Palestine FHA Loan Rates, Closing Costs & Stats

Palestine, 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.

    Palestine's 34 lenders originated 86 FHA loans during 2023. The total origination value was $16,720,000, with an average FHA loan value of $194,419.

    Palestine FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Palestine averaged 0.17% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Palestine's average FHA mortgage closing costs are $7,728.

    The average rate for the prior week (2024-11-08) was 6.68% and one month ago for the week of 2024-10-11, the average rate was 6.28%.

    The average rate one year ago was 7.12%.

    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.

    Palestine 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 Palestine level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GENEVA FINANCIAL, LLC 18 6.73% $11,632
    QUICKEN LOANS, LLC 6 6.35% $9,243
    Commercial Bank of Texas 6 6.58% $7,851
    UNITED WHOLESALE MORTGAGE, LLC 5 6.77% $11,742
    CARDINAL FINANCIAL 3 6.75% $9,345
    CROSSCOUNTRY MORTGAGE, LLC 3 6.33% $8,621
    GUILD MORTGAGE COMPANY 3 6.71% $11,139
    NEWREZ LLC 2 6.50% $8,991
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.75% $10,204
    S1L, Inc. 2 7.81% $8,824
    MORTGAGE FINANCIAL SERVICES, LLC 2 8.06% $11,041
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 7.31% $9,235
    Network Funding, L.P. 1 6.63% $5,191
    Paramount Residential Mortgage Group, Inc. 1 7.25% $19,934
    PENNYMAC LOAN SERVICES, LLC 1 6.63% $8,781
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.63% $25,130
    Prosperity Bank 1 5.75% $7,174
    SFMC, LP 1 7.25% $11,854
    SOUTHWEST STAGE FUNDING, LLC 1 7.25% $7,976
    TEXAS DOW EMPLOYEES CREDIT UNION 1 7.00% $6,641
    Town Square Mortgage & Investments, Inc. 1 7.13% $9,594
    BROKER SOLUTIONS, INC. 1 6.75% $15,999
    ZILLOW HOME LOANS, LLC 1 6.25% $8,435
    CALCON MUTUAL MORTGAGE LLC 1 6.63% $16,160
    DRAPER AND KRAMER MORTGAGE CORP. 1 7.63% $12,123
    Equity Prime Mortgage LLC 1 6.75% $10,223
    EVERETT FINANCIAL, INC. 1 6.13% $9,560
    Flagstar Bank, FSB 1 7.25% $7,736
    HALLMARK HOME MORTGAGE, LLC 1 6.75% $12,207
    HOMESPIRE MORTGAGE CORPORATION 1 6.38% $4,774
    HOMETRUST MORTGAGE COMPANY 1 5.00% $19,826
    LAND HOME FINANCIAL SERVICES, INC. 1 6.50% $12,792
    Loan Simple, Inc. 1 6.38% $9,517
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $6,834

    The top Palestine FHA lender as defined by loan originations is GENEVA FINANCIAL, LLC, with 18 FHA loans originated. Their average total fees are $11,632, which is $2,389 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Palestine FHA lenders (with over 10 loans originated) are GENEVA FINANCIAL, LLC ($11,632), .

    The lowest rate Palestine FHA lenders (with over 10 loans originated) are GENEVA FINANCIAL, LLC (6.73%), .

