Sulphur Springs FHA Loan Rates, Closing Costs & Stats

Sulphur Springs, 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.

    Sulphur Springs's 31 lenders originated 60 FHA loans during 2023. The total origination value was $15,970,000, with an average FHA loan value of $266,167.

    Sulphur Springs FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sulphur Springs averaged 0.43% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Sulphur Springs's average FHA mortgage closing costs are $8,221.

    The average rate for the prior week (2024-11-08) was 6.54% and one month ago for the week of 2024-10-11, the average rate was 6.34%.

    The average rate one year ago was 7.69%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.2%.

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

    Sulphur Springs 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 Sulphur Springs level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Nations Lending Corporation 8 7.02% $9,604
    GUILD MORTGAGE COMPANY 4 6.78% $13,056
    EVERETT FINANCIAL, INC. 3 7.25% $8,105
    QUICKEN LOANS, LLC 3 6.37% $12,122
    UNITED WHOLESALE MORTGAGE, LLC 3 6.71% $9,237
    CARDINAL FINANCIAL 3 7.33% $18,794
    THRIVE MORTGAGE, LLC 2 6.50% $15,258
    Network Funding, L.P. 2 7.44% $14,291
    Mortgage Research Center, LLC 2 7.19% $6,024
    SECURITYNATIONAL MORTGAGE COMPANY 2 8.00% $10,304
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.25% $14,032
    OPEN MORTGAGE, LLC 1 6.25% $10,259
    Origin Bank 1 6.25% $14,831
    Paramount Residential Mortgage Group, Inc. 1 7.25% $7,591
    PREMIA MORTGAGE, LLC 1 6.25% $13,062
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.13% $10,927
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.00% $14,570
    Town Square Mortgage & Investments, Inc. 1 7.25% $9,228
    Waterstone Mortgage Corporation 1 6.00% $13,347
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.63% $13,570
    WILLOW BEND MORTGAGE COMPANY, LLC 1 7.13% $12,962
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $15,127
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.25% $7,501
    BROKER SOLUTIONS, INC. 1 6.25% $9,769
    CALCON MUTUAL MORTGAGE LLC 1 8.00% $10,946
    CROSSCOUNTRY MORTGAGE, LLC 1 6.69% $14,187
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.13% $16,997
    HALLMARK HOME MORTGAGE, LLC 1 7.25% $11,662
    INTEGRITY MORTGAGE CORPORATION OF TEXAS 1 6.63% $11,462
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.63% $14,326
    MOUNTAIN WEST FINANCIAL, INC. 1 6.25% $16,690

    The top Sulphur Springs FHA lender as defined by loan originations is Nations Lending Corporation, with 8 FHA loans originated. Their average total fees are $9,604, which is $3,452 lower than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Sulphur Springs FHA lenders (with over 10 loans originated) are .

    The lowest rate Sulphur Springs FHA lenders (with over 10 loans originated) are .

