Paris FHA Loan Rates, Closing Costs & Stats

Paris, TX

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6.16% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.33% and one month ago for the week of 2024-11-08, the average rate was 6.59%.

    The average rate one year ago was 6.8%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.18%.

    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
    2024-03-01 $245,500 (-5.6%) $357,752 (3.9%) 0.00 168
    2024-04-01 $251,875 (-6.7%) $350,111 (-1.6%) 0.00 175
    2024-05-01 $268,513 (-4.1%) $327,836 (-10.5%) 0.00 172
    2024-06-01 $272,450 (-4.4%) $337,116 (-6.3%) 0.00 198
    2024-07-01 $271,950 (2.6%) $348,176 (0.2%) 0.00 212
    2024-08-01 $285,000 (7.6%) $351,965 (-5.3%) 0.00 210
    2024-09-01 $283,475 (5.0%) $355,916 (-3.9%) 0.00 207
    2024-10-01 $289,725 (12.1%) $351,631 (-4.9%) 0.00 213
    2024-11-01 $289,900 (15.7%) $347,893 (-2.1%) 0.00 222
    Paris's median listing price for 2024-11-01 was $289,900, a difference of $39,300 (15.7%) versus the prior year and $175 versus the prior month.

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

    Paris's average listing price for 2024-11-01 was $347,893, a difference of $-7,437 (-2.1%) versus the prior year and $-3,738 versus the prior month.

    For the 2024-11-01 period, Paris had 222 MLS listings, a difference of 9 listings (4%) versus the prior month and 11 listings (5%) 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
    2024-03-01 0 days 1,788 sqft
    2024-04-01 0 days 1,906 sqft
    2024-05-01 0 days 1,842 sqft
    2024-06-01 0 days 1,870 sqft
    2024-07-01 0 days 1,867 sqft
    2024-08-01 0 days 1,990 sqft
    2024-09-01 0 days 1,971 sqft
    2024-10-01 0 days 1,944 sqft
    2024-11-01 0 days 1,862 sqft
    Paris's median listing age (time on market) for 2024-11-01 was 0 days.

    Paris's median square footage for active listings during the 2024-11-01 period was 1,862 sqft. One year prior, the average listing was 1,801 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).