    Palestine FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Palestine (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 $154,750 (2.4%) $219,407 (3.3%) 0.00 138
    2018-02-01 $147,750 (2.9%) $224,302 (4.0%) 0.00 131
    2018-03-01 $146,750 (1.2%) $206,654 (-2.1%) 0.00 130
    2018-04-01 $147,000 (5.4%) $225,290 (10.0%) 0.00 132
    2018-05-01 $165,000 (16.0%) $258,184 (18.4%) 0.00 142
    2018-06-01 $159,500 (6.3%) $249,771 (6.8%) 0.00 163
    2018-07-01 $159,250 (0.0%) $247,548 (0.6%) 0.00 165
    2018-08-01 $160,200 (0.3%) $240,913 (-3.2%) 0.00 157
    2018-09-01 $159,000 (-7.3%) $234,673 (-8.2%) 0.00 166
    2018-10-01 $164,975 (3.3%) $247,874 (-4.4%) 0.00 164
    2018-11-01 $163,700 (-0.3%) $255,805 (3.1%) 0.00 154
    2018-12-01 $169,000 (5.6%) $261,569 (21.1%) 0.00 158
    2019-01-01 $166,000 (7.3%) $253,388 (15.5%) 0.00 150
    2019-02-01 $162,463 (10.0%) $242,796 (8.2%) 0.00 150
    2019-03-01 $163,929 (11.7%) $245,302 (18.7%) 0.00 158
    2019-04-01 $162,500 (10.5%) $246,750 (9.5%) 0.00 171
    2019-05-01 $169,538 (2.8%) $256,753 (-0.6%) 0.00 179
    2019-06-01 $170,000 (6.6%) $270,632 (8.4%) 0.00 179
    2019-07-01 $159,950 (0.4%) $229,826 (-7.2%) 0.00 155
    2019-08-01 $158,027 (-1.4%) $235,301 (-2.3%) 0.00 148
    2019-09-01 $161,893 (1.8%) $248,177 (5.8%) 0.00 146
    2019-10-01 $162,020 (-1.8%) $251,735 (1.6%) 0.00 144
    2019-11-01 $158,000 (-3.5%) $252,895 (-1.1%) 0.00 131
    2019-12-01 $159,500 (-5.6%) $240,482 (-8.1%) 0.00 120
    2020-01-01 $154,500 (-6.9%) $236,290 (-6.8%) 0.00 112
    2020-02-01 $155,000 (-4.6%) $232,804 (-4.1%) 0.00 104
    2020-03-01 $159,600 (-2.6%) $228,623 (-6.8%) 0.00 109
    2020-04-01 $167,450 (3.1%) $245,170 (-0.6%) 0.00 94
    2020-05-01 $177,450 (4.7%) $255,486 (-0.5%) 0.00 77
    2020-06-01 $191,200 (12.5%) $273,512 (1.1%) 0.00 71
    2020-07-01 $202,125 (26.4%) $275,004 (19.7%) 0.00 71
    2020-08-01 $198,500 (25.6%) $261,654 (11.2%) 0.00 67
    2020-09-01 $182,100 (12.5%) $239,413 (-3.5%) 0.00 68
    2020-10-01 $185,200 (14.3%) $250,010 (-0.7%) 0.00 75
    2020-11-01 $195,000 (23.4%) $248,107 (-1.9%) 0.00 75
    2020-12-01 $192,475 (20.7%) $243,461 (1.2%) 0.00 73
    2021-01-01 $192,400 (24.5%) $236,210 (0.0%) 0.00 59
    2021-02-01 $189,475 (22.2%) $252,253 (8.4%) 0.00 57
    2021-03-01 $215,625 (35.1%) $269,437 (17.9%) 0.00 42
    2021-04-01 $217,225 (29.7%) $263,350 (7.4%) 0.00 37
    2021-05-01 $222,500 (25.4%) $282,839 (10.7%) 0.00 42