    Sulphur Springs FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SULPHUR SPRINGS, TX HOPKINS 2022 $420,680 $538,650 $651,050 $809,150
    SULPHUR SPRINGS, TX HOPKINS 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Sulphur Springs (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 $158,675 (-11.1%) $241,601 (-7.5%) 0.00 94
    2018-02-01 $161,950 (-10.0%) $248,852 (-6.9%) 0.00 84
    2018-03-01 $165,000 (-13.4%) $251,683 (-2.4%) 0.00 75
    2018-04-01 $162,125 (-15.8%) $240,964 (-11.6%) 0.00 77
    2018-05-01 $169,950 (-8.6%) $254,278 (-7.6%) 0.00 81
    2018-06-01 $175,000 (-10.1%) $249,767 (-12.5%) 0.00 98
    2018-07-01 $189,950 (-7.3%) $266,735 (-13.7%) 0.00 98
    2018-08-01 $172,475 (-5.2%) $263,230 (-7.2%) 0.00 89
    2018-09-01 $182,450 (5.8%) $272,889 (1.5%) 0.00 85
    2018-10-01 $179,900 (14.3%) $269,102 (17.0%) 0.00 93
    2018-11-01 $189,450 (26.4%) $313,253 (36.4%) 0.00 86
    2018-12-01 $179,900 (12.5%) $300,817 (19.6%) 0.00 91
    2019-01-01 $177,400 (11.8%) $282,087 (16.8%) 0.00 84
    2019-02-01 $194,225 (19.9%) $298,635 (20.0%) 0.00 65
    2019-03-01 $197,100 (19.5%) $320,124 (27.2%) 0.00 69
    2019-04-01 $209,450 (29.2%) $344,145 (42.8%) 0.00 73
    2019-05-01 $219,975 (29.4%) $386,347 (51.9%) 0.00 66
    2019-06-01 $219,000 (25.1%) $326,305 (30.6%) 0.00 72
    2019-07-01 $175,000 (-7.9%) $270,261 (1.3%) 0.00 71
    2019-08-01 $182,927 (6.1%) $271,317 (3.1%) 0.00 70
    2019-09-01 $182,968 (0.3%) $271,519 (-0.5%) 0.00 70
    2019-10-01 $186,250 (3.5%) $274,119 (1.9%) 0.00 68
    2019-11-01 $194,700 (2.8%) $295,915 (-5.5%) 0.00 69
    2019-12-01 $191,498 (6.5%) $300,637 (-0.1%) 0.00 66
    2020-01-01 $218,450 (23.1%) $310,850 (10.2%) 0.00 62
    2020-02-01 $176,450 (-9.2%) $279,510 (-6.4%) 0.00 59
    2020-03-01 $167,175 (-15.2%) $278,391 (-13.0%) 0.00 70
    2020-04-01 $192,425 (-8.1%) $302,070 (-12.2%) 0.00 65
    2020-05-01 $209,700 (-4.7%) $300,403 (-22.3%) 0.00 60
    2020-06-01 $188,250 (-14.0%) $289,364 (-11.3%) 0.00 61
    2020-07-01 $190,725 (9.0%) $292,777 (8.3%) 0.00 52
    2020-08-01 $229,000 (25.2%) $315,474 (16.3%) 0.00 47
    2020-09-01 $234,200 (28.0%) $324,065 (19.4%) 0.00 49
    2020-10-01 $256,950 (38.0%) $353,558 (29.0%) 0.00 53
    2020-11-01 $237,175 (21.8%) $349,808 (18.2%) 0.00 45
    2020-12-01 $204,956 (7.0%) $356,022 (18.4%) 0.00 42
    2021-01-01 $196,450 (-10.1%) $355,654 (14.4%) 0.00 40
    2021-02-01 $219,500 (24.4%) $412,614 (47.6%) 0.00 29
    2021-03-01 $219,000 (31.0%) $383,968 (37.9%) 0.00 30
    2021-04-01 $216,950 (12.8%) $391,808 (29.7%) 0.00 29
