Brownsville FHA Loans

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 100 lenders originated 1,521 FHA loans during 2021. The total origination value was $265,595,000, with an average FHA loan value of $174,619.

    Brownsville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Brownsville averaged 5.22% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.65% and one month ago for the week of 2022-04-08, the average rate was 4.82%.

    The average rate one year ago was 3.23%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.19%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Brownsville level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    PLANET HOME LENDING, LLC 113 3.28% $9,008
    FINANCE OF AMERICA MORTGAGE LLC 92 3.21% $7,627
    NATIONS RELIABLE LENDING, LLC 66 3.65% $10,019
    QUICKEN LOANS, LLC 64 2.76% $6,005
    SECURITYNATIONAL MORTGAGE COMPANY 58 3.18% $8,503
    AMCAP MORTGAGE, LTD. 52 3.59% $9,022
    Hometown Lenders, Inc. 50 3.23% $8,286
    ACADEMY MORTGAGE CORPORATION 49 3.14% $9,149
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 48 3.48% $8,257
    DIRECTIONS EQUITY, LLC 46 3.33% $7,462
    FREEDOM MORTGAGE CORPORATION 43 2.98% $5,395
    PRIMARY RESIDENTIAL MORTGAGE, INC. 35 3.57% $9,193
    WILLOW BEND MORTGAGE COMPANY, LLC 30 3.13% $9,889
    Gateway First Bank 27 3.49% $5,950
    MORTGAGE FINANCIAL SERVICES, LLC 26 2.82% $6,918
    LEADERONE FINANCIAL CORPORATION 26 3.24% $7,723
    Mr. Cooper ( Nationstar Mortgage ) 25 3.50% $2,928
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 22 3.50% $9,159
    Lakeview Community Capital, LLC 20 3.08% $4,632
    Goldwater Bank, N.A. 19 3.34% $10,489
    UNITED WHOLESALE MORTGAGE, LLC 19 2.68% $7,600
    PENNYMAC LOAN SERVICES, LLC 18 3.37% $3,870
    S1L, Inc. 18 3.46% $9,811
    AmeriHome Mortgage Company, LLC 16 3.03% $4,098
    LAKEVIEW LOAN SERVICING, LLC 12 3.17% $4,513
    NEWREZ LLC 11 2.63% $6,503
    CROSSCOUNTRY MORTGAGE, LLC 10 3.52% $10,978
    EVERETT FINANCIAL, INC. 9 3.19% $5,950
    VILLAGE CAPITAL & INVESTMENT LLC 9 2.82% $2,808
    Carrington Mortgage Services, LLC 9 4.08% $9,938
    MORTGAGE SOLUTIONS OF COLORADO, LLC 8 3.19% $7,999
    THRIVE MORTGAGE, LLC 7 3.39% $10,638
    MID AMERICA MORTGAGE, INC. 7 2.75% $3,050
    HAMILTON HOME LOANS, INC. 7 3.34% $7,022
    DRAPER AND KRAMER MORTGAGE CORP. 7 3.37% $7,986
    INTERLINC MORTGAGE SERVICES, LLC 7 3.55% $7,603
    PLAZA HOME MORTGAGE, INC. 6 2.98% $8,581
    LOANDEPOT.COM, LLC 6 3.06% $9,587
    CALIBER HOME LOANS, INC. 5 2.69% $6,865
    GUARANTEED RATE, INC. 5 2.70% $7,289
    CMG MORTGAGE, INC. 5 3.25% $11,175
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 4 2.94% $6,465
    Commerce Home Mortgage, Inc. 4 2.75% $6,608
    Hometown Equity Mortgage, LLC 4 3.63% $9,622
    GUILD MORTGAGE COMPANY 4 3.25% $8,217
    First National Bank Texas 4 2.72% $7,201
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.46% $8,228
    Paramount Residential Mortgage Group, Inc. 3 3.33% $7,116
