Paris FHA Loan Rates, Closing Costs & Stats

Paris, TX

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.

Paris's 38 lenders originated 107 FHA loans during 2023. The total origination value was $20,505,000, with an average FHA loan value of $191,636.

Paris FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Paris averaged 6.78% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

Paris's average FHA mortgage closing costs are $7,651.

The average rate for the prior week (2024-03-15) was 6.89% and one month ago for the week of 2024-02-16, the average rate was 6.52%.

The average rate one year ago was 6.31%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.8%.

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

Paris 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 Paris level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
SFMC, LP 9 7.01% $11,502
Guaranty Bank & Trust, N.A. 8 6.36% $9,052
QUICKEN LOANS, LLC 6 6.56% $9,254
T2 FINANCIAL LLC 5 6.68% $9,512
EVERETT FINANCIAL, INC. 5 7.28% $7,423
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 7.22% $7,706
GUARANTEED RATE, INC. 4 6.48% $10,622
GUILD MORTGAGE COMPANY 4 6.66% $10,832
PROPER RATE, LLC 4 7.06% $11,597
UNITED WHOLESALE MORTGAGE, LLC 4 6.81% $8,719
Farmers Bank & Trust Company 4 6.78% $9,647
Nations Lending Corporation 3 7.25% $8,802
CARDINAL FINANCIAL 3 7.04% $12,441
Town Square Mortgage & Investments, Inc. 2 7.06% $7,320
AMCAP MORTGAGE, LTD. 2 6.56% $9,420
MORTGAGE FINANCIAL SERVICES, LLC 1 8.50% $7,392
NBKC BANK 1 5.25% $10,501
Network Funding, L.P. 1 6.63% $6,978
NEWREZ LLC 1 5.50% $9,591
PENNYMAC LOAN SERVICES, LLC 1 7.25% $17,324
PLANET HOME LENDING, LLC 1 6.75% $8,089
VILLAGE CAPITAL MORTGAGE 1 6.00% $11,195
ACADEMY MORTGAGE CORPORATION 1 7.38% $6,351
V.I.P. MORTGAGE, INC. 1 7.50% $11,142
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 7.50% $14,067
AMERISAVE MORTGAGE CORPORATION 1 6.25% $9,810
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $5,733
BROKER SOLUTIONS, INC. 1 6.75% $9,265
CALCON MUTUAL MORTGAGE LLC 1 6.88% $10,505
Century Mortgage Company DBA Century Lending Company 1 6.88% $9,826
CHURCHILL MORTGAGE CORPORATION 1 6.75% $6,222
CROSSCOUNTRY MORTGAGE, LLC 1 6.99% $6,249
DRAPER AND KRAMER MORTGAGE CORP. 1 6.13% $9,453
Equity Prime Mortgage LLC 1 7.75% $10,470
FirstTrust Home Loans, Inc. 1 6.63% $8,867
FREEDOM MORTGAGE CORPORATION 1 7.25% $7,407
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.63% $9,475
LEADERONE FINANCIAL CORPORATION 1 7.13% $10,622

The top Paris FHA lender as defined by loan originations is SFMC, LP, with 9 FHA loans originated. Their average total fees are $11,502, which is $2,451 higher than the next largest lender, Guaranty Bank & Trust, N.A..