    2021-05-01 $255,000 (21.6%) $494,191 (64.5%) 0.00 23
    2021-06-01 $264,950 (40.7%) $498,740 (72.4%) 0.00 32
    2021-07-01 $254,500 (33.4%) $440,527 (50.5%) 0.00 39
    2021-08-01 $227,500 (-0.7%) $382,614 (21.3%) 0.00 45
    2021-09-01 $238,675 (1.9%) $422,928 (30.5%) 0.00 42
    2021-10-01 $219,000 (-14.8%) $401,055 (13.4%) 0.00 48
    2021-11-01 $261,850 (10.4%) $398,097 (13.8%) 0.00 43
    2021-12-01 $294,250 (43.6%) $426,740 (19.9%) 0.00 26
    2022-01-01 $247,445 (26.0%) $433,068 (21.8%) 0.00 24
    2022-02-01 $267,245 (21.8%) $482,315 (16.9%) 0.00 28
    2022-03-01 $274,750 (25.5%) $440,410 (14.7%) 0.00 30
    2022-04-01 $329,000 (51.7%) $472,978 (20.7%) 0.00 35
    2022-05-01 $358,725 (40.7%) $477,035 (-3.5%) 0.00 42
    2022-06-01 $318,725 (20.3%) $476,817 (-4.4%) 0.00 57
    2022-07-01 $336,250 (32.1%) $479,984 (9.0%) 0.00 73
    2022-08-01 $332,000 (45.9%) $461,981 (20.7%) 0.00 80
    2022-09-01 $327,000 (37.0%) $445,214 (5.3%) 0.00 80
    2022-10-01 $325,000 (48.4%) $457,614 (14.1%) 0.00 84
    2022-11-01 $299,000 (14.2%) $436,047 (9.5%) 0.00 100
    2022-12-01 $299,000 (1.6%) $449,999 (5.5%) 0.00 90
    2023-01-01 $309,749 (25.2%) $464,639 (7.3%) 0.00 88
    2023-02-01 $313,500 (17.3%) $463,513 (-3.9%) 0.00 83
    2023-03-01 $301,194 (9.6%) $438,607 (-0.4%) 0.00 88
    2023-04-01 $272,888 (-17.1%) $384,113 (-18.8%) 0.00 86
    2023-05-01 $279,725 (-22.0%) $359,408 (-24.7%) 0.00 85
    2023-06-01 $277,500 (-12.9%) $391,373 (-17.9%) 0.00 97
    2023-07-01 $287,000 (-14.7%) $382,802 (-20.3%) 0.00 107
    2023-08-01 $294,313 (-11.4%) $398,354 (-13.8%) 0.00 115
    2023-09-01 $325,000 (-0.6%) $423,372 (-4.9%) 0.00 108
    2023-10-01 $313,416 (-3.6%) $413,890 (-9.6%) 0.00 103
    2023-11-01 $300,944 (0.7%) $403,602 (-7.4%) 0.00 110
    2023-12-01 $330,000 (10.4%) $419,865 (-6.7%) 0.00 102
    2024-01-01 $349,000 (12.7%) $415,062 (-10.7%) 0.00 108
    2024-02-01 $358,725 (14.4%) $431,633 (-6.9%) 0.00 123
    2024-03-01 $365,000 (21.2%) $437,386 (-0.3%) 0.00 121
    2024-04-01 $365,000 (33.8%) $429,950 (11.9%) 0.00 120
    2024-05-01 $363,750 (30.0%) $442,418 (23.1%) 0.00 123
    2024-06-01 $320,000 (15.3%) $430,717 (10.1%) 0.00 126
    2024-07-01 $312,950 (9.0%) $416,882 (8.9%) 0.00 128
    2024-08-01 $315,000 (7.0%) $407,030 (2.2%) 0.00 142
    2024-09-01 $316,766 (-2.5%) $404,755 (-4.4%) 0.00 156
    2024-10-01 $328,000 (4.7%) $406,197 (-1.9%) 0.00 153
    Sulphur Springs's median listing price for 2024-10-01 was $328,000, a difference of $14,584 (4.7%) versus the prior year and $11,234 versus the prior month.

