Corporation 7 6.64% $8,786
    CROSSCOUNTRY MORTGAGE, LLC 7 6.84% $10,077
    Century Mortgage Company DBA Century Lending Company 6 6.67% $9,065
    SECURITYNATIONAL MORTGAGE COMPANY 6 7.21% $11,082
    CALCON MUTUAL MORTGAGE LLC 6 6.38% $16,333
    SeaTrust Mortgage Company 6 7.02% $14,712
    Network Funding, L.P. 6 6.67% $10,453
    SENTE MORTGAGE, INC. 5 6.73% $11,332
    BROKER SOLUTIONS, INC. 5 6.60% $12,125
    MORTGAGE SOLUTIONS OF COLORADO, LLC 5 7.68% $10,292
    T2 FINANCIAL LLC 5 7.15% $11,514
    CARDINAL FINANCIAL 4 6.50% $14,353
    LOANDEPOT.COM, LLC 4 6.81% $10,567
    FREEDOM MORTGAGE CORPORATION 4 7.00% $8,884
    NATIONS RELIABLE LENDING, LLC 4 6.50% $9,824
    BOKF 4 5.75% $19,145
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.88% $15,252
    Mortgage Research Center, LLC 4 7.22% $5,687
    OCMBC, INC. 3 6.83% $13,238
    VILLAGE CAPITAL MORTGAGE 3 6.71% $6,834
    MORTGAGE FINANCIAL SERVICES, LLC 3 6.71% $9,604
    BancorpSouth 3 6.75% $10,590
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.54% $10,600
    Alcova Mortgage LLC 3 6.83% $6,496
    UNIVERSITY Federal Credit Union 3 5.67% $9,686
    Mr. Cooper ( Nationstar Mortgage ) 3 6.58% $12,936
    LEGEND LENDING CORPORATION 3 7.13% $16,891
    ACADEMY MORTGAGE CORPORATION 3 6.00% $10,712
    PENNYMAC LOAN SERVICES, LLC 3 6.16% $17,105
    Flagstar Bank, FSB 2 6.10% $8,198
    American Mortgage & Equity Consultants, Inc. 2 6.00% $13,502
    AMERISAVE MORTGAGE CORPORATION 2 5.69% $14,124
    Barrington Bank & Trust Company, N.A. 2 7.00% $10,319
    BECKAM FUNDING CORP. 2 7.06% $21,096
    CITY FIRST MORTGAGE SERVICES, L.L.C. 2 6.19% $22,004
    DRAPER AND KRAMER MORTGAGE CORP. 2 6.69% $10,634
    First Bank 2 6.69% $8,883
    First United Bank and Trust Company 2 7.25% $19,399
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.63% $11,895
    HOMESTAR FINANCIAL CORPORATION 2 6.88% $7,932
    JPMorgan Chase Bank 2 6.94% $6,222
    Keystone Funding, Inc. 2 6.25% $15,217
    Loan Simple, Inc. 2 6.19% $17,386
    MID AMERICA MORTGAGE, INC. 2 7.69% $16,550
    MLD MORTGAGE INC. 2 7.44% $7,469
    Nations Lending Corporation 2 6.44% $5,955
    NBKC BANK 2 6.19% $9,833
    Paramount Residential Mortgage Group, Inc. 2 7.00% $13,350
    PENTAGON FEDERAL CREDIT UNION 2 5.25% $7,516
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.94% $13,977
    SUMMIT FUNDING, INC. 2 6.94% $10,677
    SUN WEST MORTGAGE COMPANY, INC. 2 7.00% $16,493
    TIB The Independent Bankersbank 2 7.13% $8,845
    TOWNE MORTGAGE COMPANY 2 6.31% $10,304
    Town Square Mortgage & Investments, Inc. 2 7.06% $13,090
    V.I.P. MORTGAGE, INC. 2 6.62% $16,826
    Wallick & Volk, Inc. 2 6.44% $12,035
    MOVEMENT MORTGAGE, LLC 1 6.75% $9,250
    FIRST COMMUNITY MORTGAGE, INC. 1 6.75% $13,421
    M&T Bank 1 5.75% $12,511
    Extraco Banks 1 6.75% $11,076
    ZILLOW HOME LOANS, LLC 1 6.75% $8,216
    Encompass Lending Group, LP 1 7.13% $10,759
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.00% $11,008
    Eagle Bank and Trust Company 1 6.50% $11,764
    DIRECT MORTGAGE, CORP. 1 6.50% $13,833
    NFM, INC. 1 6.63% $17,433
    NORWICH COMMERCIAL GROUP, INC. 1 6.25% $12,819
    NP, Inc. 1 5.75% $12,167
    DAS Acquisition Company, LLC 1 5.75% $9,312
    CLM MORTGAGE, INC 1 6.88% $10,126
    OPEN MORTGAGE, LLC 1 6.25% $10,649
    PANORAMA MORTGAGE GROUP, LLC 1 5.25% $11,378
    WILLOW BEND MORTGAGE COMPANY, LLC 1 7.75% $11,709
    Citizens Bank 1 6.50% $10,167
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 7.50% $5,695
    Plains Commerce Bank 1 6.50% $6,966
    PLANET HOME LENDING, LLC 1 6.63% $20,798
    CIBM Bank 1 5.75% $11,390
    PNC Bank 1 6.75% $5,397
    American Mortgage Bank, LLC 1 7.13% $9,358
    CHURCHILL MORTGAGE CORPORATION 1 7.13% $11,645
    Carrington Mortgage Services, LLC 1 8.13% $10,605
    RB MORTGAGE LLC 1 7.25% $11,976
    S1L, Inc. 1 7.25% $5,605
    CANOPY MORTGAGE, LLC 1 6.75% $14,471
    BM Real Estate Services, Inc. 1 7.75% $10,939
    BAY EQUITY LLC 1 7.25% $9,288
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.50% $10,718
    AMERICAN FINANCING CORPORATION 1 6.13% $10,193
    Sunflower Bank 1 7.25% $11,492
    Affiliated Bank 1 5.63% $15,061
    Bank of England 1 6.50% $10,090
    Bank of America 1 7.00% $4,731
    TEXAS TECH 1 7.00% $10,657
    HOMETRUST MORTGAGE COMPANY 1 6.63% $9,962
    TEXELL Credit Union 1 7.25% $0
    LAKEVIEW LOAN SERVICING, LLC 1 7.25% $11,406
    LAND HOME FINANCIAL SERVICES, INC. 1 8.00% $15,535
    HOMESPIRE MORTGAGE CORPORATION 1 6.63% $4,291
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.75% $14,537
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $11,283
    LOANPEOPLE, LLC 1 5.63% $9,787
    The Federal Savings Bank 1 7.00% $5,749
    MANN FINANCIAL INC. 1 7.63% $13,843
    MEMBER FIRST MORTGAGE, LLC 1 5.50% $8,872
    THE MORTGAGE LINK, INC. 1 5.75% $18,034
    Armed Forces Bank 1 5.13% $22,706
    GUARANTEED RATE AFFINITY, LLC 1 5.68% $9,684
    GENEVA FINANCIAL, LLC 1 7.25% $14,664
    GARDNER FINANCIAL SERVICES, LTD. 1 6.63% $12,948

