Rockport FHA Loan Rates, Closing Costs & Stats

Rockport, 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.

    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 6.35% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Rockport's average FHA mortgage closing costs are $9,455.

    The average rate for the prior week (2024-12-06) was 6.42% and one month ago for the week of 2024-11-08, the average rate was 6.78%.

    The average rate one year ago was 7.19%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.28%.

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

    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

    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).