Andrews FHA Loan Rates, Closing Costs & Stats

Andrews, 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.

    Andrews's 33 lenders originated 87 FHA loans during 2023. The total origination value was $23,745,000, with an average FHA loan value of $272,931.

    Andrews FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Andrews averaged 0.04% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Andrews's average FHA mortgage closing costs are $8,919.

    The average rate for the prior week (2024-11-08) was 6.65% and one month ago for the week of 2024-10-11, the average rate was 6.35%.

    The average rate one year ago was 7.29%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.2%.

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

    Andrews FHA Loan Lenders by Rates & Fees

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

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Town Square Mortgage & Investments, Inc. 10 7.21% $10,101
    Nations Lending Corporation 9 6.64% $13,360
    AMCAP MORTGAGE, LTD. 7 7.14% $13,119
    INTERLINC MORTGAGE SERVICES, LLC 6 6.83% $16,029
    EVERETT FINANCIAL, INC. 6 6.63% $12,179
    Waterstone Mortgage Corporation 6 7.08% $12,730
    QUICKEN LOANS, LLC 3 6.75% $10,442
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 7.13% $8,703
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 7.67% $19,071
    UNITED WHOLESALE MORTGAGE, LLC 2 7.37% $16,208
    CALCON MUTUAL MORTGAGE LLC 2 7.16% $17,391
    SECURITYNATIONAL MORTGAGE COMPANY 2 6.88% $17,637
    THE MORTGAGE LINK, INC. 2 7.06% $13,883
    First American Bank 2 7.19% $6,416
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.63% $5,821
    MICHIGAN MUTUAL, INC. 1 6.13% $14,476
    NATIONS DIRECT MORTGAGE, LLC 1 5.75% $21,952
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.50% $10,507
    PREMIA MORTGAGE, LLC 1 6.63% $26,137
    SUN WEST MORTGAGE COMPANY, INC. 1 5.63% $11,203
    T2 FINANCIAL LLC 1 7.63% $14,061
    TEXAS TECH 1 6.63% $11,085
    AMERICAN FINANCING CORPORATION 1 6.75% $13,139
    UNION HOME MORTGAGE CORP. 1 7.13% $13,140
    CMG MORTGAGE, INC. 1 6.75% $9,499
    City Bank 1 5.63% $18,491
    Commerce Home Mortgage, Inc. 1 6.63% $11,471
    DIRECTIONS EQUITY, LLC 1 5.75% $8,297
    DRAPER AND KRAMER MORTGAGE CORP. 1 7.63% $12,838
    ZILLOW HOME LOANS, LLC 1 6.25% $9,111
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $20,307
    FLAT BRANCH MORTGAGE, INC. 1 7.13% $10,899
    GENEVA FINANCIAL, LLC 1 5.63% $7,745

    The top Andrews FHA lender as defined by loan originations is Town Square Mortgage & Investments, Inc., with 10 FHA loans originated. Their average total fees are $10,101, which is $3,259 lower than the next largest lender, Nations Lending Corporation.

    The lowest fee Andrews FHA lenders (with over 10 loans originated) are Town Square Mortgage & Investments, Inc. ($10,101), .

    The lowest rate Andrews FHA lenders (with over 10 loans originated) are Town Square Mortgage & Investments, Inc. (7.21%), .