    The top Killeen FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 290 FHA loans originated. Their average total fees are $7,887, which is $552 lower than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Killeen FHA lenders (with over 10 loans originated) are SWBC MORTGAGE CORPORATION ($6,884), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,887), DHI MORTGAGE COMPANY, LTD. ($8,439), NEWREZ LLC ($9,667) and HOMESIDE FINANCIAL, LLC ($9,982).

    The lowest rate Killeen FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.33%), KBHS HOME LOANS, LLC (5.57%), First National Bank Texas (6.13%), UNITED WHOLESALE MORTGAGE, LLC (6.20%) and QUICKEN LOANS, LLC (6.37%).

    Killeen FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    KILLEEN-TEMPLE, TX BELL 2022 $420,680 $538,650 $651,050 $809,150
    KILLEEN-TEMPLE, TX CORYELL 2022 $420,680 $538,650 $651,050 $809,150
    KILLEEN-TEMPLE, TX LAMPASAS 2022 $420,680 $538,650 $651,050 $809,150
    KILLEEN-TEMPLE, TX BELL 2023 $472,030 $604,400 $730,525 $907,900
    KILLEEN-TEMPLE, TX CORYELL 2023 $472,030 $604,400 $730,525 $907,900
    KILLEEN-TEMPLE, TX LAMPASAS 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).