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

    Sulphur Springs's average listing price for 2024-10-01 was $406,197, a difference of $-7,693 (-1.9%) versus the prior year and $1,442 versus the prior month.

    For the 2024-10-01 period, Sulphur Springs had 153 MLS listings, a difference of -3 listings (-2%) versus the prior month and 50 listings (49%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Sulphur Springs (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,947 sqft
    2018-02-01 0 days 1,948 sqft
    2018-03-01 0 days 1,952 sqft
    2018-04-01 0 days 1,984 sqft
    2018-05-01 0 days 1,974 sqft
    2018-06-01 0 days 1,938 sqft
    2018-07-01 0 days 1,927 sqft
    2018-08-01 0 days 1,871 sqft
    2018-09-01 0 days 1,880 sqft
    2018-10-01 0 days 1,917 sqft
    2018-11-01 0 days 1,967 sqft
    2018-12-01 0 days 1,919 sqft
    2019-01-01 0 days 1,923 sqft
    2019-02-01 0 days 1,919 sqft
    2019-03-01 0 days 1,906 sqft
    2019-04-01 0 days 1,951 sqft
    2019-05-01 0 days 1,925 sqft
    2019-06-01 0 days 1,834 sqft
    2019-07-01 0 days 1,783 sqft
    2019-08-01 0 days 1,803 sqft
    2019-09-01 0 days 1,823 sqft
    2019-10-01 0 days 1,874 sqft
    2019-11-01 0 days 1,933 sqft
    2019-12-01 0 days 1,953 sqft
    2020-01-01 0 days 1,955 sqft
    2020-02-01 0 days 1,813 sqft
    2020-03-01 0 days 1,799 sqft
    2020-04-01 0 days 1,940 sqft
    2020-05-01 0 days 2,012 sqft
    2020-06-01 0 days 1,850 sqft
    2020-07-01 0 days 1,936 sqft
    2020-08-01 0 days 1,904 sqft
    2020-09-01 0 days 1,943 sqft
    2020-10-01 0 days 1,997 sqft
    2020-11-01 0 days 1,959 sqft
    2020-12-01 0 days 1,897 sqft
    2021-01-01 0 days 1,799 sqft
    2021-02-01 0 days 1,907 sqft
    2021-03-01 0 days 1,875 sqft
    2021-04-01 0 days 1,850 sqft
    2021-05-01 0 days 1,960 sqft
    2021-06-01 0 days 1,939 sqft
    2021-07-01 0 days 1,947 sqft
    2021-08-01 0 days 1,899 sqft
    2021-09-01 0 days 1,913 sqft
    2021-10-01 0 days 1,800 sqft
    2021-11-01 0 days 1,803 sqft
    2021-12-01 0 days 1,931 sqft
    2022-01-01 0 days 1,690 sqft
    2022-02-01 0 days 1,904 sqft
    2022-03-01 0 days 1,780 sqft
    2022-04-01 0 days 1,784 sqft
    2022-05-01 0 days 1,975 sqft
    2022-06-01 0 days 1,950 sqft
    2022-07-01 0 days 1,947 sqft
    2022-08-01 0 days 1,905 sqft
    2022-09-01 0 days 1,871 sqft
    2022-10-01 0 days 1,840 sqft
    2022-11-01 0 days 1,748 sqft
    2022-12-01 0 days 1,763 sqft
    2023-01-01 0 days 1,890 sqft
    2023-02-01 0 days 1,801 sqft
    2023-03-01 0 days 1,815 sqft
    2023-04-01 0 days 1,771 sqft
    2023-05-01 0 days 1,714 sqft
    2023-06-01 0 days 1,753 sqft
    2023-07-01 0 days 1,754 sqft
    2023-08-01 0 days 1,794 sqft
    2023-09-01 0 days 1,894 sqft
    2023-10-01 0 days 1,863 sqft
    2023-11-01 0 days 1,850 sqft
    2023-12-01 0 days 1,997 sqft
    2024-01-01 0 days 2,037 sqft
    2024-02-01 0 days 2,009 sqft
    2024-03-01 0 days 1,986 sqft
    2024-04-01 0 days 1,942 sqft
    2024-05-01 0 days 1,941 sqft
    2024-06-01 0 days 1,873 sqft
    2024-07-01 0 days 1,877 sqft
    2024-08-01 0 days 1,879 sqft
    2024-09-01 0 days 1,865 sqft
    2024-10-01 0 days 1,882 sqft
    Sulphur Springs's median listing age (time on market) for 2024-10-01 was 0 days.

    Sulphur Springs's median square footage for active listings during the 2024-10-01 period was 1,882 sqft. One year prior, the average listing was 1,863 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).