Mount Pleasant FHA Loan Rates, Closing Costs & Stats

Mount Pleasant, 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.

    Mount Pleasant's 29 lenders originated 79 FHA loans during 2023. The total origination value was $16,855,000, with an average FHA loan value of $213,354.

    Mount Pleasant FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mount Pleasant averaged -0.06% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Mount Pleasant's average FHA mortgage closing costs are $8,642.

    The average rate for the prior week (2024-11-08) was 6.25% and one month ago for the week of 2024-10-11, the average rate was 5.95%.

    The average rate one year ago was 7%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.1%.

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

    Mount Pleasant 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 Mount Pleasant level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    DRAPER AND KRAMER MORTGAGE CORP. 9 6.47% $14,989
    T2 FINANCIAL LLC 6 6.48% $12,330
    CMG MORTGAGE, INC. 6 6.75% $10,988
    Guaranty Bank & Trust, N.A. 4 5.97% $7,413
    UNITED WHOLESALE MORTGAGE, LLC 3 5.88% $11,439
    GUILD MORTGAGE COMPANY 3 6.75% $10,787
    Gateway First Bank 2 7.00% $8,094
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.25% $8,638
    QUICKEN LOANS, LLC 2 6.12% $10,592
    LEADERONE FINANCIAL CORPORATION 2 6.69% $10,982
    Nations Lending Corporation 2 7.25% $4,615
    NFM, INC. 1 7.13% $12,185
    OPEN MORTGAGE, LLC 1 7.25% $8,369
    Paramount Residential Mortgage Group, Inc. 1 7.25% $3,050
    PENNYMAC LOAN SERVICES, LLC 1 6.75% $12,799
    Town Square Mortgage & Investments, Inc. 1 7.38% $11,783
    VAN DYK MORTGAGE CORPORATION 1 6.99% $5,242
    American Bank of Oklahoma 1 7.13% $8,675
    ZILLOW HOME LOANS, LLC 1 6.25% $9,362
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $8,908
    Century Mortgage Company DBA Century Lending Company 1 6.63% $7,304
    Citizens Bank 1 6.88% $5,971
    CROSSCOUNTRY MORTGAGE, LLC 1 6.25% $16,815
    EVERETT FINANCIAL, INC. 1 7.25% $8,662
    FIDELITY BANK 1 5.75% $11,770
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.25% $14,439
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.13% $17,523
    MORTGAGE FINANCIAL SERVICES, LLC 1 5.00% $11,012
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.75% $10,187

    The top Mount Pleasant FHA lender as defined by loan originations is DRAPER AND KRAMER MORTGAGE CORP., with 9 FHA loans originated. Their average total fees are $14,989, which is $2,658 higher than the next largest lender, T2 FINANCIAL LLC.

    The lowest fee Mount Pleasant FHA lenders (with over 10 loans originated) are .

    The lowest rate Mount Pleasant FHA lenders (with over 10 loans originated) are .

