Mineral Wells FHA Loan Rates, Closing Costs & Stats

Mineral Wells, 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.

    Mineral Wells's 40 lenders originated 77 FHA loans during 2023. The total origination value was $18,055,000, with an average FHA loan value of $234,481.

    Mineral Wells FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mineral Wells averaged 6.52% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Mineral Wells's average FHA mortgage closing costs are $8,446.

    The average rate for the prior week (2024-11-01) was 6.6% and one month ago for the week of 2024-10-04, the average rate was 5.82%.

    The average rate one year ago was 7.46%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

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

    Mineral Wells 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 Mineral Wells level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 10 5.60% $15,932
    GUILD MORTGAGE COMPANY 4 6.94% $13,110
    QUICKEN LOANS, LLC 4 6.25% $9,878
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.92% $9,168
    Gateway First Bank 3 6.75% $11,212
    EVERETT FINANCIAL, INC. 2 7.38% $7,672
    Town Square Mortgage & Investments, Inc. 2 6.06% $7,743
    MOVEMENT MORTGAGE, LLC 2 6.13% $9,436
    First Bank 2 6.31% $10,439
    Colonial Savings, F.A. 2 6.44% $9,486
    Network Funding, L.P. 2 6.75% $16,046
    Paramount Residential Mortgage Group, Inc. 2 6.38% $9,120
    LOANDEPOT.COM, LLC 2 6.56% $12,499
    Plains Commerce Bank 2 6.50% $9,631
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.19% $10,958
    Neighborhood Loans, Inc. 1 7.63% $15,928
    NEWREZ LLC 1 6.75% $7,519
    PENNYMAC LOAN SERVICES, LLC 1 6.25% $12,477
    Prosperity Home Mortgage, LLC 1 5.13% $17,105
    RADIUS FINANCIAL GROUP INC. 1 6.75% $16,415
    SFMC, LP 1 7.13% $10,751
    Trinity Oaks Mortgage, LLC 1 6.25% $9,597
    Waterstone Mortgage Corporation 1 5.88% $7,787
    Wells Fargo Bank 1 6.00% $11,796
    AMERICAN FINANCIAL NETWORK, INC. 1 5.75% $13,270
    ZILLOW HOME LOANS, LLC 1 6.75% $12,197
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $10,852
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.38% $10,234
    CALCON MUTUAL MORTGAGE LLC 1 6.75% $18,164
    CMG MORTGAGE, INC. 1 6.50% $10,421
    Encompass Lending Group, LP 1 6.25% $9,420
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 6.88% $7,456
    FIRST COMMUNITY MORTGAGE, INC. 1 6.25% $17,641
    FREEDOM MORTGAGE CORPORATION 1 7.75% $12,004
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.88% $13,044
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $9,865
    Magnolia Bank 1 6.00% $6,009
    MICHIGAN MUTUAL, INC. 1 7.13% $12,899
    MORTGAGE FINANCIAL SERVICES, LLC 1 6.75% $14,159
    NATIONS RELIABLE LENDING, LLC 1 7.00% $13,900

    The top Mineral Wells FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 10 FHA loans originated. Their average total fees are $15,932, which is $2,822 higher than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Mineral Wells FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($15,932), .

    The lowest rate Mineral Wells FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (5.60%), .

    Mineral Wells FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MINERAL WELLS, TX PALO PINTO 2022 $420,680 $538,650 $651,050 $809,150
    MINERAL WELLS, TX PALO PINTO 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).