Texarkana FHA Loan Rates, Closing Costs & Stats

TEXARKANA, TX-AR

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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.

    Texarkana's 59 lenders originated 328 FHA loans during 2023. The total origination value was $63,730,000, with an average FHA loan value of $194,299.

    Texarkana FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Texarkana averaged 6.76% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Texarkana's average FHA mortgage closing costs are $6,760.

    The average rate for the prior week (2024-11-01) was 6.63% and one month ago for the week of 2024-10-04, the average rate was 6.25%.

    The average rate one year ago was 7.3%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.15%.

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

    Texarkana 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 Texarkana level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MORTGAGE FINANCIAL SERVICES, LLC 54 6.78% $9,552
    EVERETT FINANCIAL, INC. 46 6.90% $7,230
    QUICKEN LOANS, LLC 25 6.42% $7,724
    UNITED WHOLESALE MORTGAGE, LLC 20 6.41% $10,773
    GUILD MORTGAGE COMPANY 17 6.82% $8,904
    SWBC MORTGAGE CORPORATION 16 6.88% $5,837
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 14 6.87% $9,398
    SECURITYNATIONAL MORTGAGE COMPANY 8 6.58% $9,566
    Farmers Bank & Trust Company 7 6.96% $7,826
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.88% $9,388
    State Bank of De Kalb 7 5.80% $11,593
    FirstTrust Home Loans, Inc. 6 6.66% $11,181
    Regions Bank 6 6.31% $8,180
    BROKER SOLUTIONS, INC. 4 6.22% $7,641
    FIRST COMMUNITY MORTGAGE, INC. 3 7.00% $9,927
    AMERISAVE MORTGAGE CORPORATION 3 6.29% $13,071
    BancorpSouth 3 6.79% $5,161
    PENNYMAC LOAN SERVICES, LLC 3 6.17% $7,330
    CROSSCOUNTRY MORTGAGE, LLC 3 6.83% $12,616
    Citizens Bank 2 7.06% $5,200
    CALCON MUTUAL MORTGAGE LLC 2 7.00% $18,433
    DRAPER AND KRAMER MORTGAGE CORP. 2 6.88% $10,682
    Equity Prime Mortgage LLC 2 6.63% $7,789
    FREEDOM MORTGAGE CORPORATION 2 7.25% $12,340
    Guaranty Bank & Trust, N.A. 2 6.50% $7,356
    NBH Bank 2 7.25% $7,151
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.25% $8,938
    RELIANCE FIRST CAPITAL, LLC 2 6.25% $9,674
    ZILLOW HOME LOANS, LLC 2 7.00% $9,113
    AMCAP MORTGAGE, LTD. 1 7.13% $7,036
    CARDINAL FINANCIAL 1 5.75% $13,085
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $9,702
    LOANDEPOT.COM, LLC 1 7.25% $6,053
    LOANPAL, LLC 1 5.99% $10,517
    BECKAM FUNDING CORP. 1 8.00% $9,436
    Mortgage Research Center, LLC 1 7.13% $4,656
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.00% $9,555
    Mr. Cooper ( Nationstar Mortgage ) 1 5.25% $14,606
    Town Square Mortgage & Investments, Inc. 1 7.25% $7,665
    NBKC BANK 1 6.13% $5,927
    OCMBC, INC. 1 7.63% $11,206
    BAY EQUITY LLC 1 6.38% $9,455
    PENTAGON FEDERAL CREDIT UNION 1 6.50% $8,063
    PLANET HOME LENDING, LLC 1 6.99% $8,215
    PLAZA HOME MORTGAGE, INC. 1 7.25% $8,549
    UNION HOME MORTGAGE CORP. 1 7.25% $8,325
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $18,825
    Bank of England 1 8.00% $6,374
    Assurance Financial Group, L.L.C. 1 6.12% $6,579
    AMERICAN FINANCIAL NETWORK, INC. 1 7.25% $10,978
    AmeriHome Mortgage Company, LLC 1 6.13% $10,390
    SFMC, LP 1 7.38% $18,125
    Simmons Bank 1 6.63% $14,228
    ENDEAVOR CAPITAL, LLC. 1 6.50% $8,165
    DELMAR FINANCIAL COMPANY 1 8.63% $9,506
    First United Bank and Trust Company 1 6.50% $8,426
    Flagstar Bank, FSB 1 6.88% $9,562
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $8,548
    AMERICAN FINANCING CORPORATION 1 6.50% $9,132

    The top Texarkana FHA lender as defined by loan originations is MORTGAGE FINANCIAL SERVICES, LLC, with 54 FHA loans originated. Their average total fees are $9,552, which is $2,321 higher than the next largest lender, EVERETT FINANCIAL, INC..

    The lowest fee Texarkana FHA lenders (with over 10 loans originated) are SWBC MORTGAGE CORPORATION ($5,837), EVERETT FINANCIAL, INC. ($7,230), QUICKEN LOANS, LLC ($7,724), GUILD MORTGAGE COMPANY ($8,904) and HIGHLANDS RESIDENTIAL MORTGAGE, LTD. ($9,398).

    The lowest rate Texarkana FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.41%), QUICKEN LOANS, LLC (6.42%), MORTGAGE FINANCIAL SERVICES, LLC (6.78%), GUILD MORTGAGE COMPANY (6.82%) and HIGHLANDS RESIDENTIAL MORTGAGE, LTD. (6.87%).

    Texarkana FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    TEXARKANA, TX-AR LITTLE RIVER 2022 $420,680 $538,650 $651,050 $809,150
    TEXARKANA, TX-AR MILLER 2022 $420,680 $538,650 $651,050 $809,150
    TEXARKANA, TX-AR BOWIE 2022 $420,680 $538,650 $651,050 $809,150
    TEXARKANA, TX-AR LITTLE RIVER 2023 $472,030 $604,400 $730,525 $907,900
    TEXARKANA, TX-AR MILLER 2023 $472,030 $604,400 $730,525 $907,900
    TEXARKANA, TX-AR BOWIE 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).