    2021-06-01 $216,000 (13.0%) $274,368 (0.3%) 0.00 41
    2021-07-01 $198,500 (-1.8%) $266,105 (-3.2%) 0.00 56
    2021-08-01 $191,200 (-3.7%) $256,170 (-2.1%) 0.00 71
    2021-09-01 $246,000 (35.1%) $282,173 (17.9%) 0.00 80
    2021-10-01 $250,000 (35.0%) $312,943 (25.2%) 0.00 81
    2021-11-01 $252,625 (29.6%) $325,459 (31.2%) 0.00 79
    2021-12-01 $242,875 (26.2%) $301,496 (23.8%) 0.00 75
    2022-01-01 $274,900 (42.9%) $320,235 (35.6%) 0.00 59
    2022-02-01 $233,500 (23.2%) $266,109 (5.5%) 0.00 61
    2022-03-01 $213,375 (-1.0%) $271,380 (0.7%) 0.00 53
    2022-04-01 $222,450 (2.4%) $297,489 (13.0%) 0.00 61
    2022-05-01 $194,000 (-12.8%) $261,927 (-7.4%) 0.00 79
    2022-06-01 $182,125 (-15.7%) $275,593 (0.5%) 0.00 92
    2022-07-01 $249,000 (25.4%) $309,685 (16.4%) 0.00 111
    2022-08-01 $250,000 (30.8%) $318,570 (24.4%) 0.00 115
    2022-09-01 $254,675 (3.5%) $311,237 (10.3%) 0.00 118
    2022-10-01 $252,500 (1.0%) $305,654 (-2.3%) 0.00 122
    2022-11-01 $265,000 (4.9%) $377,898 (16.1%) 0.00 114
    2022-12-01 $249,000 (2.5%) $362,721 (20.3%) 0.00 112
    2023-01-01 $249,000 (-9.4%) $292,026 (-8.8%) 0.00 107
    2023-02-01 $222,250 (-4.8%) $280,000 (5.2%) 0.00 98
    2023-03-01 $235,000 (10.1%) $284,881 (5.0%) 0.00 103
    2023-04-01 $249,000 (11.9%) $292,138 (-1.8%) 0.00 111
    2023-05-01 $249,750 (28.7%) $308,460 (17.8%) 0.00 126
    2023-06-01 $263,125 (44.5%) $315,675 (14.5%) 0.00 129
    2023-07-01 $245,000 (-1.6%) $297,313 (-4.0%) 0.00 130
    2023-08-01 $246,000 (-1.6%) $321,187 (0.8%) 0.00 136
    2023-09-01 $260,000 (2.1%) $332,034 (6.7%) 0.00 149
    2023-10-01 $257,225 (1.9%) $341,012 (11.6%) 0.00 161
    2023-11-01 $268,750 (1.4%) $354,088 (-6.3%) 0.00 148
    2023-12-01 $270,000 (8.4%) $393,409 (8.5%) 0.00 163
    2024-01-01 $265,000 (6.4%) $388,556 (33.1%) 0.00 166
    2024-02-01 $253,625 (14.1%) $377,672 (34.9%) 0.00 167
    2024-03-01 $270,000 (14.9%) $374,571 (31.5%) 0.00 174
    2024-04-01 $279,500 (12.3%) $361,112 (23.6%) 0.00 177
    2024-05-01 $292,500 (17.1%) $373,347 (21.0%) 0.00 177
    2024-06-01 $277,950 (5.6%) $370,453 (17.4%) 0.00 196
    2024-07-01 $262,750 (7.2%) $348,751 (17.3%) 0.00 196
    2024-08-01 $260,000 (5.7%) $353,875 (10.2%) 0.00 185
    2024-09-01 $272,250 (4.7%) $367,082 (10.6%) 0.00 184
    2024-10-01 $276,000 (7.3%) $361,568 (6.0%) 0.00 185
    Palestine's median listing price for 2024-10-01 was $276,000, a difference of $18,775 (7.3%) versus the prior year and $3,750 versus the prior month.