    Andrews FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ANDREWS, TX ANDREWS 2022 $420,680 $538,650 $651,050 $809,150
    ANDREWS, TX ANDREWS 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Andrews (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 $213,750 (13.0%) $246,342 (5.0%) 0.00 80
    2018-02-01 $223,000 (11.5%) $269,809 (10.8%) 0.00 81
    2018-03-01 $227,000 (6.3%) $268,516 (12.7%) 0.00 81
    2018-04-01 $229,500 (5.3%) $275,178 (11.6%) 0.00 74
    2018-05-01 $240,000 (9.8%) $288,837 (19.6%) 0.00 66
    2018-06-01 $240,000 (9.3%) $288,926 (19.0%) 0.00 59
    2018-07-01 $261,225 (21.5%) $308,279 (33.3%) 0.00 57
    2018-08-01 $266,500 (35.0%) $309,976 (39.0%) 0.00 45
    2018-09-01 $235,000 (19.6%) $286,384 (22.2%) 0.00 41
    2018-10-01 $219,250 (9.8%) $271,798 (13.8%) 0.00 40
    2018-11-01 $229,225 (14.9%) $277,547 (18.6%) 0.00 41
    2018-12-01 $193,950 (-9.3%) $263,231 (9.8%) 0.00 47
    2019-01-01 $216,200 (1.2%) $265,605 (7.8%) 0.00 46
    2019-02-01 $232,975 (4.5%) $262,576 (-2.7%) 0.00 55
    2019-03-01 $247,734 (9.1%) $259,005 (-3.5%) 0.00 53
    2019-04-01 $281,140 (22.5%) $265,715 (-3.4%) 0.00 51
    2019-05-01 $277,370 (15.6%) $290,354 (0.5%) 0.00 50
    2019-06-01 $290,507 (21.0%) $301,730 (4.4%) 0.00 47
    2019-07-01 $268,695 (2.9%) $275,169 (-10.7%) 0.00 51
    2019-08-01 $255,636 (-4.1%) $270,832 (-12.6%) 0.00 55
    2019-09-01 $249,091 (6.0%) $278,352 (-2.8%) 0.00 59
    2019-10-01 $242,025 (10.4%) $287,400 (5.7%) 0.00 62
    2019-11-01 $240,100 (4.7%) $290,138 (4.5%) 0.00 61
    2019-12-01 $244,000 (25.8%) $283,990 (7.9%) 0.00 63
    2020-01-01 $236,950 (9.6%) $292,881 (10.3%) 0.00 64
    2020-02-01 $228,850 (-1.8%) $283,756 (8.1%) 0.00 71
    2020-03-01 $227,900 (-8.0%) $275,620 (6.4%) 0.00 87
    2020-04-01 $221,450 (-21.2%) $273,274 (2.8%) 0.00 97
    2020-05-01 $227,900 (-17.8%) $273,569 (-5.8%) 0.00 89
    2020-06-01 $235,500 (-18.9%) $276,328 (-8.4%) 0.00 85
    2020-07-01 $241,000 (-10.3%) $282,056 (2.5%) 0.00 82
    2020-08-01 $247,000 (-3.4%) $287,200 (6.0%) 0.00 75
    2020-09-01 $259,500 (4.2%) $303,393 (9.0%) 0.00 85
    2020-10-01 $260,000 (7.4%) $299,304 (4.1%) 0.00 88
    2020-11-01 $260,450 (8.5%) $296,944 (2.4%) 0.00 89
    2020-12-01 $259,250 (6.3%) $292,161 (2.9%) 0.00 97
    2021-01-01 $249,500 (5.3%) $286,410 (-2.2%) 0.00 84
    2021-02-01 $246,000 (7.5%) $288,630 (1.7%) 0.00 96
    2021-03-01 $250,000 (9.7%) $294,450 (6.8%) 0.00 88
    2021-04-01 $255,750 (15.5%) $298,340 (9.2%) 0.00 87
