Brownsville FHA Loan Rates, Closing Costs & Stats

BROWNSVILLE-HARLINGEN, 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.

    Brownsville's 78 lenders originated 995 FHA loans during 2023. The total origination value was $235,105,000, with an average FHA loan value of $236,286.

    Brownsville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Brownsville averaged 6.33% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Brownsville's average FHA mortgage closing costs are $8,522.

    The average rate for the prior week (2024-11-01) was 6.6% and one month ago for the week of 2024-10-04, the average rate was 6.02%.

    The average rate one year ago was 7.47%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.28%.

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

    Brownsville 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 Brownsville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    NATIONS RELIABLE LENDING, LLC 114 6.57% $13,853
    HALLMARK HOME MORTGAGE, LLC 96 6.51% $11,992
    ACADEMY MORTGAGE CORPORATION 66 6.40% $12,974
    UNITED WHOLESALE MORTGAGE, LLC 38 6.33% $11,386
    CROSSCOUNTRY MORTGAGE, LLC 37 6.54% $13,703
    WILLOW BEND MORTGAGE COMPANY, LLC 37 6.67% $16,512
    SECURITYNATIONAL MORTGAGE COMPANY 37 6.58% $11,866
    AMCAP MORTGAGE, LTD. 34 6.92% $13,365
    DIRECTIONS EQUITY, LLC 34 6.73% $8,691
    PLAZA HOME MORTGAGE, INC. 29 6.02% $11,356
    MORTGAGE FINANCIAL SERVICES, LLC 27 6.45% $10,430
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 25 6.99% $12,235
    AMERICAN PACIFIC MORTGAGE CORPORATION 23 6.74% $12,143
    ASCENT HOME LENDING, LLC 23 6.74% $16,034
    DRAPER AND KRAMER MORTGAGE CORP. 20 6.33% $13,298
    QUICKEN LOANS, LLC 16 6.41% $11,963
    MORTGAGE SOLUTIONS OF COLORADO, LLC 15 7.26% $11,636
    EUSTIS AND AMERICAN MORTGAGE COMPANY 12 6.68% $11,149
    PRIMELENDING, A PLAINSCAPITAL COMPANY 12 6.43% $9,806
    MOVEMENT MORTGAGE, LLC 11 6.24% $13,358
    Century Mortgage Company DBA Century Lending Company 10 6.12% $11,548
    Paramount Residential Mortgage Group, Inc. 10 6.34% $11,893
    S1L, Inc. 9 6.36% $12,966
    Nations Lending Corporation 9 6.68% $9,980
    DAS Acquisition Company, LLC 7 7.14% $11,290
    HOMESIDE FINANCIAL, LLC 7 7.21% $10,689
    PRIMARY RESIDENTIAL MORTGAGE, INC. 7 6.73% $15,055
    SUN WEST MORTGAGE COMPANY, INC. 7 6.66% $9,928
    Gateway First Bank 6 6.65% $10,842
    CARDINAL FINANCIAL 6 6.58% $9,806
    PENNYMAC LOAN SERVICES, LLC 5 5.92% $10,422
    MICHIGAN MUTUAL, INC. 5 6.45% $11,568
    CMG MORTGAGE, INC. 5 6.92% $12,166
    LEADERONE FINANCIAL CORPORATION 4 6.66% $11,889
    GENEVA FINANCIAL, LLC 4 7.56% $9,764
    EVERETT FINANCIAL, INC. 4 6.31% $10,847
    Equity Prime Mortgage LLC 4 6.94% $12,666
    PLANET HOME LENDING, LLC 4 5.84% $9,813
    Town Square Mortgage & Investments, Inc. 4 6.78% $9,666
    Flagstar Bank, FSB 4 6.46% $9,319
    NEWREZ LLC 3 6.25% $7,388
    GUILD MORTGAGE COMPANY 3 6.25% $9,702
    Plains Commerce Bank 3 6.08% $10,327
    THRIVE MORTGAGE, LLC 3 6.38% $13,031
    FREEDOM MORTGAGE CORPORATION 3 6.21% $13,174
    Waterstone Mortgage Corporation 3 7.33% $10,211
    JPMorgan Chase Bank 2 6.13% $6,511
    CALCON MUTUAL MORTGAGE LLC 2 7.00% $15,620
    HOME FUNDING CORPORATION 2 6.69% $9,120
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.44% $10,989
    U.S. Bank 2 6.75% $11,579
    BROKER SOLUTIONS, INC. 2 6.44% $14,246
    Mr. Cooper ( Nationstar Mortgage ) 2 6.63% $10,158
    Mortgage Research Center, LLC 2 6.88% $6,234
    Ixonia Bank 2 5.69% $12,015
    Lone Star National Bank 2 6.06% $9,945
    TOWNE MORTGAGE COMPANY 1 6.13% $8,610
    UNION HOME MORTGAGE CORP. 1 7.00% $12,631
    United Fidelity Funding Corp. 1 6.88% $8,462
    VILLAGE CAPITAL MORTGAGE 1 6.88% $3,483
    International Bank of Commerce 1 6.75% $4,317
    Wallick & Volk, Inc. 1 5.88% $3,323
    KELLER MORTGAGE, LLC 1 5.88% $10,842
    MEMBER FIRST MORTGAGE, LLC 1 7.13% $9,635
    V.I.P. MORTGAGE, INC. 1 6.75% $9,315
    Commerce Home Mortgage, Inc. 1 7.13% $11,447
    City Bank 1 6.88% $10,921
    Centennial Bank 1 6.25% $10,689
    NBKC BANK 1 6.50% $9,856
    GUARANTEED RATE, INC. 1 6.75% $9,472
    GSF Mortgage Corporation 1 5.63% $8,261
    First United Bank and Trust Company 1 6.38% $14,900
    BOKF 1 6.63% $8,897
    BETTER MORTGAGE CORPORATION 1 5.75% $20,816
    BECKAM FUNDING CORP. 1 7.75% $25,982
    SIRVA MORTGAGE, INC. 1 7.63% $6,546
    Ameris Bank 1 6.25% $15,555
    The Loan Store, Inc. 1 7.13% $10,996

    The top Brownsville FHA lender as defined by loan originations is NATIONS RELIABLE LENDING, LLC, with 114 FHA loans originated. Their average total fees are $13,853, which is $1,861 higher than the next largest lender, HALLMARK HOME MORTGAGE, LLC.

    The lowest fee Brownsville FHA lenders (with over 10 loans originated) are DIRECTIONS EQUITY, LLC ($8,691), PRIMELENDING, A PLAINSCAPITAL COMPANY ($9,806), MORTGAGE FINANCIAL SERVICES, LLC ($10,430), EUSTIS AND AMERICAN MORTGAGE COMPANY ($11,149) and PLAZA HOME MORTGAGE, INC. ($11,356).

    The lowest rate Brownsville FHA lenders (with over 10 loans originated) are PLAZA HOME MORTGAGE, INC. (6.02%), Century Mortgage Company DBA Century Lending Company (6.12%), MOVEMENT MORTGAGE, LLC (6.24%), UNITED WHOLESALE MORTGAGE, LLC (6.33%) and DRAPER AND KRAMER MORTGAGE CORP. (6.33%).

    Brownsville FHA Loan Limits

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

    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).