Big Spring FHA Loan Rates, Closing Costs & Stats

Big Spring, 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.

    Big Spring's 27 lenders originated 120 FHA loans during 2023. The total origination value was $23,950,000, with an average FHA loan value of $199,583.

    Big Spring FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Big Spring averaged 0.25% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Big Spring's average FHA mortgage closing costs are $7,614.

    The average rate for the prior week (2024-11-08) was 6.56% and one month ago for the week of 2024-10-11, the average rate was 6.16%.

    The average rate one year ago was 7.6%.

    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.

    Big Spring 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 Big Spring level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    PRIMARY RESIDENTIAL MORTGAGE, INC. 20 7.47% $10,671
    SECURITYNATIONAL MORTGAGE COMPANY 12 7.23% $12,190
    QUICKEN LOANS, LLC 8 6.56% $10,635
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 8 6.94% $6,170
    EVERETT FINANCIAL, INC. 8 6.95% $8,248
    MANN FINANCIAL INC. 7 7.43% $10,926
    LOANDEPOT.COM, LLC 5 7.23% $10,399
    First Bank 4 6.53% $11,001
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 4 7.44% $10,660
    THRIVE MORTGAGE, LLC 4 7.22% $15,034
    UNITED WHOLESALE MORTGAGE, LLC 3 6.42% $12,566
    T2 FINANCIAL LLC 3 7.00% $13,259
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.46% $9,991
    Mr. Cooper ( Nationstar Mortgage ) 2 7.25% $11,433
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.75% $9,347
    VILLAGE CAPITAL MORTGAGE 1 6.25% $12,898
    AMCAP MORTGAGE, LTD. 1 6.25% $9,127
    CALCON MUTUAL MORTGAGE LLC 1 6.13% $13,394
    Commercial Bank of Texas 1 7.13% $4,631
    CORNERSTONE HOME LENDING, INC. 1 8.13% $12,238
    DRAPER AND KRAMER MORTGAGE CORP. 1 7.13% $8,430
    First United Bank 1 7.13% $12,355
    FREEDOM MORTGAGE CORPORATION 1 7.25% $8,282
    GUARANTEED RATE, INC. 1 7.25% $13,249
    GUILD MORTGAGE COMPANY 1 7.13% $7,048
    MORTGAGE FINANCIAL SERVICES, LLC 1 5.75% $6,553
    Alliance Credit Union 1 7.50% $5,912

    The top Big Spring FHA lender as defined by loan originations is PRIMARY RESIDENTIAL MORTGAGE, INC., with 20 FHA loans originated. Their average total fees are $10,671, which is $1,519 lower than the next largest lender, SECURITYNATIONAL MORTGAGE COMPANY.

    The lowest fee Big Spring FHA lenders (with over 10 loans originated) are PRIMARY RESIDENTIAL MORTGAGE, INC. ($10,671), SECURITYNATIONAL MORTGAGE COMPANY ($12,190), .

    The lowest rate Big Spring FHA lenders (with over 10 loans originated) are SECURITYNATIONAL MORTGAGE COMPANY (7.23%), PRIMARY RESIDENTIAL MORTGAGE, INC. (7.47%), .

