Borger FHA Loan Rates, Closing Costs & Stats

Borger, 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.

    Borger's 24 lenders originated 88 FHA loans during 2023. The total origination value was $14,850,000, with an average FHA loan value of $168,750.

    Borger FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Borger averaged 6.5% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Borger's average FHA mortgage closing costs are $6,440.

    The average rate for the prior week (2024-12-06) was 6.47% and one month ago for the week of 2024-11-08, the average rate was 6.64%.

    The average rate one year ago was 6.85%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.38%.

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

    Borger 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 Borger level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Amarillo National Bank 12 6.82% $6,667
    AMCAP MORTGAGE, LTD. 9 6.85% $8,848
    QUICKEN LOANS, LLC 7 6.42% $9,373
    NATIONS RELIABLE LENDING, LLC 7 7.46% $10,052
    EVERETT FINANCIAL, INC. 4 7.34% $8,955
    GUILD MORTGAGE COMPANY 3 6.96% $7,581
    ASSOCIATED MORTGAGE CORPORATION 3 6.38% $10,826
    EUSTIS AND AMERICAN MORTGAGE COMPANY 3 8.04% $8,495
    SWBC MORTGAGE CORPORATION 3 7.25% $6,514
    CARDINAL FINANCIAL 2 6.50% $8,221
    TEXAS TECH 2 6.19% $6,208
    First United Bank 1 6.25% $9,484
    CALCON MUTUAL MORTGAGE LLC 1 9.14% $8,367
    HOMETRUST MORTGAGE COMPANY 1 6.38% $7,571
    LEADERONE FINANCIAL CORPORATION 1 7.13% $22,685
    Mortgage Research Center, LLC 1 7.25% $4,582
    Mr. Cooper ( Nationstar Mortgage ) 1 7.75% $12,590
    BROKER SOLUTIONS, INC. 1 7.13% $9,390
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $10,034
    PREMIER LENDING, INC. 1 6.75% $7,178
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.38% $5,851
    Bank of Colorado 1 5.88% $8,908
    Centennial Bank 1 7.13% $10,541
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.88% $8,051

    The top Borger FHA lender as defined by loan originations is Amarillo National Bank, with 12 FHA loans originated. Their average total fees are $6,667, which is $2,181 lower than the next largest lender, AMCAP MORTGAGE, LTD..

    The lowest fee Borger FHA lenders (with over 10 loans originated) are Amarillo National Bank ($6,667), .

    The lowest rate Borger FHA lenders (with over 10 loans originated) are Amarillo National Bank (6.82%), .

