Tyler FHA Loans

TYLER, 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.

    Tyler's 96 lenders originated 853 FHA loans during 2021. The total origination value was $174,045,000, with an average FHA loan value of $204,039.

    Tyler FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Tyler averaged 5.9% for the week of 2022-09-23, compared to the national average (all FHA variants) of 6.08% for the same period.

    The average rate for the prior week (2022-09-16) was 5.9% and one month ago for the week of 2022-08-19, the average rate was 5.52%.

    The average rate one year ago was 3.26%.

    For refis of the same type during the week of 2022-09-23, the average rate was 6.02%.

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

    Tyler FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Tyler level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Gateway First Bank 71 3.79% $7,655
    MORTGAGE FINANCIAL SERVICES, LLC 52 3.18% $8,050
    QUICKEN LOANS, LLC 48 2.76% $7,080
    UNITED WHOLESALE MORTGAGE, LLC 41 2.65% $6,704
    FINANCE OF AMERICA MORTGAGE LLC 31 3.32% $8,080
    GUILD MORTGAGE COMPANY 29 3.33% $9,346
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 27 3.13% $8,906
    ACADEMY MORTGAGE CORPORATION 27 3.40% $9,207
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 25 3.16% $8,618
    Mr. Cooper ( Nationstar Mortgage ) 25 3.43% $3,100
    LAKEVIEW LOAN SERVICING, LLC 24 3.07% $4,840
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 23 3.08% $8,385
    CMG MORTGAGE, INC. 22 2.92% $8,485
    FREEDOM MORTGAGE CORPORATION 21 2.92% $5,104
    VILLAGE CAPITAL MORTGAGE 13 2.99% $2,882
    AMCAP MORTGAGE, LTD. 12 3.76% $10,606
    PRIMARY RESIDENTIAL MORTGAGE, INC. 11 3.47% $8,402
    PLAZA HOME MORTGAGE, INC. 11 3.49% $7,445
    BancorpSouth Bank 11 3.06% $7,398
    Carrington Mortgage Services, LLC 10 3.59% $7,480
    CALIBER HOME LOANS, INC. 9 2.99% $8,780
    PENNYMAC LOAN SERVICES, LLC 9 3.21% $5,471
    Nations Lending Corporation 8 3.45% $8,711
    INTERLINC MORTGAGE SERVICES, LLC 8 3.27% $7,392
    SFMC, LP 7 3.43% $11,926
    SOUTHWEST FUNDING, LP 7 3.36% $11,248
    MOVEMENT MORTGAGE, LLC 7 3.30% $8,169
    CERTAINTY HOME LOANS, LLC 7 3.80% $7,601
    Regions Bank 6 2.75% $7,561
    Paramount Residential Mortgage Group, Inc. 6 3.52% $8,714
    LOANDEPOT.COM, LLC 6 3.14% $8,257
    AmeriHome Mortgage Company, LLC 6 3.04% $4,922
    Lakeview Community Capital, LLC 5 3.14% $4,604
    GUARANTEED RATE, INC. 5 3.13% $9,468
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.81% $6,841
    HOME POINT FINANCIAL CORPORATION 4 2.78% $6,523
    AMERICAN FINANCIAL NETWORK, INC. 3 3.25% $10,176