    Big Spring FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Big Spring (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 $154,000 (1.7%) $189,361 (7.0%) 0.00 128
    2018-02-01 $150,000 (2.4%) $189,151 (10.3%) 0.00 108
    2018-03-01 $157,900 (7.8%) $193,124 (12.4%) 0.00 91
    2018-04-01 $159,950 (3.2%) $184,125 (1.7%) 0.00 89
    2018-05-01 $162,475 (1.6%) $172,830 (-4.2%) 0.00 87
    2018-06-01 $175,000 (7.9%) $189,213 (4.8%) 0.00 81
    2018-07-01 $181,000 (11.0%) $203,879 (12.5%) 0.00 85
    2018-08-01 $169,900 (6.3%) $200,898 (11.6%) 0.00 89
    2018-09-01 $159,900 (-0.1%) $204,242 (15.1%) 0.00 89
    2018-10-01 $159,750 (-1.7%) $206,844 (19.7%) 0.00 83
    2018-11-01 $158,900 (-0.6%) $207,300 (19.0%) 0.00 75
    2018-12-01 $150,000 (-5.7%) $196,530 (9.2%) 0.00 71
    2019-01-01 $179,500 (16.6%) $221,485 (17.0%) 0.00 66
    2019-02-01 $180,950 (20.6%) $222,979 (17.9%) 0.00 64
    2019-03-01 $180,500 (14.3%) $231,853 (20.1%) 0.00 61
    2019-04-01 $182,525 (14.1%) $241,444 (31.1%) 0.00 61
    2019-05-01 $178,075 (9.6%) $245,855 (42.3%) 0.00 69
    2019-06-01 $169,450 (-3.2%) $229,349 (21.2%) 0.00 77
    2019-07-01 $170,750 (-5.7%) $227,539 (11.6%) 0.00 101
    2019-08-01 $161,973 (-4.7%) $220,763 (9.9%) 0.00 108
    2019-09-01 $155,182 (-3.0%) $216,737 (6.1%) 0.00 108
    2019-10-01 $149,425 (-6.5%) $214,052 (3.5%) 0.00 110
    2019-11-01 $149,450 (-6.0%) $215,531 (4.0%) 0.00 122
    2019-12-01 $156,750 (4.5%) $213,132 (8.5%) 0.00 131
    2020-01-01 $169,200 (-5.7%) $211,681 (-4.4%) 0.00 124
    2020-02-01 $153,750 (-15.0%) $202,504 (-9.2%) 0.00 114
    2020-03-01 $155,000 (-14.1%) $200,698 (-13.4%) 0.00 130
    2020-04-01 $156,675 (-14.2%) $209,228 (-13.3%) 0.00 132
    2020-05-01 $164,750 (-7.5%) $214,583 (-12.7%) 0.00 133
    2020-06-01 $166,700 (-1.6%) $207,893 (-9.4%) 0.00 119
    2020-07-01 $196,725 (15.2%) $219,792 (-3.4%) 0.00 114
    2020-08-01 $185,000 (14.2%) $219,647 (-0.5%) 0.00 116
    2020-09-01 $187,025 (20.5%) $214,484 (-1.0%) 0.00 116
    2020-10-01 $193,250 (29.3%) $216,193 (1.0%) 0.00 116
    2020-11-01 $185,000 (23.8%) $211,576 (-1.8%) 0.00 117
    2020-12-01 $173,000 (10.4%) $208,173 (-2.3%) 0.00 112
    2021-01-01 $179,000 (5.8%) $221,738 (4.8%) 0.00 91
    2021-02-01 $202,425 (31.7%) $214,532 (5.9%) 0.00 95
    2021-03-01 $192,200 (24.0%) $207,988 (3.6%) 0.00 99
    2021-04-01 $199,450 (27.3%) $220,383 (5.3%) 0.00 105
    2021-05-01 $207,550 (26.0%) $253,603 (18.2%) 0.00 117