    Mount Pleasant FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MOUNT PLEASANT, TX CAMP 2022 $420,680 $538,650 $651,050 $809,150
    MOUNT PLEASANT, TX TITUS 2022 $420,680 $538,650 $651,050 $809,150
    MOUNT PLEASANT, TX CAMP 2023 $472,030 $604,400 $730,525 $907,900
    MOUNT PLEASANT, TX TITUS 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mount Pleasant (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 $181,950 (4.0%) $313,834 (-2.2%) 0.00 219
    2018-02-01 $194,700 (8.8%) $316,703 (-2.9%) 0.00 224
    2018-03-01 $189,900 (1.5%) $312,552 (-5.7%) 0.00 249
    2018-04-01 $217,400 (16.6%) $330,412 (0.8%) 0.00 251
    2018-05-01 $227,450 (26.4%) $340,051 (4.3%) 0.00 265
    2018-06-01 $229,900 (23.9%) $329,271 (6.4%) 0.00 266
    2018-07-01 $222,400 (19.3%) $332,738 (7.4%) 0.00 238
    2018-08-01 $219,650 (13.2%) $334,607 (5.4%) 0.00 227
    2018-09-01 $229,950 (19.5%) $360,105 (14.1%) 0.00 234
    2018-10-01 $230,450 (14.4%) $369,597 (13.2%) 0.00 227
    2018-11-01 $224,975 (22.0%) $378,408 (18.3%) 0.00 211
    2018-12-01 $229,900 (24.4%) $371,238 (18.4%) 0.00 192
    2019-01-01 $227,475 (25.0%) $395,642 (26.1%) 0.00 183
    2019-02-01 $226,175 (16.2%) $395,639 (24.9%) 0.00 174
    2019-03-01 $244,450 (28.7%) $401,377 (28.4%) 0.00 171
    2019-04-01 $244,450 (12.4%) $400,381 (21.2%) 0.00 170
    2019-05-01 $270,700 (19.0%) $422,098 (24.1%) 0.00 173
    2019-06-01 $250,000 (8.7%) $412,741 (25.4%) 0.00 167
    2019-07-01 $229,100 (3.0%) $319,615 (-3.9%) 0.00 149
    2019-08-01 $227,070 (3.4%) $332,978 (-0.5%) 0.00 148
    2019-09-01 $223,501 (-2.8%) $341,717 (-5.1%) 0.00 149
    2019-10-01 $233,209 (1.2%) $346,397 (-6.3%) 0.00 145
    2019-11-01 $222,450 (-1.1%) $284,495 (-24.8%) 0.00 125
    2019-12-01 $248,225 (8.0%) $294,307 (-20.7%) 0.00 114
    2020-01-01 $242,450 (6.6%) $285,636 (-27.8%) 0.00 109
    2020-02-01 $239,900 (6.1%) $289,359 (-26.9%) 0.00 126
    2020-03-01 $223,850 (-8.4%) $274,328 (-31.7%) 0.00 128
    2020-04-01 $216,000 (-11.6%) $263,888 (-34.1%) 0.00 138
    2020-05-01 $217,000 (-19.8%) $273,805 (-35.1%) 0.00 132
    2020-06-01 $229,225 (-8.3%) $295,057 (-28.5%) 0.00 119
    2020-07-01 $225,000 (-1.8%) $298,435 (-6.6%) 0.00 111
    2020-08-01 $227,000 (0.0%) $300,622 (-9.7%) 0.00 95
    2020-09-01 $238,125 (6.5%) $313,792 (-8.2%) 0.00 82
    2020-10-01 $239,000 (2.5%) $321,342 (-7.2%) 0.00 78
    2020-11-01 $225,000 (1.2%) $327,865 (15.2%) 0.00 74
    2020-12-01 $232,175 (-6.5%) $328,168 (11.5%) 0.00 74
    2021-01-01 $249,999 (3.1%) $378,630 (32.6%) 0.00 71
    2021-02-01 $248,225 (3.5%) $466,602 (61.3%) 0.00 67
    2021-03-01 $254,900 (13.9%) $419,669 (53.0%) 0.00 58