    WILLOW BEND MORTGAGE COMPANY, LLC 3 3.04% $7,537
    CROSSCOUNTRY MORTGAGE, LLC 3 3.38% $7,483
    AMERISAVE MORTGAGE CORPORATION 3 2.83% $9,285
    First Guaranty Mortgage Corporation 3 2.92% $5,626
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 3.13% $11,892
    STEARNS LENDING, LLC 3 3.04% $9,786
    GUARANTEED RATE AFFINITY, LLC 3 3.13% $5,358
    NEWREZ LLC 2 2.87% $4,077
    EVERETT FINANCIAL, INC. 2 3.44% $8,189
    MID AMERICA MORTGAGE, INC. 2 3.31% $3,213
    Loan Simple, Inc. 2 4.00% $7,418
    ALTRA 2 3.06% $11,162
    Commercial Bank of Texas 2 2.69% $8,313
    BECKAM FUNDING CORP. 2 3.75% $13,528
    First United Bank and Trust Company 2 3.00% $6,033
    BROKER SOLUTIONS, INC. 2 3.06% $7,051
    Prosperity Home Mortgage, LLC 2 3.94% $7,392
    ASPIRE FINANCIAL, INC. 2 2.31% $8,987
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 2.88% $11,528
    UNION HOME MORTGAGE CORP. 2 3.25% $8,013
    HOMESIDE FINANCIAL, LLC 2 3.25% $9,522
    SECURITYNATIONAL MORTGAGE COMPANY 2 2.94% $8,657
    NTFN, INC. 2 3.38% $5,792
    THRIVE MORTGAGE, LLC 2 3.56% $7,854
    INTEGRITY MORTGAGE CORPORATION OF TEXAS 1 3.00% $8,131
    American Mortgage Bank, LLC 1 4.13% $6,818
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.38% $7,187
    Bank of America 1 3.13% $6,852
    Bank of England 1 3.75% $9,034
    CALCON MUTUAL MORTGAGE LLC 1 3.75% $18,419
    Citizens Bank 1 3.00% $8,969
    Colonial Savings, F.A. 1 3.75% $6,556
    Colten Mortgage, LLC 1 3.00% $5,739
    Commerce Home Mortgage, Inc. 1 3.13% $10,473
    Equity Prime Mortgage LLC 1 3.25% $6,292
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 3.00% $8,599
    FBC MORTGAGE, LLC 1 2.88% $10,561
    First National Bank Texas 1 2.75% $6,812
    FLAT BRANCH MORTGAGE, INC. 1 4.13% $8,684
    GREAT WESTERN FINANCIAL SERVICES, INC. 1 2.88% $11,077
    Hometown Lenders, Inc. 1 3.13% $10,277
    KELLER MORTGAGE, LLC 1 3.13% $5,309
    LEADERONE FINANCIAL CORPORATION 1 3.50% $8,956
    LENOX FINANCIAL MORTGAGE CORPORATION 1 3.00% $7,078
    Magnolia Bank 1 2.75% $7,963
    MICHIGAN MUTUAL, INC. 1 3.50% $13,251
    NATIONS DIRECT MORTGAGE, LLC 1 2.75% $7,074
    PLANET HOME LENDING, LLC 1 2.75% $5,618
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 2.63% $8,798
    RANLIFE, INC. 1 2.88% $8,328
    RESIDENTIAL BANCORP. 1 2.75% $11,908
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 2.75% $6,894
    SOUTHWEST STAGE FUNDING, LLC 1 2.75% $3,926
    SUN WEST MORTGAGE COMPANY, INC. 1 2.75% $6,750
    TJC Mortgage, Inc. 1 2.75% $9,391
    U.S. Bank 1 3.38% $8,232
    VERITAS FUNDING, LLC 1 2.50% $7,879
    Wallick & Volk, Inc. 1 4.00% $5,330
    WESTERN EXPRESS LENDING 1 2.75% $9,943