    2021-06-01 $216,750 (30.0%) $270,484 (30.1%) 0.00 113
    2021-07-01 $220,000 (11.8%) $268,152 (22.0%) 0.00 128
    2021-08-01 $216,200 (16.9%) $228,059 (3.8%) 0.00 131
    2021-09-01 $198,000 (5.9%) $218,298 (1.8%) 0.00 136
    2021-10-01 $192,500 (-0.4%) $212,903 (-1.5%) 0.00 130
    2021-11-01 $175,000 (-5.4%) $207,433 (-2.0%) 0.00 121
    2021-12-01 $199,125 (15.1%) $220,230 (5.8%) 0.00 129
    2022-01-01 $199,900 (11.7%) $225,791 (1.8%) 0.00 132
    2022-02-01 $191,075 (-5.6%) $218,259 (1.7%) 0.00 120
    2022-03-01 $194,700 (1.3%) $224,481 (7.9%) 0.00 106
    2022-04-01 $198,975 (-0.2%) $234,569 (6.4%) 0.00 99
    2022-05-01 $192,000 (-7.5%) $228,889 (-9.8%) 0.00 103
    2022-06-01 $183,750 (-15.2%) $214,857 (-20.6%) 0.00 119
    2022-07-01 $194,500 (-11.6%) $217,506 (-18.9%) 0.00 131
    2022-08-01 $199,675 (-7.6%) $223,018 (-2.2%) 0.00 132
    2022-09-01 $197,000 (-0.5%) $220,157 (0.9%) 0.00 142
    2022-10-01 $197,000 (2.3%) $224,295 (5.4%) 0.00 140
    2022-11-01 $193,250 (10.4%) $221,693 (6.9%) 0.00 132
    2022-12-01 $195,000 (-2.1%) $220,922 (0.3%) 0.00 131
    2023-01-01 $188,000 (-6.0%) $214,789 (-4.9%) 0.00 131
    2023-02-01 $188,500 (-1.4%) $217,135 (-0.5%) 0.00 126
    2023-03-01 $193,713 (-0.5%) $224,201 (-0.1%) 0.00 121
    2023-04-01 $197,500 (-0.7%) $228,894 (-2.4%) 0.00 116
    2023-05-01 $206,000 (7.3%) $224,180 (-2.1%) 0.00 117
    2023-06-01 $195,000 (6.1%) $214,251 (-0.3%) 0.00 127
    2023-07-01 $199,000 (2.3%) $222,138 (2.1%) 0.00 135
    2023-08-01 $220,625 (10.5%) $237,654 (6.6%) 0.00 143
    2023-09-01 $227,000 (15.2%) $246,794 (12.1%) 0.00 146
    2023-10-01 $219,850 (11.6%) $245,202 (9.3%) 0.00 148
    2023-11-01 $216,625 (12.1%) $242,327 (9.3%) 0.00 151
    2023-12-01 $217,000 (11.3%) $236,922 (7.2%) 0.00 151
    2024-01-01 $222,500 (18.4%) $246,808 (14.9%) 0.00 137
    2024-02-01 $226,225 (20.0%) $247,512 (14.0%) 0.00 125
    2024-03-01 $232,400 (20.0%) $249,031 (11.1%) 0.00 129
    2024-04-01 $228,000 (15.4%) $248,705 (8.7%) 0.00 138
    2024-05-01 $226,500 (10.0%) $262,539 (17.1%) 0.00 141
    2024-06-01 $222,900 (14.3%) $262,069 (22.3%) 0.00 144
    2024-07-01 $219,500 (10.3%) $259,805 (17.0%) 0.00 153
    2024-08-01 $216,000 (-2.1%) $256,755 (8.0%) 0.00 153
    2024-09-01 $227,000 (0.0%) $268,012 (8.6%) 0.00 154
    2024-10-01 $238,125 (8.3%) $268,982 (9.7%) 0.00 149
    Big Spring's median listing price for 2024-10-01 was $238,125, a difference of $18,275 (8.3%) versus the prior year and $11,125 versus the prior month.

