Paris FHA Loan Rates, Closing Costs & Stats

Paris, 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.

    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 6.71% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.58% and one month ago for the week of 2024-10-04, the average rate was 6.1%.

    The average rate one year ago was 7.24%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

    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

    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).