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

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

Paris FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Paris (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 $172,450 (19.0%) $215,122 (12.4%) 0.00 187
2018-02-01 $169,000 (17.8%) $203,748 (6.3%) 0.00 193
2018-03-01 $169,900 (22.3%) $216,107 (12.3%) 0.00 186
2018-04-01 $179,675 (38.3%) $225,846 (21.1%) 0.00 190
2018-05-01 $179,950 (26.6%) $229,721 (7.9%) 0.00 193
2018-06-01 $174,700 (18.4%) $209,231 (2.8%) 0.00 203
2018-07-01 $169,925 (13.4%) $210,099 (2.9%) 0.00 214
2018-08-01 $175,975 (10.6%) $223,109 (6.3%) 0.00 221
2018-09-01 $175,000 (10.1%) $222,877 (7.3%) 0.00 227
2018-10-01 $176,500 (4.4%) $223,775 (2.6%) 0.00 245
2018-11-01 $182,100 (7.1%) $221,666 (2.5%) 0.00 237
2018-12-01 $169,900 (0.0%) $217,933 (0.1%) 0.00 211
2019-01-01 $160,975 (-6.7%) $211,984 (-1.5%) 0.00 200
2019-02-01 $163,350 (-3.3%) $213,010 (4.6%) 0.00 196
2019-03-01 $169,621 (-0.2%) $208,144 (-3.7%) 0.00 194
2019-04-01 $182,725 (1.7%) $211,805 (-6.2%) 0.00 196
2019-05-01 $189,700 (5.4%) $224,518 (-2.3%) 0.00 213
2019-06-01 $174,900 (0.1%) $213,464 (2.0%) 0.00 229
2019-07-01 $184,996 (8.9%) $219,175 (4.3%) 0.00 233
2019-08-01 $189,755 (7.8%) $224,998 (0.9%) 0.00 234
2019-09-01 $189,836 (8.5%) $224,645 (0.8%) 0.00 230
2019-10-01 $189,900 (7.6%) $225,368 (0.7%) 0.00 224
2019-11-01 $179,000 (-1.7%) $216,294 (-2.4%) 0.00 219
2019-12-01 $171,450 (0.9%) $208,419 (-4.4%) 0.00 211
2020-01-01 $177,200 (10.1%) $220,368 (4.0%) 0.00 176
2020-02-01 $177,500 (8.7%) $225,060 (5.7%) 0.00 169
2020-03-01 $173,750 (2.4%) $233,166 (12.0%) 0.00 161
2020-04-01 $169,900 (-7.0%) $225,964 (6.7%) 0.00 149
2020-05-01 $169,450 (-10.7%) $214,129 (-4.6%) 0.00 137
2020-06-01 $195,000 (11.5%) $225,117 (5.5%) 0.00 122
2020-07-01 $195,475 (5.7%) $223,607 (2.0%) 0.00 126
2020-08-01 $185,000 (-2.5%) $228,463 (1.5%) 0.00 97
2020-09-01 $220,600 (16.2%) $245,374 (9.2%) 0.00 91
2020-10-01 $219,250 (15.5%) $248,698 (10.4%) 0.00 105
2020-11-01 $214,725 (20.0%) $271,228 (25.4%) 0.00 100
2020-12-01 $179,900 (4.9%) $251,536 (20.7%) 0.00 92
2021-01-01 $181,200 (2.3%) $254,492 (15.5%) 0.00 85
2021-02-01 $176,225 (-0.7%) $258,583 (14.9%) 0.00 78
2021-03-01 $211,125 (21.5%) $279,116 (19.7%) 0.00 60
2021-04-01 $219,350 (29.1%) $284,452 (25.9%) 0.00 53
2021-05-01 $210,000 (23.9%) $269,295 (25.8%) 0.00 56
2021-06-01 $198,200 (1.6%) $246,681 (9.6%) 0.00 72
2021-07-01 $201,450 (3.1%) $274,941 (23.0%) 0.00 77
2021-08-01 $232,350 (25.6%) $278,509 (21.9%) 0.00 83
2021-09-01 $249,700 (13.2%) $304,625 (24.2%) 0.00 103
2021-10-01 $249,450 (13.8%) $295,870 (19.0%) 0.00 113
2021-11-01 $242,750 (13.1%) $315,553 (16.3%) 0.00 92
2021-12-01 $247,225 (37.4%) $323,651 (28.7%) 0.00 93
2022-01-01 $265,000 (46.3%) $333,079 (30.9%) 0.00 94
2022-02-01 $238,675 (35.4%) $321,486 (24.3%) 0.00 86
2022-03-01 $275,375 (30.4%) $358,124 (28.3%) 0.00 82
2022-04-01 $259,900 (18.5%) $371,610 (30.6%) 0.00 85
2022-05-01 $262,875 (25.2%) $395,871 (47.0%) 0.00 89
2022-06-01 $249,500 (25.9%) $350,867 (42.2%) 0.00 113
2022-07-01 $259,450 (28.8%) $355,884 (29.4%) 0.00 129
2022-08-01 $237,475 (2.2%) $324,787 (16.6%) 0.00 154
2022-09-01 $234,900 (-5.9%) $330,417 (8.5%) 0.00 164
2022-10-01 $225,000 (-9.8%) $298,488 (0.9%) 0.00 191
2022-11-01 $222,450 (-8.4%) $305,414 (-3.2%) 0.00 196
2022-12-01 $225,000 (-9.0%) $316,861 (-2.1%) 0.00 188
2023-01-01 $249,950 (-5.7%) $319,377 (-4.1%) 0.00 178
2023-02-01 $259,950 (8.9%) $344,493 (7.2%) 0.00 175
2023-03-01 $259,975 (-5.6%) $344,426 (-3.8%) 0.00 176
2023-04-01 $270,000 (3.9%) $355,857 (-4.2%) 0.00 177
2023-05-01 $279,900 (6.5%) $366,130 (-7.5%) 0.00 170
2023-06-01 $285,000 (14.2%) $359,753 (2.5%) 0.00 172
2023-07-01 $265,000 (2.1%) $347,665 (-2.3%) 0.00 185
2023-08-01 $264,900 (11.6%) $371,826 (14.5%) 0.00 189
2023-09-01 $269,950 (14.9%) $370,530 (12.1%) 0.00 194
2023-10-01 $258,500 (14.9%) $369,878 (23.9%) 0.00 199
2023-11-01 $250,600 (12.7%) $355,330 (16.3%) 0.00 211
2023-12-01 $249,900 (11.1%) $355,754 (12.3%) 0.00 214
2024-01-01 $249,950 (0.0%) $374,561 (17.3%) 0.00 196
2024-02-01 $248,850 (-4.3%) $366,171 (6.3%) 0.00 174
Paris's median listing price for 2024-02-01 was $248,850, a difference of $-11,100 (-4.3%) versus the prior year and $-1,100 versus the prior month.