    Borger FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Borger (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 $88,075 (-12.1%) $106,090 (-11.2%) 0.00 81
    2018-02-01 $87,425 (-17.6%) $101,969 (-18.0%) 0.00 89
    2018-03-01 $84,450 (-28.0%) $98,229 (-24.2%) 0.00 89
    2018-04-01 $86,225 (-29.0%) $100,875 (-29.5%) 0.00 89
    2018-05-01 $87,050 (-25.4%) $111,068 (-16.1%) 0.00 93
    2018-06-01 $89,500 (-19.0%) $109,116 (-16.1%) 0.00 91
    2018-07-01 $89,000 (-10.7%) $110,589 (-10.0%) 0.00 102
    2018-08-01 $94,125 (-0.8%) $114,920 (0.6%) 0.00 109
    2018-09-01 $90,000 (-8.2%) $114,572 (-2.1%) 0.00 110
    2018-10-01 $91,500 (-6.9%) $112,572 (-1.5%) 0.00 118
    2018-11-01 $89,000 (-1.0%) $107,677 (1.5%) 0.00 114
    2018-12-01 $85,500 (-1.2%) $108,467 (5.1%) 0.00 109
    2019-01-01 $85,500 (-2.9%) $103,609 (-2.3%) 0.00 105
    2019-02-01 $89,975 (2.9%) $108,229 (6.1%) 0.00 103
    2019-03-01 $90,164 (6.8%) $104,930 (6.8%) 0.00 107
    2019-04-01 $91,725 (6.4%) $107,002 (6.1%) 0.00 107
    2019-05-01 $93,000 (6.8%) $107,617 (-3.1%) 0.00 109
    2019-06-01 $94,900 (6.0%) $109,285 (0.2%) 0.00 115
    2019-07-01 $95,700 (7.5%) $119,914 (8.4%) 0.00 108
    2019-08-01 $93,427 (-0.7%) $118,974 (3.5%) 0.00 108
    2019-09-01 $91,218 (1.4%) $116,841 (2.0%) 0.00 113
    2019-10-01 $85,750 (-6.3%) $113,203 (0.6%) 0.00 114
    2019-11-01 $73,700 (-17.2%) $106,460 (-1.1%) 0.00 117
    2019-12-01 $72,115 (-15.7%) $103,290 (-4.8%) 0.00 112
    2020-01-01 $72,675 (-15.0%) $96,559 (-6.8%) 0.00 100
    2020-02-01 $72,450 (-19.5%) $95,219 (-12.0%) 0.00 95
    2020-03-01 $59,950 (-33.5%) $88,852 (-15.3%) 0.00 77
    2020-04-01 $64,475 (-29.7%) $92,831 (-13.2%) 0.00 81
    2020-05-01 $79,925 (-14.1%) $102,216 (-5.0%) 0.00 91
    2020-06-01 $81,875 (-13.7%) $101,255 (-7.4%) 0.00 85
    2020-07-01 $89,950 (-6.0%) $110,059 (-8.2%) 0.00 85
    2020-08-01 $99,500 (6.5%) $121,145 (1.8%) 0.00 72
    2020-09-01 $101,975 (11.8%) $126,509 (8.3%) 0.00 70
    2020-10-01 $95,500 (11.4%) $118,247 (4.5%) 0.00 67
    2020-11-01 $99,375 (34.8%) $123,369 (15.9%) 0.00 65
    2020-12-01 $108,250 (50.1%) $130,570 (26.4%) 0.00 62
    2021-01-01 $93,850 (29.1%) $124,581 (29.0%) 0.00 58
    2021-02-01 $79,900 (10.3%) $105,430 (10.7%) 0.00 44
    2021-03-01 $80,600 (34.5%) $100,309 (12.9%) 0.00 35
    2021-04-01 $73,750 (14.4%) $95,029 (2.4%) 0.00 34
    2021-05-01 $88,750 (11.0%) $111,977 (9.6%) 0.00 32
    2021-06-01 $107,900 (31.8%) $116,603 (15.2%) 0.00 30
    2021-07-01 $81,500 (-9.4%) $112,186 (1.9%) 0.00 35
    2021-08-01 $92,500 (-7.0%) $121,041 (-0.1%) 0.00 47
    2021-09-01 $115,725 (13.5%) $138,446 (9.4%) 0.00 49
    2021-10-01 $120,000 (25.7%) $141,473 (19.6%) 0.00 57
    2021-11-01 $116,725 (17.5%) $133,324 (8.1%) 0.00 57
    2021-12-01 $119,450 (10.4%) $132,399 (1.4%) 0.00 50
    2022-01-01 $125,000 (33.2%) $135,441 (8.7%) 0.00 44
    2022-02-01 $130,750 (63.6%) $145,604 (38.1%) 0.00 33
    2022-03-01 $120,750 (49.8%) $136,269 (35.9%) 0.00 32
    2022-04-01 $135,000 (83.1%) $152,754 (60.7%) 0.00 38
    2022-05-01 $128,000 (44.2%) $134,694 (20.3%) 0.00 37
    2022-06-01 $127,500 (18.2%) $145,642 (24.9%) 0.00 42
    2022-07-01 $124,500 (52.8%) $149,711 (33.5%) 0.00 52
    2022-08-01 $115,175 (24.5%) $131,276 (8.5%) 0.00 54
    2022-09-01 $109,950 (-5.0%) $131,482 (-5.0%) 0.00 56
    2022-10-01 $119,900 (-0.1%) $137,148 (-3.1%) 0.00 62
    2022-11-01 $125,950 (7.9%) $147,166 (10.4%) 0.00 65
    2022-12-01 $125,000 (4.7%) $145,655 (10.0%) 0.00 61
    2023-01-01 $118,725 (-5.0%) $139,155 (2.7%) 0.00 55
    2023-02-01 $110,450 (-15.5%) $135,728 (-6.8%) 0.00 55
    2023-03-01 $141,165 (16.9%) $143,699 (5.5%) 0.00 56
    2023-04-01 $160,000 (18.5%) $156,701 (2.6%) 0.00 58
    2023-05-01 $165,000 (28.9%) $173,740 (29.0%) 0.00 54
    2023-06-01 $193,750 (52.0%) $184,678 (26.8%) 0.00 50
    2023-07-01 $166,750 (33.9%) $177,100 (18.3%) 0.00 43
    2023-08-01 $149,021 (29.4%) $176,076 (34.1%) 0.00 53
    2023-09-01 $165,000 (50.1%) $179,071 (36.2%) 0.00 56
    2023-10-01 $155,500 (29.7%) $180,574 (31.7%) 0.00 56
    2023-11-01 $161,750 (28.4%) $178,116 (21.0%) 0.00 53
    2023-12-01 $157,500 (26.0%) $173,626 (19.2%) 0.00 51
    2024-01-01 $163,725 (37.9%) $176,301 (26.7%) 0.00 53
    2024-02-01 $134,975 (22.2%) $170,142 (25.4%) 0.00 59
    2024-03-01 $125,000 (-11.5%) $161,584 (12.5%) 0.00 54
    2024-04-01 $135,725 (-15.2%) $171,744 (9.6%) 0.00 52
    2024-05-01 $132,175 (-19.9%) $166,305 (-4.3%) 0.00 51
    2024-06-01 $140,950 (-27.3%) $189,049 (2.4%) 0.00 56
    2024-07-01 $138,675 (-16.8%) $188,093 (6.2%) 0.00 67
    2024-08-01 $125,000 (-16.1%) $176,414 (0.2%) 0.00 69
    2024-09-01 $130,000 (-21.2%) $179,637 (0.3%) 0.00 79
    2024-10-01 $147,225 (-5.3%) $186,536 (3.3%) 0.00 79
    2024-11-01 $167,809 (3.8%) $188,390 (5.8%) 0.00 79
    Borger's median listing price for 2024-11-01 was $167,809, a difference of $6,059 (3.8%) versus the prior year and $20,584 versus the prior month.

