Stephenville FHA Loan Rates, Closing Costs & Stats

Stephenville, 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.

    Stephenville's 28 lenders originated 57 FHA loans during 2023. The total origination value was $14,125,000, with an average FHA loan value of $247,807.

    Stephenville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Stephenville averaged 6.46% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Stephenville's average FHA mortgage closing costs are $8,227.

    The average rate for the prior week (2024-11-01) was 6.53% and one month ago for the week of 2024-10-04, the average rate was 5.95%.

    The average rate one year ago was 7.8%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.33%.

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

    Stephenville 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 Stephenville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 11 6.78% $13,462
    CARDINAL FINANCIAL 6 6.46% $13,194
    Affiliated Bank 4 6.94% $10,637
    UNITED WHOLESALE MORTGAGE, LLC 3 6.50% $10,861
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.04% $14,467
    EVERETT FINANCIAL, INC. 2 7.13% $5,510
    PENNYMAC LOAN SERVICES, LLC 2 5.94% $12,770
    MID AMERICA MORTGAGE, INC. 2 8.50% $4,842
    SECURITYNATIONAL MORTGAGE COMPANY 2 7.44% $8,117
    NEWREZ LLC 1 6.75% $7,828
    Paramount Residential Mortgage Group, Inc. 1 6.13% $8,222
    Plains Commerce Bank 1 6.75% $11,299
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $18,122
    Prosperity Home Mortgage, LLC 1 6.63% $7,956
    QUICKEN LOANS, LLC 1 7.25% $5,409
    S1L, Inc. 1 6.88% $10,209
    SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $12,057
    TOWNE MORTGAGE COMPANY 1 7.13% $13,866
    Town Square Mortgage & Investments, Inc. 1 5.75% $3,941
    Nations Lending Corporation 1 6.63% $6,354
    AMCAP MORTGAGE, LTD. 1 7.63% $7,758
    AMERICAN FINANCIAL NETWORK, INC. 1 6.25% $21,885
    BROKER SOLUTIONS, INC. 1 6.25% $7,143
    First National Bank Texas 1 6.63% $10,890
    First United Bank 1 6.13% $8,708
    Gateway First Bank 1 7.25% $18,472
    GUARANTEED RATE, INC. 1 6.25% $9,890
    ACADEMY MORTGAGE CORPORATION 1 6.25% $14,684

    The top Stephenville FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 11 FHA loans originated. Their average total fees are $13,462, which is $268 higher than the next largest lender, CARDINAL FINANCIAL.

    The lowest fee Stephenville FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY ($13,462), .

    The lowest rate Stephenville FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY (6.78%), .

    Stephenville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    STEPHENVILLE, TX ERATH 2022 $420,680 $538,650 $651,050 $809,150
    STEPHENVILLE, TX ERATH 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).