    2021-04-01 $246,250 (14.0%) $394,062 (49.3%) 0.00 57
    2021-05-01 $272,400 (25.5%) $402,474 (47.0%) 0.00 54
    2021-06-01 $271,225 (18.3%) $408,752 (38.5%) 0.00 53
    2021-07-01 $270,400 (20.2%) $389,879 (30.6%) 0.00 56
    2021-08-01 $257,033 (13.2%) $374,272 (24.5%) 0.00 68
    2021-09-01 $267,625 (12.4%) $430,711 (37.3%) 0.00 77
    2021-10-01 $268,500 (12.3%) $444,612 (38.4%) 0.00 78
    2021-11-01 $277,450 (23.3%) $407,428 (24.3%) 0.00 68
    2021-12-01 $308,250 (32.8%) $423,270 (29.0%) 0.00 68
    2022-01-01 $314,000 (25.6%) $453,340 (19.7%) 0.00 66
    2022-02-01 $303,000 (22.1%) $451,751 (-3.2%) 0.00 59
    2022-03-01 $326,225 (28.0%) $526,900 (25.6%) 0.00 60
    2022-04-01 $359,500 (46.0%) $585,176 (48.5%) 0.00 66
    2022-05-01 $340,000 (24.8%) $520,560 (29.3%) 0.00 84
    2022-06-01 $349,225 (28.8%) $508,782 (24.5%) 0.00 97
    2022-07-01 $334,990 (23.9%) $503,745 (29.2%) 0.00 113
    2022-08-01 $334,945 (30.3%) $467,227 (24.8%) 0.00 130
    2022-09-01 $349,175 (30.5%) $449,445 (4.4%) 0.00 128
    2022-10-01 $266,900 (-0.6%) $408,153 (-8.2%) 0.00 146
    2022-11-01 $266,900 (-3.8%) $397,040 (-2.6%) 0.00 140
    2022-12-01 $266,900 (-13.4%) $399,060 (-5.7%) 0.00 132
    2023-01-01 $288,750 (-8.0%) $387,834 (-14.5%) 0.00 129
    2023-02-01 $289,000 (-4.6%) $396,500 (-12.2%) 0.00 129
    2023-03-01 $309,500 (-5.1%) $422,274 (-19.9%) 0.00 135
    2023-04-01 $345,000 (-4.0%) $503,987 (-13.9%) 0.00 148
    2023-05-01 $342,000 (0.6%) $532,149 (2.2%) 0.00 153
    2023-06-01 $364,950 (4.5%) $534,106 (5.0%) 0.00 159
    2023-07-01 $347,450 (3.7%) $521,127 (3.5%) 0.00 170
    2023-08-01 $338,975 (1.2%) $502,339 (7.5%) 0.00 171
    2023-09-01 $335,000 (-4.1%) $488,198 (8.6%) 0.00 165
    2023-10-01 $349,950 (31.1%) $471,758 (15.6%) 0.00 155
    2023-11-01 $349,950 (31.1%) $483,670 (21.8%) 0.00 146
    2023-12-01 $350,000 (31.1%) $487,257 (22.1%) 0.00 139
    2024-01-01 $338,675 (17.3%) $481,762 (24.2%) 0.00 139
    2024-02-01 $329,000 (13.8%) $486,991 (22.8%) 0.00 151
    2024-03-01 $329,450 (6.5%) $490,503 (16.2%) 0.00 159
    2024-04-01 $324,975 (-5.8%) $482,807 (-4.2%) 0.00 183
    2024-05-01 $326,000 (-4.7%) $477,339 (-10.3%) 0.00 201
    2024-06-01 $327,000 (-10.4%) $472,520 (-11.5%) 0.00 210
    2024-07-01 $325,000 (-6.5%) $469,740 (-9.9%) 0.00 210
    2024-08-01 $329,000 (-2.9%) $449,097 (-10.6%) 0.00 206
    2024-09-01 $343,650 (2.6%) $465,026 (-4.8%) 0.00 197
    2024-10-01 $342,425 (-2.2%) $455,142 (-3.5%) 0.00 194
    Mount Pleasant's median listing price for 2024-10-01 was $342,425, a difference of $-7,525 (-2.2%) versus the prior year and $-1,225 versus the prior month.