    The top Tyler FHA lender as defined by loan originations is Gateway First Bank, with 71 FHA loans originated. Their average total fees are $7,655, which is $395 lower than the next largest lender, MORTGAGE FINANCIAL SERVICES, LLC.

    The lowest fee Tyler FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,882), Mr. Cooper ( Nationstar Mortgage ) ($3,100), LAKEVIEW LOAN SERVICING, LLC ($4,840), FREEDOM MORTGAGE CORPORATION ($5,104) and UNITED WHOLESALE MORTGAGE, LLC ($6,704).

    The lowest rate Tyler FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.65%), QUICKEN LOANS, LLC (2.76%), CMG MORTGAGE, INC. (2.92%), FREEDOM MORTGAGE CORPORATION (2.92%) and VILLAGE CAPITAL MORTGAGE (2.99%).

    Tyler FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    TYLER, TX SMITH 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Tyler (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 $278,250 (10.2%) $402,315 (20.2%) 1.02 1,121
    2018-02-01 $276,750 (8.5%) $393,565 (18.6%) 1.00 1,154
    2018-03-01 $289,500 (10.5%) $399,789 (17.2%) 1.00 1,176
    2018-04-01 $294,750 (5.3%) $408,403 (13.1%) 0.99 1,184
    2018-05-01 $296,450 (5.5%) $412,865 (13.1%) 0.99 1,221
    2018-06-01 $287,900 (1.2%) $386,590 (-0.9%) 0.96 1,269
    2018-07-01 $287,200 (2.6%) $380,891 (-2.2%) 0.96 1,262
    2018-08-01 $279,450 (-1.8%) $369,649 (-5.2%) 0.93 1,260
    2018-09-01 $282,000 (-2.4%) $364,527 (-9.4%) 0.94 1,188
    2018-10-01 $281,450 (-2.9%) $365,228 (-9.9%) 0.94 1,183
    2018-11-01 $279,950 (-1.8%) $366,108 (-8.2%) 0.94 1,141
    2018-12-01 $285,000 (2.2%) $370,167 (-6.6%) 0.98 1,051
    2019-01-01 $292,000 (4.9%) $374,612 (-6.9%) 1.01 983
    2019-02-01 $285,000 (3.0%) $384,041 (-2.4%) 0.95 1,005
    2019-03-01 $291,386 (0.7%) $391,127 (-2.2%) 0.95 977
    2019-04-01 $302,450 (2.6%) $396,645 (-2.9%) 0.95 1,014
    2019-05-01 $322,450 (8.8%) $414,843 (0.5%) 0.99 1,019
    2019-06-01 $314,900 (9.4%) $412,449 (6.7%) 0.97 1,029
    2019-07-01 $307,498 (7.1%) $406,442 (6.7%) 0.96 1,012
    2019-08-01 $295,567 (5.8%) $394,022 (6.6%) 0.93 979
    2019-09-01 $289,845 (2.8%) $384,189 (5.4%) 0.92 957
    2019-10-01 $295,450 (5.0%) $396,801 (8.6%) 0.94 968
    2019-11-01 $285,664 (2.0%) $391,199 (6.9%) 0.92 967
    2019-12-01 $277,700 (-2.6%) $375,546 (1.5%) 0.93 928
    2020-01-01 $279,450 (-4.3%) $377,710 (0.8%) 0.93 885
    2020-02-01 $285,000 (0.0%) $386,681 (0.7%) 0.92 855
    2020-03-01 $288,450 (-1.0%) $392,893 (0.5%) 0.90 871
    2020-04-01 $289,450 (-4.3%) $388,017 (-2.2%) 0.90 884
    2020-05-01 $299,900 (-7.0%) $408,640 (-1.5%) 0.91 905
    2020-06-01 $310,000 (-1.6%) $417,180 (1.2%) 0.91 922
    2020-07-01 $313,500 (2.0%) $419,886 (3.3%) 0.90 854
    2020-08-01 $309,000 (4.5%) $420,099 (6.6%) 0.88 831
    2020-09-01 $317,450 (9.5%) $423,328 (10.2%) 0.91 784
    2020-10-01 $299,500 (1.4%) $420,948 (6.1%) 0.86 685
    2020-11-01 $295,000 (3.3%) $406,228 (3.8%) 0.84 641
    2020-12-01 $314,500 (13.3%) $425,104 (13.2%) 0.92 599
    2021-01-01 $310,000 (10.9%) $413,961 (9.6%) 0.91 532
    2021-02-01 $317,500 (11.4%) $431,583 (11.6%) 0.91 436
    2021-03-01 $317,500 (10.1%) $444,320 (13.1%) 0.89 386
    2021-04-01 $339,000 (17.1%) $479,702 (23.6%) 0.91 379
    2021-05-01 $366,000 (22.0%) $497,298 (21.7%) 0.96 394
    2021-06-01 $367,500 (18.6%) $542,774 (30.1%) 0.95 427
    2021-07-01 $369,450 (17.9%) $539,122 (28.4%) 0.96 474
    2021-08-01 $364,000 (17.8%) $518,686 (23.5%) 0.96 552
    2021-09-01 $367,344 (15.7%) $521,652 (23.2%) 0.97 541
    2021-10-01 $369,900 (23.5%) $529,145 (25.7%) 0.97 507
    2021-11-01 $370,000 (25.4%) $554,922 (36.6%) 0.98 424
    2021-12-01 $376,500 (19.7%) $575,008 (35.3%) 1.00 413
    2022-01-01 $375,000 (21.0%) $564,788 (36.4%) 1.00 362
    2022-02-01 $374,950 (18.1%) $576,594 (33.6%) 0.96 330
    2022-03-01 $369,000 (16.2%) $572,912 (28.9%) 0.91 318
    2022-04-01 $369,000 (8.9%) $631,012 (31.5%) 0.87 361
    2022-05-01 $386,750 (5.7%) $613,102 (23.3%) 0.87 485
    2022-06-01 $397,000 (8.0%) $604,385 (11.4%) 0.88 583
    2022-07-01 $398,000 (7.7%) $588,622 (9.2%) 0.89 703
    2022-08-01 $392,750 (7.9%) $595,410 (14.8%) 0.90 742
    Tyler's median listing price for 2022-08-01 was $392,750, a difference of $28,750 (7.9%) versus the prior year and $-5,250 versus the prior month.

    Tyler's median listing price comes in at 90% of the national average.

    Tyler's average listing price for 2022-08-01 was $595,410, a difference of $76,724 (14.8%) versus the prior year and $6,788 versus the prior month.

    For the 2022-08-01 period, Tyler had 742 MLS listings, a difference of 39 listings (6%) versus the prior month and 190 listings (34%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Tyler (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 92 days 2,350 sqft
    2018-02-01 84 days 2,328 sqft
    2018-03-01 66 days 2,360 sqft
    2018-04-01 65 days 2,371 sqft
    2018-05-01 61 days 2,385 sqft
    2018-06-01 60 days 2,378 sqft
    2018-07-01 66 days 2,355 sqft
    2018-08-01 66 days 2,328 sqft
    2018-09-01 76 days 2,304 sqft
    2018-10-01 73 days 2,295 sqft
    2018-11-01 72 days 2,280 sqft
    2018-12-01 80 days 2,280 sqft
    2019-01-01 90 days 2,300 sqft
    2019-02-01 84 days 2,283 sqft
    2019-03-01 66 days 2,321 sqft
    2019-04-01 55 days 2,372 sqft
    2019-05-01 50 days 2,465 sqft
    2019-06-01 53 days 2,455 sqft
    2019-07-01 58 days 2,448 sqft
    2019-08-01 62 days 2,422 sqft
    2019-09-01 64 days 2,393 sqft
    2019-10-01 64 days 2,409 sqft
    2019-11-01 66 days 2,338 sqft
    2019-12-01 72 days 2,300 sqft
    2020-01-01 78 days 2,251 sqft
    2020-02-01 67 days 2,257 sqft
    2020-03-01 57 days 2,261 sqft
    2020-04-01 60 days 2,247 sqft
    2020-05-01 58 days 2,278 sqft
    2020-06-01 48 days 2,321 sqft
    2020-07-01 51 days 2,280 sqft
    2020-08-01 52 days 2,257 sqft
    2020-09-01 55 days 2,299 sqft
    2020-10-01 55 days 2,249 sqft
    2020-11-01 55 days 2,247 sqft
    2020-12-01 65 days 2,301 sqft
    2021-01-01 65 days 2,275 sqft
    2021-02-01 50 days 2,313 sqft
    2021-03-01 53 days 2,290 sqft
    2021-04-01 36 days 2,312 sqft
    2021-05-01 37 days 2,280 sqft
    2021-06-01 37 days 2,284 sqft
    2021-07-01 39 days 2,281 sqft
    2021-08-01 36 days 2,259 sqft
    2021-09-01 40 days 2,252 sqft
    2021-10-01 47 days 2,181 sqft
    2021-11-01 51 days 2,174 sqft
    2021-12-01 54 days 2,141 sqft
    2022-01-01 55 days 2,092 sqft
    2022-02-01 47 days 2,071 sqft
    2022-03-01 39 days 2,037 sqft
    2022-04-01 31 days 2,001 sqft
    2022-05-01 30 days 2,066 sqft
    2022-06-01 34 days 2,125 sqft
    2022-07-01 38 days 2,100 sqft
    2022-08-01 39 days 2,091 sqft
    Tyler's median listing age (time on market) for 2022-08-01 was 39 days. This is 8% longer than the same period one year ago.

    Tyler's median square footage for active listings during the 2022-08-01 period was 2,091 sqft. One year prior, the average listing was 2,259 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).