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

    Palestine's average listing price for 2024-10-01 was $361,568, a difference of $20,556 (6.0%) versus the prior year and $-5,514 versus the prior month.

    For the 2024-10-01 period, Palestine had 185 MLS listings, a difference of 1 listings (1%) versus the prior month and 24 listings (15%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Palestine (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,904 sqft
    2018-02-01 0 days 1,902 sqft
    2018-03-01 0 days 1,916 sqft
    2018-04-01 0 days 1,912 sqft
    2018-05-01 0 days 2,005 sqft
    2018-06-01 0 days 2,000 sqft
    2018-07-01 0 days 2,004 sqft
    2018-08-01 0 days 1,992 sqft
    2018-09-01 0 days 1,982 sqft
    2018-10-01 0 days 1,998 sqft
    2018-11-01 0 days 1,983 sqft
    2018-12-01 0 days 1,973 sqft
    2019-01-01 0 days 1,900 sqft
    2019-02-01 0 days 1,957 sqft
    2019-03-01 0 days 1,949 sqft
    2019-04-01 0 days 1,900 sqft
    2019-05-01 0 days 1,977 sqft
    2019-06-01 0 days 1,974 sqft
    2019-07-01 0 days 1,870 sqft
    2019-08-01 0 days 1,800 sqft
    2019-09-01 0 days 1,868 sqft
    2019-10-01 0 days 1,903 sqft
    2019-11-01 0 days 1,856 sqft
    2019-12-01 0 days 1,849 sqft
    2020-01-01 0 days 1,841 sqft
    2020-02-01 0 days 1,858 sqft
    2020-03-01 0 days 1,865 sqft
    2020-04-01 0 days 1,855 sqft
    2020-05-01 0 days 1,868 sqft
    2020-06-01 0 days 1,881 sqft
    2020-07-01 0 days 1,913 sqft
    2020-08-01 0 days 1,967 sqft
    2020-09-01 0 days 1,965 sqft
    2020-10-01 0 days 2,145 sqft
    2020-11-01 0 days 2,200 sqft
    2020-12-01 0 days 2,020 sqft
    2021-01-01 0 days 2,014 sqft
    2021-02-01 0 days 2,091 sqft
    2021-03-01 0 days 2,226 sqft
    2021-04-01 0 days 2,150 sqft
    2021-05-01 0 days 1,967 sqft
    2021-06-01 0 days 1,844 sqft
    2021-07-01 0 days 1,813 sqft
    2021-08-01 0 days 1,748 sqft
    2021-09-01 0 days 1,799 sqft
    2021-10-01 0 days 1,800 sqft
    2021-11-01 0 days 1,777 sqft
    2021-12-01 0 days 1,756 sqft
    2022-01-01 0 days 1,698 sqft
    2022-02-01 0 days 1,609 sqft
    2022-03-01 0 days 1,678 sqft
    2022-04-01 0 days 1,818 sqft
    2022-05-01 0 days 1,655 sqft
    2022-06-01 0 days 1,552 sqft
    2022-07-01 0 days 1,822 sqft
    2022-08-01 0 days 1,880 sqft
    2022-09-01 0 days 1,807 sqft
    2022-10-01 0 days 1,880 sqft
    2022-11-01 0 days 1,879 sqft
    2022-12-01 0 days 1,828 sqft
    2023-01-01 0 days 1,800 sqft
    2023-02-01 0 days 1,705 sqft
    2023-03-01 0 days 1,852 sqft
    2023-04-01 0 days 1,780 sqft
    2023-05-01 0 days 1,785 sqft
    2023-06-01 0 days 1,819 sqft
    2023-07-01 0 days 1,780 sqft
    2023-08-01 0 days 1,737 sqft
    2023-09-01 0 days 1,722 sqft
    2023-10-01 0 days 1,736 sqft
    2023-11-01 0 days 1,784 sqft
    2023-12-01 0 days 1,821 sqft
    2024-01-01 0 days 1,735 sqft
    2024-02-01 0 days 1,685 sqft
    2024-03-01 0 days 1,698 sqft
    2024-04-01 0 days 1,812 sqft
    2024-05-01 0 days 1,833 sqft
    2024-06-01 0 days 1,872 sqft
    2024-07-01 0 days 1,823 sqft
    2024-08-01 0 days 1,803 sqft
    2024-09-01 0 days 1,782 sqft
    2024-10-01 0 days 1,775 sqft
    Palestine's median listing age (time on market) for 2024-10-01 was 0 days.

    Palestine's median square footage for active listings during the 2024-10-01 period was 1,775 sqft. One year prior, the average listing was 1,736 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).