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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.