Wichita Falls FHA Loans

WICHITA FALLS, 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.

    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).