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

Paris's average listing price for 2024-02-01 was $366,171, a difference of $21,678 (6.3%) versus the prior year and $-8,390 versus the prior month.

For the 2024-02-01 period, Paris had 174 MLS listings, a difference of -22 listings (-11%) versus the prior month and -1 listings (-1%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Paris (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,240 sqft
2018-02-01 0 days 2,133 sqft
2018-03-01 0 days 2,268 sqft
2018-04-01 0 days 2,369 sqft
2018-05-01 0 days 2,467 sqft
2018-06-01 0 days 2,363 sqft
2018-07-01 0 days 2,264 sqft
2018-08-01 0 days 2,294 sqft
2018-09-01 0 days 2,237 sqft
2018-10-01 0 days 2,200 sqft
2018-11-01 0 days 2,145 sqft
2018-12-01 0 days 2,167 sqft
2019-01-01 0 days 2,083 sqft
2019-02-01 0 days 2,087 sqft
2019-03-01 0 days 2,053 sqft
2019-04-01 0 days 2,020 sqft
2019-05-01 0 days 2,157 sqft
2019-06-01 0 days 2,102 sqft
2019-07-01 0 days 2,154 sqft
2019-08-01 0 days 2,230 sqft
2019-09-01 0 days 2,269 sqft
2019-10-01 0 days 2,322 sqft
2019-11-01 0 days 2,220 sqft
2019-12-01 0 days 2,196 sqft
2020-01-01 0 days 2,202 sqft
2020-02-01 0 days 2,201 sqft
2020-03-01 0 days 2,186 sqft
2020-04-01 0 days 2,150 sqft
2020-05-01 0 days 2,010 sqft
2020-06-01 0 days 2,346 sqft
2020-07-01 0 days 2,109 sqft
2020-08-01 0 days 2,254 sqft
2020-09-01 0 days 2,315 sqft
2020-10-01 0 days 2,406 sqft
2020-11-01 0 days 2,494 sqft
2020-12-01 0 days 2,266 sqft
2021-01-01 0 days 2,260 sqft
2021-02-01 0 days 2,095 sqft
2021-03-01 0 days 2,127 sqft
2021-04-01 0 days 2,285 sqft
2021-05-01 0 days 1,992 sqft
2021-06-01 0 days 1,942 sqft
2021-07-01 0 days 1,905 sqft
2021-08-01 0 days 1,885 sqft
2021-09-01 0 days 1,891 sqft
2021-10-01 0 days 1,967 sqft
2021-11-01 0 days 1,857 sqft
2021-12-01 0 days 1,837 sqft
2022-01-01 0 days 1,878 sqft
2022-02-01 0 days 1,781 sqft
2022-03-01 0 days 1,883 sqft
2022-04-01 0 days 1,868 sqft
2022-05-01 0 days 1,881 sqft
2022-06-01 0 days 1,864 sqft
2022-07-01 0 days 1,855 sqft
2022-08-01 0 days 1,820 sqft
2022-09-01 0 days 1,834 sqft
2022-10-01 0 days 1,742 sqft
2022-11-01 0 days 1,748 sqft
2022-12-01 0 days 1,836 sqft
2023-01-01 0 days 1,800 sqft
2023-02-01 0 days 1,851 sqft
2023-03-01 0 days 1,801 sqft
2023-04-01 0 days 1,867 sqft
2023-05-01 0 days 1,897 sqft
2023-06-01 0 days 1,964 sqft
2023-07-01 0 days 1,926 sqft
2023-08-01 0 days 1,965 sqft
2023-09-01 0 days 1,964 sqft
2023-10-01 0 days 1,856 sqft
2023-11-01 0 days 1,801 sqft
2023-12-01 0 days 1,805 sqft
2024-01-01 0 days 1,805 sqft
2024-02-01 0 days 1,801 sqft
Paris's median listing age (time on market) for 2024-02-01 was 0 days.

Paris's median square footage for active listings during the 2024-02-01 period was 1,801 sqft. One year prior, the average listing was 1,851 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).