    2021-05-01 $252,500 (10.8%) $295,884 (8.2%) 0.00 81
    2021-06-01 $263,250 (11.8%) $309,488 (12.0%) 0.00 81
    2021-07-01 $285,700 (18.6%) $319,056 (13.1%) 0.00 78
    2021-08-01 $273,645 (10.8%) $308,764 (7.5%) 0.00 76
    2021-09-01 $259,975 (0.2%) $310,026 (2.2%) 0.00 78
    2021-10-01 $257,250 (-1.1%) $316,199 (5.6%) 0.00 82
    2021-11-01 $248,000 (-4.8%) $306,077 (3.1%) 0.00 80
    2021-12-01 $250,000 (-3.6%) $304,159 (4.1%) 0.00 80
    2022-01-01 $248,000 (-0.6%) $311,342 (8.7%) 0.00 73
    2022-02-01 $219,450 (-10.8%) $283,492 (-1.8%) 0.00 64
    2022-03-01 $228,700 (-8.5%) $299,788 (1.8%) 0.00 58
    2022-04-01 $225,000 (-12.0%) $302,006 (1.2%) 0.00 58
    2022-05-01 $240,400 (-4.8%) $341,125 (15.3%) 0.00 60
    2022-06-01 $229,375 (-12.9%) $324,671 (4.9%) 0.00 75
    2022-07-01 $257,450 (-9.9%) $332,421 (4.2%) 0.00 86
    2022-08-01 $252,475 (-7.7%) $358,428 (16.1%) 0.00 94
    2022-09-01 $262,400 (0.9%) $360,926 (16.4%) 0.00 96
    2022-10-01 $310,000 (20.5%) $385,736 (22.0%) 0.00 92
    2022-11-01 $299,150 (20.6%) $387,165 (26.5%) 0.00 83
    2022-12-01 $295,000 (18.0%) $390,800 (28.5%) 0.00 71
    2023-01-01 $299,799 (20.9%) $402,270 (29.2%) 0.00 73
    2023-02-01 $322,725 (47.1%) $417,708 (47.3%) 0.00 67
    2023-03-01 $306,450 (34.0%) $418,827 (39.7%) 0.00 64
    2023-04-01 $310,000 (37.8%) $427,164 (41.4%) 0.00 65
    2023-05-01 $332,000 (38.1%) $432,460 (26.8%) 0.00 63
    2023-06-01 $296,375 (29.2%) $426,326 (31.3%) 0.00 59
    2023-07-01 $277,500 (7.8%) $379,521 (14.2%) 0.00 57
    2023-08-01 $295,000 (16.8%) $390,808 (9.0%) 0.00 53
    2023-09-01 $295,000 (12.4%) $382,617 (6.0%) 0.00 62
    2023-10-01 $285,875 (-7.8%) $368,515 (-4.5%) 0.00 61
    2023-11-01 $277,500 (-7.2%) $346,524 (-10.5%) 0.00 60
    2023-12-01 $250,000 (-15.3%) $342,807 (-12.3%) 0.00 48
    2024-01-01 $275,000 (-8.3%) $372,432 (-7.4%) 0.00 42
    2024-02-01 $292,250 (-9.4%) $363,939 (-12.9%) 0.00 46
    2024-03-01 $296,500 (-3.3%) $369,946 (-11.7%) 0.00 49
    2024-04-01 $299,000 (-3.6%) $365,022 (-14.6%) 0.00 56
    2024-05-01 $299,000 (-9.9%) $356,320 (-17.6%) 0.00 57
    2024-06-01 $295,000 (-0.5%) $351,979 (-17.4%) 0.00 51
    2024-07-01 $268,875 (-3.1%) $307,156 (-19.1%) 0.00 49
    2024-08-01 $327,000 (10.9%) $341,340 (-12.7%) 0.00 43
    2024-09-01 $328,000 (11.2%) $344,554 (-10.0%) 0.00 45
    2024-10-01 $327,000 (14.4%) $345,512 (-6.2%) 0.00 42
    Andrews's median listing price for 2024-10-01 was $327,000, a difference of $41,125 (14.4%) versus the prior year and $-1,000 versus the prior month.

