Bay City FHA Loan Rates, Closing Costs & Stats

Bay City, 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.

    Bay City's 24 lenders originated 59 FHA loans during 2023. The total origination value was $11,325,000, with an average FHA loan value of $191,949.

    Bay City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Bay City averaged 0.32% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Bay City's average FHA mortgage closing costs are $7,412.

    The average rate for the prior week (2024-11-08) was 6.73% and one month ago for the week of 2024-10-11, the average rate was 6.43%.

    The average rate one year ago was 7.47%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.1%.

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

    Bay City 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 Bay City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Gateway First Bank 7 7.16% $8,194
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 6.59% $7,960
    INSPIRE HOME LOANS INC. 3 5.29% $9,541
    SECURITYNATIONAL MORTGAGE COMPANY 3 7.21% $12,287
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.00% $10,440
    EVERETT FINANCIAL, INC. 3 6.75% $7,726
    UNITED WHOLESALE MORTGAGE, LLC 3 6.71% $10,526
    AMCAP MORTGAGE, LTD. 2 6.50% $7,081
    CHURCHILL MORTGAGE CORPORATION 2 6.75% $12,102
    Mortgage Research Center, LLC 1 7.75% $4,125
    NATIONS RELIABLE LENDING, LLC 1 5.75% $10,627
    Network Funding, L.P. 1 6.75% $10,541
    QUICKEN LOANS, LLC 1 5.99% $8,085
    S1L, Inc. 1 6.75% $8,286
    SUN WEST MORTGAGE COMPANY, INC. 1 7.38% $20,703
    WESTSTAR MORTGAGE CORPORATION 1 6.25% $11,040
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $8,710
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $24,090
    CMG MORTGAGE, INC. 1 5.75% $9,891
    Equity Prime Mortgage LLC 1 7.75% $14,520
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 6.75% $20,589
    First Bank 1 7.38% $10,560
    GUARANTEED RATE, INC. 1 7.25% $9,982
    LOANDEPOT.COM, LLC 1 6.75% $8,503

    The top Bay City FHA lender as defined by loan originations is Gateway First Bank, with 7 FHA loans originated. Their average total fees are $8,194, which is $234 higher than the next largest lender, AMERICAN PACIFIC MORTGAGE CORPORATION.

    The lowest fee Bay City FHA lenders (with over 10 loans originated) are .

    The lowest rate Bay City FHA lenders (with over 10 loans originated) are .

