Rockport FHA Loan Rates, Closing Costs & Stats
Rockport, 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.
Rockport's 22 lenders originated 50 FHA loans during 2023. The total origination value was $15,740,000, with an average FHA loan value of $314,800.
Rockport FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Rockport
averaged
0.37%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Rockport's average FHA mortgage closing costs are $9,455.
The average rate for the prior week (2024-11-22) was
6.76% and
one month ago for the week of 2024-10-25, the
average rate was 6.64%.
The average rate one year ago was 7.23%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0.2%.
Rockport 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 Rockport level.
Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
---|---|---|---|
GUILD MORTGAGE COMPANY | 14 | 6.98% | $15,330 |
DHI MORTGAGE COMPANY, LTD. | 5 | 5.50% | $9,776 |
LEGEND LENDING CORPORATION | 2 | 6.75% | $19,204 |
MID AMERICA MORTGAGE, INC. | 2 | 6.75% | $29,843 |
QUICKEN LOANS, LLC | 2 | 6.43% | $25,362 |
UNITED WHOLESALE MORTGAGE, LLC | 2 | 7.06% | $11,766 |
CMG MORTGAGE, INC. | 2 | 6.63% | $11,980 |
GARDNER FINANCIAL SERVICES, LTD. | 2 | 6.63% | $13,639 |
NEWREZ LLC | 2 | 6.94% | $10,743 |
OPEN MORTGAGE, LLC | 1 | 7.63% | $17,464 |
PENNYMAC LOAN SERVICES, LLC | 1 | 6.50% | $9,272 |
PRIMELENDING, A PLAINSCAPITAL COMPANY | 1 | 6.99% | $26,330 |
AHL FUNDING | 1 | 6.75% | $16,999 |
Wallick & Volk, Inc. | 1 | 7.63% | $12,255 |
CROSSCOUNTRY MORTGAGE, LLC | 1 | 6.75% | $14,232 |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 1 | 5.75% | $10,620 |
Flagstar Bank, FSB | 1 | 5.75% | $14,890 |
GUARANTEED RATE, INC. | 1 | 6.25% | $9,580 |
LOANDEPOT.COM, LLC | 1 | 6.63% | $10,270 |
MORTGAGE FINANCIAL SERVICES, LLC | 1 | 6.38% | $16,584 |
NATIONS RELIABLE LENDING, LLC | 1 | 6.63% | $8,321 |
Neighborhood Loans, Inc. | 1 | 7.75% | $6,490 |
The top Rockport FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with
14 FHA loans originated. Their average total fees are
$15,330, which is $5,554
higher than the next largest lender,
DHI MORTGAGE COMPANY, LTD..
The lowest fee Rockport FHA lenders (with over 10 loans originated) are
GUILD MORTGAGE COMPANY ($15,330), .
The lowest rate Rockport FHA lenders (with over 10 loans originated) are
GUILD MORTGAGE COMPANY (6.98%), .
Rockport FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
ROCKPORT, TX | ARANSAS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
ROCKPORT, TX | ARANSAS | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |