Wichita Falls FHA Loans

WICHITA FALLS, TX

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.

Wichita Falls's 69 lenders originated 453 FHA loans during 2021. The total origination value was $67,615,000, with an average FHA loan value of $149,260.

Wichita Falls FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Wichita Falls averaged 5.51% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.44% and one month ago for the week of 2022-04-08, the average rate was 4.8%.

The average rate one year ago was 3.31%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.9%.

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

Wichita Falls 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 Wichita Falls level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
First Bank & Trust 45 3.23% $5,822
UNION SQUARE 37 2.58% $6,065
American National Bank & Trust 27 2.54% $5,266
QUICKEN LOANS, LLC 27 2.75% $6,328
First Bank 20 3.20% $5,217
CALIBER HOME LOANS, INC. 18 3.26% $5,874
First National Bank 17 3.31% $5,943
PRIMELENDING, A PLAINSCAPITAL COMPANY 15 3.58% $7,322
GUILD MORTGAGE COMPANY 10 3.20% $7,558
FREEDOM MORTGAGE CORPORATION 10 3.08% $5,435
ARK-LA-TEX FINANCIAL SERVICES, LLC. 9 3.56% $5,966
UNITED WHOLESALE MORTGAGE, LLC 7 2.65% $7,545
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 3.55% $7,162
First United Bank 5 3.78% $6,345
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 5 4.03% $6,692
PENNYMAC LOAN SERVICES, LLC 5 3.53% $5,291
MOVEMENT MORTGAGE, LLC 4 3.53% $7,705
Equity Prime Mortgage LLC 4 3.28% $5,663
LAKEVIEW LOAN SERVICING, LLC 4 3.12% $4,325
MORTGAGE FINANCIAL SERVICES, LLC 3 2.83% $6,640
AmeriHome Mortgage Company, LLC 3 3.29% $3,878
EVERETT FINANCIAL, INC. 3 4.13% $5,156
Gateway First Bank 3 3.63% $4,856
Mr. Cooper ( Nationstar Mortgage ) 3 3.79% $5,084
GREAT WESTERN FINANCIAL SERVICES, INC. 3 3.46% $7,325
AMCAP MORTGAGE, LTD. 2 2.81% $10,618
BROKER SOLUTIONS, INC. 2 3.44% $5,755
NEWREZ LLC 2 3.19% $3,224
Carrington Mortgage Services, LLC 2 3.31% $5,194
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 2.81% $6,700
GUARANTEED RATE, INC. 2 3.06% $7,689
Citizens Bank 2 2.56% $6,223
City Bank 2 2.94% $6,515
VILLAGE CAPITAL & INVESTMENT LLC 1 2.75% $2,418
Waterstone Mortgage Corporation 1 3.88% $6,323
Willamette Valley Bank 1 2.88% $4,787
WILLOW BEND MORTGAGE COMPANY, LLC 1 4.00% $8,252
AMERICAN FINANCIAL NETWORK, INC. 1 2.88% $13,648
AMERICAN FINANCING CORPORATION 1 2.88% $7,313
Amerifirst Financial, Inc. 1 3.75% $4,263
Austin Capital Bank SSB 1 3.88% $7,511
CELEBRITY HOME LOANS, LLC 1 3.88% $11,189
CHERRY CREEK MORTGAGE, LLC 1 3.75% $915
CHURCHILL MORTGAGE CORPORATION 1 3.25% $8,845
CMG MORTGAGE, INC. 1 3.25% $4,301
Colonial Savings, F.A. 1 3.50% $4,431
CROSSCOUNTRY MORTGAGE, LLC 1 3.25% $7,379
First State Bank 1 2.75% $9,047
First United Bank and Trust Company 1 3.75% $7,979
Flagstar Bank, FSB 1 2.89% $6,980
FLAT BRANCH MORTGAGE, INC. 1 3.38% $6,057
Goldwater Bank, N.A. 1 3.13% $11,117
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.25% $4,343
Hometown Equity Mortgage, LLC 1 4.13% $4,239
JPMorgan Chase Bank 1 3.13% $4,225
LIBERTY HOME MORTGAGE CORPORATION 1 3.25% $5,555
LOANDEPOT.COM, LLC 1 2.99% $7,294
MICHIGAN MUTUAL, INC. 1 3.63% $6,549
Network Funding, L.P. 1 3.25% $5,366
Paramount Residential Mortgage Group, Inc. 1 3.25% $7,279
PHH Mortgage Corporation 1 3.88% $6,990
PLANET HOME LENDING, LLC 1 2.88% $7,386
Republic State Mortgage Co. 1 2.75% $7,724
S1L, Inc. 1 3.88% $9,197
SOUTHWEST FUNDING, LP 1 3.88% $13,087
SUCCESS MORTGAGE PARTNERS, INC. 1 3.63% $6,682
Sunflower Bank 1 3.88% $7,199
SWBC MORTGAGE CORPORATION 1 3.25% $2,896
TruHome Solutions, LLC 1 3.13% $5,468

The top Wichita Falls FHA lender as defined by loan originations is First Bank & Trust, with 45 FHA loans originated. Their average total fees are $5,822, which is $243 lower than the next largest lender, UNION SQUARE.

The lowest fee Wichita Falls FHA lenders (with over 10 loans originated) are First Bank ($5,217), American National Bank & Trust ($5,266), FREEDOM MORTGAGE CORPORATION ($5,435), First Bank & Trust ($5,822) and CALIBER HOME LOANS, INC. ($5,874).

The lowest rate Wichita Falls FHA lenders (with over 10 loans originated) are American National Bank & Trust (2.54%), UNION SQUARE (2.58%), QUICKEN LOANS, LLC (2.75%), FREEDOM MORTGAGE CORPORATION (3.08%) and First Bank (3.20%).

Wichita Falls FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
WICHITA FALLS, TX ARCHER 2022 $420,680 $538,650 $651,050 $809,150
WICHITA FALLS, TX CLAY 2022 $420,680 $538,650 $651,050 $809,150
WICHITA FALLS, TX WICHITA 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Wichita Falls (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 $110,200 (0.3%) $166,925 (9.0%) 0.41 486
2018-02-01 $113,500 (3.3%) $167,542 (8.3%) 0.41 487
2018-03-01 $129,900 (15.2%) $177,925 (13.1%) 0.45 495
2018-04-01 $134,900 (17.3%) $189,719 (17.6%) 0.45 488
2018-05-01 $124,950 (8.7%) $186,278 (13.1%) 0.42 506
2018-06-01 $126,500 (10.1%) $186,534 (13.9%) 0.42 522
2018-07-01 $136,750 (24.3%) $188,067 (17.1%) 0.46 526
2018-08-01 $139,900 (33.2%) $191,692 (19.2%) 0.47 532
2018-09-01 $139,900 (27.2%) $191,777 (14.6%) 0.47 532
2018-10-01 $139,700 (21.6%) $191,338 (13.2%) 0.47 551
2018-11-01 $138,500 (20.4%) $194,065 (16.1%) 0.46 545
2018-12-01 $137,000 (22.3%) $193,903 (16.2%) 0.47 516
2019-01-01 $137,250 (24.6%) $199,978 (19.8%) 0.47 439
2019-02-01 $132,450 (16.7%) $198,053 (18.2%) 0.44 416
2019-03-01 $133,329 (2.6%) $197,258 (10.9%) 0.43 419
2019-04-01 $137,329 (1.8%) $196,103 (3.4%) 0.43 428
2019-05-01 $137,400 (10.0%) $196,884 (5.7%) 0.42 428
2019-06-01 $139,900 (10.6%) $198,307 (6.3%) 0.43 430
2019-07-01 $129,950 (-5.0%) $190,259 (1.2%) 0.40 483
2019-08-01 $132,143 (-5.5%) $194,546 (1.5%) 0.42 451
2019-09-01 $135,450 (-3.2%) $198,322 (3.4%) 0.43 414
2019-10-01 $139,250 (-0.3%) $196,465 (2.7%) 0.44 434
2019-11-01 $144,900 (4.6%) $200,075 (3.1%) 0.47 413
2019-12-01 $141,250 (3.1%) $200,784 (3.6%) 0.47 385
2020-01-01 $129,950 (-5.3%) $198,763 (-0.6%) 0.43 357
2020-02-01 $129,900 (-1.9%) $198,862 (0.4%) 0.42 308
2020-03-01 $155,595 (16.7%) $230,977 (17.1%) 0.49 312
2020-04-01 $162,400 (18.3%) $230,451 (17.5%) 0.51 302
2020-05-01 $200,000 (45.6%) $249,650 (26.8%) 0.61 257
2020-06-01 $214,450 (53.3%) $251,660 (26.9%) 0.63 223
2020-07-01 $164,500 (26.6%) $244,315 (28.4%) 0.47 226
2020-08-01 $169,900 (28.6%) $247,452 (27.2%) 0.49 232
2020-09-01 $159,900 (18.1%) $239,817 (20.9%) 0.46 218
2020-10-01 $163,500 (17.4%) $237,647 (21.0%) 0.47 212
2020-11-01 $157,950 (9.0%) $240,582 (20.3%) 0.45 195
2020-12-01 $148,950 (5.5%) $245,039 (22.0%) 0.44 156
2021-01-01 $135,900 (4.6%) $240,865 (21.2%) 0.40 129
2021-02-01 $126,250 (-2.8%) $223,860 (12.6%) 0.36 113
2021-03-01 $137,400 (-11.7%) $222,885 (-3.5%) 0.39 106
2021-04-01 $148,000 (-8.9%) $220,019 (-4.5%) 0.40 122
2021-05-01 $145,900 (-27.1%) $206,936 (-17.1%) 0.38 131
2021-06-01 $159,900 (-25.4%) $211,983 (-15.8%) 0.42 151
2021-07-01 $159,900 (-2.8%) $201,622 (-17.5%) 0.42 188
2021-08-01 $166,348 (-2.1%) $217,249 (-12.2%) 0.44 240
2021-09-01 $172,200 (7.7%) $232,995 (-2.8%) 0.45 218
2021-10-01 $169,900 (3.9%) $237,258 (-0.2%) 0.45 204
2021-11-01 $174,500 (10.5%) $255,438 (6.2%) 0.46 207
2021-12-01 $182,000 (22.2%) $258,445 (5.5%) 0.49 198
2022-01-01 $175,560 (29.2%) $261,854 (8.7%) 0.47 178
2022-02-01 $180,280 (42.8%) $270,617 (20.9%) 0.46 152
2022-03-01 $158,450 (15.3%) $263,011 (18.0%) 0.39 136
2022-04-01 $175,000 (18.2%) $278,863 (26.7%) 0.41 146
Wichita Falls's median listing price for 2022-04-01 was $175,000, a difference of $27,000 (18.2%) versus the prior year and $16,550 versus the prior month.

Wichita Falls's median listing price comes in at 41% of the national average.

Wichita Falls's average listing price for 2022-04-01 was $278,863, a difference of $58,844 (26.7%) versus the prior year and $15,852 versus the prior month.

For the 2022-04-01 period, Wichita Falls had 146 MLS listings, a difference of 10 listings (7%) versus the prior month and 24 listings (20%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Wichita Falls (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 82 days 1,624 sqft
2018-02-01 67 days 1,612 sqft
2018-03-01 57 days 1,681 sqft
2018-04-01 52 days 1,750 sqft
2018-05-01 49 days 1,706 sqft
2018-06-01 50 days 1,712 sqft
2018-07-01 52 days 1,752 sqft
2018-08-01 55 days 1,766 sqft
2018-09-01 62 days 1,776 sqft
2018-10-01 64 days 1,793 sqft
2018-11-01 67 days 1,818 sqft
2018-12-01 75 days 1,808 sqft
2019-01-01 84 days 1,807 sqft
2019-02-01 75 days 1,806 sqft
2019-03-01 53 days 1,814 sqft
2019-04-01 45 days 1,797 sqft
2019-05-01 44 days 1,781 sqft
2019-06-01 46 days 1,773 sqft
2019-07-01 39 days 1,740 sqft
2019-08-01 46 days 1,774 sqft
2019-09-01 52 days 1,810 sqft
2019-10-01 53 days 1,774 sqft
2019-11-01 49 days 1,818 sqft
2019-12-01 52 days 1,763 sqft
2020-01-01 60 days 1,737 sqft
2020-02-01 60 days 1,696 sqft
2020-03-01 51 days 1,822 sqft
2020-04-01 59 days 1,835 sqft
2020-05-01 66 days 1,963 sqft
2020-06-01 58 days 2,024 sqft
2020-07-01 44 days 1,914 sqft
2020-08-01 43 days 1,882 sqft
2020-09-01 44 days 1,885 sqft
2020-10-01 42 days 1,847 sqft
2020-11-01 46 days 1,852 sqft
2020-12-01 56 days 1,828 sqft
2021-01-01 57 days 1,754 sqft
2021-02-01 43 days 1,517 sqft
2021-03-01 37 days 1,574 sqft
2021-04-01 18 days 1,690 sqft
2021-05-01 18 days 1,706 sqft
2021-06-01 18 days 1,620 sqft
2021-07-01 23 days 1,559 sqft
2021-08-01 28 days 1,656 sqft
2021-09-01 36 days 1,695 sqft
2021-10-01 37 days 1,668 sqft
2021-11-01 37 days 1,686 sqft
2021-12-01 44 days 1,668 sqft
2022-01-01 46 days 1,659 sqft
2022-02-01 44 days 1,677 sqft
2022-03-01 30 days 1,637 sqft
2022-04-01 24 days 1,674 sqft
Wichita Falls's median listing age (time on market) for 2022-04-01 was 24 days. This is 33% longer than the same period one year ago.

Wichita Falls's median square footage for active listings during the 2022-04-01 period was 1,674 sqft. One year prior, the average listing was 1,690 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).