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

    Borger's average listing price for 2024-11-01 was $188,390, a difference of $10,274 (5.8%) versus the prior year and $1,854 versus the prior month.

    For the 2024-11-01 period, Borger had 79 MLS listings, a difference of 0 listings (0%) versus the prior month and 26 listings (49%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Borger (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,595 sqft
    2018-02-01 0 days 1,509 sqft
    2018-03-01 0 days 1,537 sqft
    2018-04-01 0 days 1,557 sqft
    2018-05-01 0 days 1,584 sqft
    2018-06-01 0 days 1,562 sqft
    2018-07-01 0 days 1,548 sqft
    2018-08-01 0 days 1,619 sqft
    2018-09-01 0 days 1,598 sqft
    2018-10-01 0 days 1,579 sqft
    2018-11-01 0 days 1,577 sqft
    2018-12-01 0 days 1,568 sqft
    2019-01-01 0 days 1,513 sqft
    2019-02-01 0 days 1,626 sqft
    2019-03-01 0 days 1,563 sqft
    2019-04-01 0 days 1,642 sqft
    2019-05-01 0 days 1,558 sqft
    2019-06-01 0 days 1,585 sqft
    2019-07-01 0 days 1,595 sqft
    2019-08-01 0 days 1,508 sqft
    2019-09-01 0 days 1,443 sqft
    2019-10-01 0 days 1,390 sqft
    2019-11-01 0 days 1,379 sqft
    2019-12-01 0 days 1,357 sqft
    2020-01-01 0 days 1,360 sqft
    2020-02-01 0 days 1,348 sqft
    2020-03-01 0 days 1,326 sqft
    2020-04-01 0 days 1,370 sqft
    2020-05-01 0 days 1,558 sqft
    2020-06-01 0 days 1,519 sqft
    2020-07-01 0 days 1,504 sqft
    2020-08-01 0 days 1,648 sqft
    2020-09-01 0 days 1,770 sqft
    2020-10-01 0 days 1,740 sqft
    2020-11-01 0 days 1,789 sqft
    2020-12-01 0 days 1,776 sqft
    2021-01-01 0 days 1,599 sqft
    2021-02-01 0 days 1,462 sqft
    2021-03-01 0 days 1,405 sqft
    2021-04-01 0 days 1,281 sqft
    2021-05-01 0 days 1,438 sqft
    2021-06-01 0 days 1,513 sqft
    2021-07-01 0 days 1,361 sqft
    2021-08-01 0 days 1,454 sqft
    2021-09-01 0 days 1,688 sqft
    2021-10-01 0 days 1,682 sqft
    2021-11-01 0 days 1,546 sqft
    2021-12-01 0 days 1,650 sqft
    2022-01-01 0 days 1,747 sqft
    2022-02-01 0 days 1,835 sqft
    2022-03-01 0 days 1,579 sqft
    2022-04-01 0 days 1,816 sqft
    2022-05-01 0 days 1,734 sqft
    2022-06-01 0 days 1,667 sqft
    2022-07-01 0 days 1,647 sqft
    2022-08-01 0 days 1,566 sqft
    2022-09-01 0 days 1,455 sqft
    2022-10-01 0 days 1,439 sqft
    2022-11-01 0 days 1,593 sqft
    2022-12-01 0 days 1,555 sqft
    2023-01-01 0 days 1,486 sqft
    2023-02-01 0 days 1,482 sqft
    2023-03-01 0 days 1,518 sqft
    2023-04-01 0 days 1,673 sqft
    2023-05-01 0 days 1,812 sqft
    2023-06-01 0 days 1,857 sqft
    2023-07-01 0 days 1,714 sqft
    2023-08-01 0 days 1,595 sqft
    2023-09-01 0 days 1,650 sqft
    2023-10-01 0 days 1,649 sqft
    2023-11-01 0 days 1,649 sqft
    2023-12-01 0 days 1,599 sqft
    2024-01-01 0 days 1,651 sqft
    2024-02-01 0 days 1,568 sqft
    2024-03-01 0 days 1,589 sqft
    2024-04-01 0 days 1,606 sqft
    2024-05-01 0 days 1,599 sqft
    2024-06-01 0 days 1,630 sqft
    2024-07-01 0 days 1,552 sqft
    2024-08-01 0 days 1,451 sqft
    2024-09-01 0 days 1,475 sqft
    2024-10-01 0 days 1,497 sqft
    2024-11-01 0 days 1,646 sqft
    Borger's median listing age (time on market) for 2024-11-01 was 0 days.

    Borger's median square footage for active listings during the 2024-11-01 period was 1,646 sqft. One year prior, the average listing was 1,649 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).