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

    Big Spring's average listing price for 2024-10-01 was $268,982, a difference of $23,780 (9.7%) versus the prior year and $970 versus the prior month.

    For the 2024-10-01 period, Big Spring had 149 MLS listings, a difference of -5 listings (-3%) versus the prior month and 1 listings (1%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Big Spring (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,777 sqft
    2018-02-01 0 days 1,806 sqft
    2018-03-01 0 days 1,811 sqft
    2018-04-01 0 days 1,824 sqft
    2018-05-01 0 days 1,803 sqft
    2018-06-01 0 days 1,871 sqft
    2018-07-01 0 days 1,805 sqft
    2018-08-01 0 days 1,796 sqft
    2018-09-01 0 days 1,817 sqft
    2018-10-01 0 days 1,810 sqft
    2018-11-01 0 days 1,734 sqft
    2018-12-01 0 days 1,722 sqft
    2019-01-01 0 days 1,812 sqft
    2019-02-01 0 days 1,817 sqft
    2019-03-01 0 days 1,841 sqft
    2019-04-01 0 days 1,908 sqft
    2019-05-01 0 days 2,037 sqft
    2019-06-01 0 days 1,952 sqft
    2019-07-01 0 days 1,776 sqft
    2019-08-01 0 days 1,715 sqft
    2019-09-01 0 days 1,706 sqft
    2019-10-01 0 days 1,690 sqft
    2019-11-01 0 days 1,672 sqft
    2019-12-01 0 days 1,698 sqft
    2020-01-01 0 days 1,700 sqft
    2020-02-01 0 days 1,711 sqft
    2020-03-01 0 days 1,692 sqft
    2020-04-01 0 days 1,740 sqft
    2020-05-01 0 days 1,735 sqft
    2020-06-01 0 days 1,702 sqft
    2020-07-01 0 days 1,735 sqft
    2020-08-01 0 days 1,704 sqft
    2020-09-01 0 days 1,749 sqft
    2020-10-01 0 days 1,802 sqft
    2020-11-01 0 days 1,775 sqft
    2020-12-01 0 days 1,748 sqft
    2021-01-01 0 days 1,793 sqft
    2021-02-01 0 days 1,827 sqft
    2021-03-01 0 days 1,801 sqft
    2021-04-01 0 days 1,811 sqft
    2021-05-01 0 days 1,836 sqft
    2021-06-01 0 days 1,836 sqft
    2021-07-01 0 days 1,813 sqft
    2021-08-01 0 days 1,755 sqft
    2021-09-01 0 days 1,717 sqft
    2021-10-01 0 days 1,618 sqft
    2021-11-01 0 days 1,632 sqft
    2021-12-01 0 days 1,671 sqft
    2022-01-01 0 days 1,702 sqft
    2022-02-01 0 days 1,702 sqft
    2022-03-01 0 days 1,723 sqft
    2022-04-01 0 days 1,644 sqft
    2022-05-01 0 days 1,601 sqft
    2022-06-01 0 days 1,644 sqft
    2022-07-01 0 days 1,712 sqft
    2022-08-01 0 days 1,757 sqft
    2022-09-01 0 days 1,779 sqft
    2022-10-01 0 days 1,669 sqft
    2022-11-01 0 days 1,669 sqft
    2022-12-01 0 days 1,679 sqft
    2023-01-01 0 days 1,614 sqft
    2023-02-01 0 days 1,669 sqft
    2023-03-01 0 days 1,705 sqft
    2023-04-01 0 days 1,663 sqft
    2023-05-01 0 days 1,852 sqft
    2023-06-01 0 days 1,826 sqft
    2023-07-01 0 days 1,704 sqft
    2023-08-01 0 days 1,807 sqft
    2023-09-01 0 days 1,810 sqft
    2023-10-01 0 days 1,795 sqft
    2023-11-01 0 days 1,781 sqft
    2023-12-01 0 days 1,759 sqft
    2024-01-01 0 days 1,886 sqft
    2024-02-01 0 days 1,847 sqft
    2024-03-01 0 days 1,883 sqft
    2024-04-01 0 days 1,873 sqft
    2024-05-01 0 days 1,861 sqft
    2024-06-01 0 days 1,810 sqft
    2024-07-01 0 days 1,790 sqft
    2024-08-01 0 days 1,747 sqft
    2024-09-01 0 days 1,800 sqft
    2024-10-01 0 days 1,753 sqft
    Big Spring's median listing age (time on market) for 2024-10-01 was 0 days.

    Big Spring's median square footage for active listings during the 2024-10-01 period was 1,753 sqft. One year prior, the average listing was 1,795 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).