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

    Mount Pleasant's average listing price for 2024-10-01 was $455,142, a difference of $-16,616 (-3.5%) versus the prior year and $-9,884 versus the prior month.

    For the 2024-10-01 period, Mount Pleasant had 194 MLS listings, a difference of -3 listings (-2%) versus the prior month and 39 listings (25%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mount Pleasant (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,126 sqft
    2018-02-01 0 days 2,201 sqft
    2018-03-01 0 days 2,136 sqft
    2018-04-01 0 days 2,198 sqft
    2018-05-01 0 days 2,212 sqft
    2018-06-01 0 days 2,223 sqft
    2018-07-01 0 days 2,257 sqft
    2018-08-01 0 days 2,276 sqft
    2018-09-01 0 days 2,329 sqft
    2018-10-01 0 days 2,284 sqft
    2018-11-01 0 days 2,262 sqft
    2018-12-01 0 days 2,247 sqft
    2019-01-01 0 days 2,240 sqft
    2019-02-01 0 days 2,245 sqft
    2019-03-01 0 days 2,221 sqft
    2019-04-01 0 days 2,190 sqft
    2019-05-01 0 days 2,319 sqft
    2019-06-01 0 days 2,310 sqft
    2019-07-01 0 days 2,191 sqft
    2019-08-01 0 days 2,199 sqft
    2019-09-01 0 days 2,174 sqft
    2019-10-01 0 days 2,236 sqft
    2019-11-01 0 days 2,253 sqft
    2019-12-01 0 days 2,296 sqft
    2020-01-01 0 days 2,204 sqft
    2020-02-01 0 days 2,253 sqft
    2020-03-01 0 days 2,080 sqft
    2020-04-01 0 days 2,029 sqft
    2020-05-01 0 days 2,075 sqft
    2020-06-01 0 days 2,188 sqft
    2020-07-01 0 days 2,254 sqft
    2020-08-01 0 days 2,252 sqft
    2020-09-01 0 days 2,370 sqft
    2020-10-01 0 days 2,238 sqft
    2020-11-01 0 days 2,194 sqft
    2020-12-01 0 days 2,170 sqft
    2021-01-01 0 days 2,258 sqft
    2021-02-01 0 days 2,396 sqft
    2021-03-01 0 days 2,264 sqft
    2021-04-01 0 days 2,345 sqft
    2021-05-01 0 days 2,339 sqft
    2021-06-01 0 days 2,071 sqft
    2021-07-01 0 days 2,097 sqft
    2021-08-01 0 days 2,084 sqft
    2021-09-01 0 days 2,012 sqft
    2021-10-01 0 days 1,992 sqft
    2021-11-01 0 days 2,067 sqft
    2021-12-01 0 days 2,090 sqft
    2022-01-01 0 days 2,058 sqft
    2022-02-01 0 days 2,000 sqft
    2022-03-01 0 days 2,008 sqft
    2022-04-01 0 days 2,000 sqft
    2022-05-01 0 days 2,000 sqft
    2022-06-01 0 days 2,009 sqft
    2022-07-01 0 days 2,024 sqft
    2022-08-01 0 days 2,000 sqft
    2022-09-01 0 days 2,000 sqft
    2022-10-01 0 days 1,753 sqft
    2022-11-01 0 days 1,771 sqft
    2022-12-01 0 days 1,782 sqft
    2023-01-01 0 days 1,796 sqft
    2023-02-01 0 days 1,753 sqft
    2023-03-01 0 days 1,888 sqft
    2023-04-01 0 days 2,074 sqft
    2023-05-01 0 days 2,055 sqft
    2023-06-01 0 days 2,063 sqft
    2023-07-01 0 days 2,069 sqft
    2023-08-01 0 days 2,078 sqft
    2023-09-01 0 days 2,065 sqft
    2023-10-01 0 days 2,023 sqft
    2023-11-01 0 days 2,009 sqft
    2023-12-01 0 days 2,009 sqft
    2024-01-01 0 days 2,002 sqft
    2024-02-01 0 days 1,985 sqft
    2024-03-01 0 days 2,006 sqft
    2024-04-01 0 days 2,004 sqft
    2024-05-01 0 days 2,015 sqft
    2024-06-01 0 days 2,019 sqft
    2024-07-01 0 days 2,010 sqft
    2024-08-01 0 days 1,960 sqft
    2024-09-01 0 days 1,950 sqft
    2024-10-01 0 days 1,921 sqft
    Mount Pleasant's median listing age (time on market) for 2024-10-01 was 0 days.

    Mount Pleasant's median square footage for active listings during the 2024-10-01 period was 1,921 sqft. One year prior, the average listing was 2,023 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).