    Bay City FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Bay City (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 $219,725 (2.2%) $243,752 (3.3%) 0.00 259
    2018-02-01 $219,975 (-2.1%) $248,016 (3.0%) 0.00 267
    2018-03-01 $227,000 (4.9%) $246,793 (3.0%) 0.00 273
    2018-04-01 $229,550 (14.8%) $244,880 (4.7%) 0.00 270
    2018-05-01 $229,838 (15.4%) $246,973 (7.9%) 0.00 282
    2018-06-01 $229,900 (15.5%) $250,808 (10.5%) 0.00 297
    2018-07-01 $232,909 (6.8%) $254,874 (8.6%) 0.00 318
    2018-08-01 $229,450 (6.7%) $253,626 (8.7%) 0.00 330
    2018-09-01 $231,066 (5.3%) $254,006 (8.5%) 0.00 318
    2018-10-01 $227,000 (3.3%) $248,717 (4.1%) 0.00 314
    2018-11-01 $220,000 (0.2%) $243,284 (0.4%) 0.00 317
    2018-12-01 $219,900 (-2.2%) $243,756 (-1.0%) 0.00 316
    2019-01-01 $219,950 (0.1%) $241,384 (-1.0%) 0.00 295
    2019-02-01 $218,123 (-0.8%) $236,214 (-4.8%) 0.00 305
    2019-03-01 $217,036 (-4.4%) $236,679 (-4.1%) 0.00 311
    2019-04-01 $215,375 (-6.2%) $236,753 (-3.3%) 0.00 326
    2019-05-01 $214,502 (-6.7%) $237,145 (-4.0%) 0.00 326
    2019-06-01 $212,212 (-7.7%) $238,490 (-4.9%) 0.00 319
    2019-07-01 $214,639 (-7.8%) $245,040 (-3.9%) 0.00 324
    2019-08-01 $219,545 (-4.3%) $245,564 (-3.2%) 0.00 307
    2019-09-01 $222,614 (-3.7%) $246,009 (-3.2%) 0.00 296
    2019-10-01 $224,975 (-0.9%) $246,359 (-1.0%) 0.00 283
    2019-11-01 $209,900 (-4.6%) $241,352 (-0.8%) 0.00 267
    2019-12-01 $205,625 (-6.5%) $236,656 (-2.9%) 0.00 258
    2020-01-01 $205,625 (-6.5%) $235,682 (-2.4%) 0.00 235
    2020-02-01 $209,000 (-4.2%) $237,959 (0.7%) 0.00 235
    2020-03-01 $214,950 (-1.0%) $269,856 (14.0%) 0.00 248
    2020-04-01 $205,000 (-4.8%) $264,483 (11.7%) 0.00 247
    2020-05-01 $210,000 (-2.1%) $266,279 (12.3%) 0.00 233
    2020-06-01 $214,175 (0.9%) $270,724 (13.5%) 0.00 221
    2020-07-01 $213,500 (-0.5%) $262,611 (7.2%) 0.00 203
    2020-08-01 $210,000 (-4.4%) $250,599 (2.1%) 0.00 180
    2020-09-01 $211,000 (-5.2%) $247,241 (0.5%) 0.00 168
    2020-10-01 $210,000 (-6.7%) $258,851 (5.1%) 0.00 177
    2020-11-01 $216,500 (3.1%) $266,502 (10.4%) 0.00 181
    2020-12-01 $215,000 (4.6%) $267,490 (13.0%) 0.00 170
    2021-01-01 $215,000 (4.6%) $265,359 (12.6%) 0.00 147
    2021-02-01 $209,600 (0.3%) $270,756 (13.8%) 0.00 138
    2021-03-01 $211,500 (-1.6%) $308,644 (14.4%) 0.00 127
    2021-04-01 $216,000 (5.4%) $310,846 (17.5%) 0.00 122
    2021-05-01 $225,000 (7.1%) $331,832 (24.6%) 0.00 116
    2021-06-01 $246,250 (15.0%) $342,335 (26.5%) 0.00 110
    2021-07-01 $264,681 (24.0%) $340,740 (29.8%) 0.00 111
    2021-08-01 $259,000 (23.3%) $330,918 (32.1%) 0.00 116
    2021-09-01 $246,006 (16.6%) $283,883 (14.8%) 0.00 108
    2021-10-01 $249,500 (18.8%) $291,756 (12.7%) 0.00 106
    2021-11-01 $235,000 (8.6%) $285,649 (7.2%) 0.00 128
    2021-12-01 $232,450 (8.1%) $288,473 (7.8%) 0.00 145
    2022-01-01 $229,500 (6.7%) $298,722 (12.6%) 0.00 136
    2022-02-01 $226,750 (8.2%) $304,067 (12.3%) 0.00 132
    2022-03-01 $214,700 (1.5%) $317,451 (2.9%) 0.00 129
    2022-04-01 $255,250 (18.2%) $369,987 (19.0%) 0.00 143
    2022-05-01 $273,750 (21.7%) $375,652 (13.2%) 0.00 157
    2022-06-01 $261,525 (6.2%) $369,601 (8.0%) 0.00 164
    2022-07-01 $275,000 (3.9%) $354,303 (4.0%) 0.00 188
    2022-08-01 $279,870 (8.1%) $341,426 (3.2%) 0.00 203
    2022-09-01 $270,120 (9.8%) $315,627 (11.2%) 0.00 199
    2022-10-01 $250,000 (0.2%) $327,657 (12.3%) 0.00 168
    2022-11-01 $250,000 (6.4%) $325,539 (14.0%) 0.00 177
    2022-12-01 $249,990 (7.6%) $322,440 (11.8%) 0.00 193
    2023-01-01 $247,990 (8.1%) $320,995 (7.5%) 0.00 188
    2023-02-01 $247,490 (9.2%) $314,462 (3.4%) 0.00 198
    2023-03-01 $249,998 (16.4%) $320,477 (1.0%) 0.00 190
    2023-04-01 $255,000 (-0.1%) $321,616 (-13.1%) 0.00 190
    2023-05-01 $275,000 (0.5%) $331,670 (-11.7%) 0.00 205
    2023-06-01 $276,463 (5.7%) $338,445 (-8.4%) 0.00 215
    2023-07-01 $289,000 (5.1%) $347,118 (-2.0%) 0.00 224
    2023-08-01 $283,475 (1.3%) $343,762 (0.7%) 0.00 226
    2023-09-01 $299,900 (11.0%) $350,059 (10.9%) 0.00 232
    2023-10-01 $287,495 (15.0%) $348,466 (6.4%) 0.00 227
    2023-11-01 $289,500 (15.8%) $351,510 (8.0%) 0.00 231
    2023-12-01 $285,919 (14.4%) $352,647 (9.4%) 0.00 228
    2024-01-01 $297,000 (19.8%) $354,953 (10.6%) 0.00 212
    2024-02-01 $299,044 (20.8%) $356,089 (13.2%) 0.00 218
    2024-03-01 $299,900 (20.0%) $351,655 (9.7%) 0.00 234
    2024-04-01 $299,697 (17.5%) $359,910 (11.9%) 0.00 238
    2024-05-01 $312,466 (13.6%) $365,007 (10.1%) 0.00 253
    2024-06-01 $319,000 (15.4%) $372,934 (10.2%) 0.00 265
    2024-07-01 $323,925 (12.1%) $373,339 (7.6%) 0.00 261
    2024-08-01 $325,000 (14.7%) $375,378 (9.2%) 0.00 247
    2024-09-01 $325,000 (8.4%) $379,270 (8.3%) 0.00 241
    2024-10-01 $325,000 (13.1%) $379,242 (8.8%) 0.00 238
    Bay City's median listing price for 2024-10-01 was $325,000, a difference of $37,505 (13.1%) versus the prior year and $0 versus the prior month.