    Andrews's median listing price comes in at 0% of the national average.

    Andrews's average listing price for 2024-10-01 was $345,512, a difference of $-23,003 (-6.2%) versus the prior year and $958 versus the prior month.

    For the 2024-10-01 period, Andrews had 42 MLS listings, a difference of -3 listings (-7%) versus the prior month and -19 listings (-31%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Andrews (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,003 sqft
    2018-02-01 0 days 2,105 sqft
    2018-03-01 0 days 2,070 sqft
    2018-04-01 0 days 2,048 sqft
    2018-05-01 0 days 2,041 sqft
    2018-06-01 0 days 2,072 sqft
    2018-07-01 0 days 2,113 sqft
    2018-08-01 0 days 2,159 sqft
    2018-09-01 0 days 2,039 sqft
    2018-10-01 0 days 2,015 sqft
    2018-11-01 0 days 1,980 sqft
    2018-12-01 0 days 1,781 sqft
    2019-01-01 0 days 1,791 sqft
    2019-02-01 0 days 1,879 sqft
    2019-03-01 0 days 1,884 sqft
    2019-04-01 0 days 1,970 sqft
    2019-05-01 0 days 1,969 sqft
    2019-06-01 0 days 1,817 sqft
    2019-07-01 0 days 1,766 sqft
    2019-08-01 0 days 1,746 sqft
    2019-09-01 0 days 1,738 sqft
    2019-10-01 0 days 1,782 sqft
    2019-11-01 0 days 1,711 sqft
    2019-12-01 0 days 1,847 sqft
    2020-01-01 0 days 1,863 sqft
    2020-02-01 0 days 1,850 sqft
    2020-03-01 0 days 1,847 sqft
    2020-04-01 0 days 1,844 sqft
    2020-05-01 0 days 1,847 sqft
    2020-06-01 0 days 1,851 sqft
    2020-07-01 0 days 1,856 sqft
    2020-08-01 0 days 1,853 sqft
    2020-09-01 0 days 1,864 sqft
    2020-10-01 0 days 1,884 sqft
    2020-11-01 0 days 1,903 sqft
    2020-12-01 0 days 1,957 sqft
    2021-01-01 0 days 1,884 sqft
    2021-02-01 0 days 1,934 sqft
    2021-03-01 0 days 1,878 sqft
    2021-04-01 0 days 1,915 sqft
    2021-05-01 0 days 1,902 sqft
    2021-06-01 0 days 1,922 sqft
    2021-07-01 0 days 1,999 sqft
    2021-08-01 0 days 1,999 sqft
    2021-09-01 0 days 1,959 sqft
    2021-10-01 0 days 1,957 sqft
    2021-11-01 0 days 1,955 sqft
    2021-12-01 0 days 1,956 sqft
    2022-01-01 0 days 1,952 sqft
    2022-02-01 0 days 1,807 sqft
    2022-03-01 0 days 1,811 sqft
    2022-04-01 0 days 1,858 sqft
    2022-05-01 0 days 1,872 sqft
    2022-06-01 0 days 1,870 sqft
    2022-07-01 0 days 1,894 sqft
    2022-08-01 0 days 1,934 sqft
    2022-09-01 0 days 1,907 sqft
    2022-10-01 0 days 2,056 sqft
    2022-11-01 0 days 2,040 sqft
    2022-12-01 0 days 2,057 sqft
    2023-01-01 0 days 2,166 sqft
    2023-02-01 0 days 2,201 sqft
    2023-03-01 0 days 2,188 sqft
    2023-04-01 0 days 2,150 sqft
    2023-05-01 0 days 2,111 sqft
    2023-06-01 0 days 2,129 sqft
    2023-07-01 0 days 2,098 sqft
    2023-08-01 0 days 2,064 sqft
    2023-09-01 0 days 2,070 sqft
    2023-10-01 0 days 2,026 sqft
    2023-11-01 0 days 2,003 sqft
    2023-12-01 0 days 1,946 sqft
    2024-01-01 0 days 2,017 sqft
    2024-02-01 0 days 2,042 sqft
    2024-03-01 0 days 1,969 sqft
    2024-04-01 0 days 2,013 sqft
    2024-05-01 0 days 2,058 sqft
    2024-06-01 0 days 2,068 sqft
    2024-07-01 0 days 1,866 sqft
    2024-08-01 0 days 2,143 sqft
    2024-09-01 0 days 2,310 sqft
    2024-10-01 0 days 2,255 sqft
    Andrews's median listing age (time on market) for 2024-10-01 was 0 days.

    Andrews's median square footage for active listings during the 2024-10-01 period was 2,255 sqft. One year prior, the average listing was 2,026 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).