FHA Loan Calculator for Texas

FHA Loans in Texas

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Texas's median home of $310,000, that's a minimum down payment of $10,900.

FHA Loan Limits in Texas

FHA loan limits vary by county and are tied to conforming limits. In most Texas counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. Most Texas counties are at the standard conforming limit. No Texas counties currently qualify for high-cost conforming limits, though Austin-Round Rock values approach the threshold.

FHA vs Conventional in Texas

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Texas's median home at $310,000, buyers who can put down $62,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

Texas closing costs average $3,700. Texas has no state transfer tax, which is a significant advantage. However, title insurance rates in Texas are state-regulated and can be higher than in unregulated states. Survey fees are standard requirements in Texas. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

FHA Loan Calculator for Other States