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

    Bay City's average listing price for 2024-10-01 was $379,242, a difference of $30,776 (8.8%) versus the prior year and $-28 versus the prior month.

    For the 2024-10-01 period, Bay City had 238 MLS listings, a difference of -3 listings (-1%) versus the prior month and 11 listings (5%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Bay City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,495 sqft
    2018-02-01 0 days 1,489 sqft
    2018-03-01 0 days 1,490 sqft
    2018-04-01 0 days 1,494 sqft
    2018-05-01 0 days 1,512 sqft
    2018-06-01 0 days 1,536 sqft
    2018-07-01 0 days 1,584 sqft
    2018-08-01 0 days 1,620 sqft
    2018-09-01 0 days 1,622 sqft
    2018-10-01 0 days 1,600 sqft
    2018-11-01 0 days 1,607 sqft
    2018-12-01 0 days 1,624 sqft
    2019-01-01 0 days 1,597 sqft
    2019-02-01 0 days 1,560 sqft
    2019-03-01 0 days 1,540 sqft
    2019-04-01 0 days 1,512 sqft
    2019-05-01 0 days 1,508 sqft
    2019-06-01 0 days 1,512 sqft
    2019-07-01 0 days 1,526 sqft
    2019-08-01 0 days 1,551 sqft
    2019-09-01 0 days 1,573 sqft
    2019-10-01 0 days 1,592 sqft
    2019-11-01 0 days 1,620 sqft
    2019-12-01 0 days 1,591 sqft
    2020-01-01 0 days 1,589 sqft
    2020-02-01 0 days 1,577 sqft
    2020-03-01 0 days 1,575 sqft
    2020-04-01 0 days 1,572 sqft
    2020-05-01 0 days 1,568 sqft
    2020-06-01 0 days 1,571 sqft
    2020-07-01 0 days 1,559 sqft
    2020-08-01 0 days 1,619 sqft
    2020-09-01 0 days 1,585 sqft
    2020-10-01 0 days 1,601 sqft
    2020-11-01 0 days 1,623 sqft
    2020-12-01 0 days 1,610 sqft
    2021-01-01 0 days 1,599 sqft
    2021-02-01 0 days 1,556 sqft
    2021-03-01 0 days 1,558 sqft
    2021-04-01 0 days 1,543 sqft
    2021-05-01 0 days 1,549 sqft
    2021-06-01 0 days 1,555 sqft
    2021-07-01 0 days 1,537 sqft
    2021-08-01 0 days 1,605 sqft
    2021-09-01 0 days 1,569 sqft
    2021-10-01 0 days 1,525 sqft
    2021-11-01 0 days 1,467 sqft
    2021-12-01 0 days 1,449 sqft
    2022-01-01 0 days 1,492 sqft
    2022-02-01 0 days 1,528 sqft
    2022-03-01 0 days 1,462 sqft
    2022-04-01 0 days 1,511 sqft
    2022-05-01 0 days 1,560 sqft
    2022-06-01 0 days 1,549 sqft
    2022-07-01 0 days 1,579 sqft
    2022-08-01 0 days 1,607 sqft
    2022-09-01 0 days 1,621 sqft
    2022-10-01 0 days 1,656 sqft
    2022-11-01 0 days 1,624 sqft
    2022-12-01 0 days 1,616 sqft
    2023-01-01 0 days 1,618 sqft
    2023-02-01 0 days 1,609 sqft
    2023-03-01 0 days 1,608 sqft
    2023-04-01 0 days 1,607 sqft
    2023-05-01 0 days 1,581 sqft
    2023-06-01 0 days 1,585 sqft
    2023-07-01 0 days 1,624 sqft
    2023-08-01 0 days 1,586 sqft
    2023-09-01 0 days 1,630 sqft
    2023-10-01 0 days 1,612 sqft
    2023-11-01 0 days 1,618 sqft
    2023-12-01 0 days 1,660 sqft
    2024-01-01 0 days 1,632 sqft
    2024-02-01 0 days 1,678 sqft
    2024-03-01 0 days 1,675 sqft
    2024-04-01 0 days 1,646 sqft
    2024-05-01 0 days 1,646 sqft
    2024-06-01 0 days 1,664 sqft
    2024-07-01 0 days 1,698 sqft
    2024-08-01 0 days 1,706 sqft
    2024-09-01 0 days 1,748 sqft
    2024-10-01 0 days 1,722 sqft
    Bay City's median listing age (time on market) for 2024-10-01 was 0 days.

    Bay City's median square footage for active listings during the 2024-10-01 period was 1,722 sqft. One year prior, the average listing was 1,612 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).