    Flagstar Bank, FSB 3 2.73% $8,194
    LOANPAL, LLC 2 2.63% $9,593
    Bank of America 2 3.25% $7,165
    GREAT WESTERN FINANCIAL SERVICES, INC. 2 3.56% $7,611
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.75% $6,597
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 2.88% $7,665
    AMERISAVE MORTGAGE CORPORATION 2 2.88% $6,746
    BROKER SOLUTIONS, INC. 2 2.75% $5,185
    Republic State Mortgage Co. 2 2.81% $7,220
    AMERICAN FINANCIAL NETWORK, INC. 2 3.06% $9,593
    First Guaranty Mortgage Corporation 2 2.88% $5,461
    Town Square Mortgage & Investments, Inc. 2 3.00% $7,897
    US MORTGAGE CORPORATION 2 3.00% $8,544
    BBVA USA 2 2.63% $3,995
    Waterstone Mortgage Corporation 2 3.88% $6,542
    MOVEMENT MORTGAGE, LLC 2 3.50% $7,750
    Mortgage Research Center, LLC 2 3.13% $5,419
    TJC Mortgage, Inc. 1 3.13% $7,440
    CRESTMARK MORTGAGE COMPANY, LTD. 1 3.25% $11,506
    DHI MORTGAGE COMPANY, LTD. 1 3.00% $9,169
    Equity Prime Mortgage LLC 1 2.75% $12,633
    Citizens Bank 1 2.50% $9,107
    CHURCHILL MORTGAGE CORPORATION 1 2.88% $7,861
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 2.50% $11,574
    First Savings Bank 1 3.38% $8,758
    CELEBRITY HOME LOANS, LLC 1 3.25% $9,085
    HOME POINT FINANCIAL CORPORATION 1 3.88% $5,375
    HOMESIDE FINANCIAL, LLC 1 3.75% $6,855
    InterContinental Capital Group, Inc 1 2.88% $6,887
    International Bank of Commerce 1 3.13% $3,791
    JPMorgan Chase Bank 1 2.75% $7,403
    KELLER MORTGAGE, LLC 1 3.25% $6,358
    BETTER MORTGAGE CORPORATION 1 2.75% $7,203
    Loan Simple, Inc. 1 4.25% $8,460
    Barrington Bank & Trust Company, N.A. 1 3.00% $6,223
    NASA Federal Credit Union 1 2.75% $9,013
    Nations Lending Corporation 1 3.38% $4,720
    Austin Capital Bank SSB 1 4.75% $8,453
    NP, Inc. 1 2.38% $7,699
    OCEANSIDE MORTGAGE COMPANY 1 2.88% $1,531
    PANORAMA MORTGAGE GROUP, LLC 1 3.00% $8,141
    ASPIRE FINANCIAL, INC. 1 2.75% $6,809
    ANGEL OAK HOME LOANS LLC 1 3.75% $6,477
    RANLIFE, INC. 1 2.75% $9,530
    SOUTHWEST FUNDING, LP 1 2.75% $7,833
    Stride Bank 1 3.75% $6,004
    SUN WEST MORTGAGE COMPANY, INC. 1 2.75% $7,160
    CONTOUR MORTGAGE CORPORATION 1 2.75% $5,674
    UNION HOME MORTGAGE CORP. 1 2.75% $5,346
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.63% $7,647
    UNIVERSITY Federal Credit Union 1 2.88% $5,050
    VAN DYK MORTGAGE CORPORATION 1 3.25% $8,856

    The top Brownsville FHA lender as defined by loan originations is PLANET HOME LENDING, LLC, with 113 FHA loans originated. Their average total fees are $9,008, which is $1,381 higher than the next largest lender, FINANCE OF AMERICA MORTGAGE LLC.

    The lowest fee Brownsville FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($2,928), PENNYMAC LOAN SERVICES, LLC ($3,870), AmeriHome Mortgage Company, LLC ($4,098), LAKEVIEW LOAN SERVICING, LLC ($4,513) and Lakeview Community Capital, LLC ($4,632).

    The lowest rate Brownsville FHA lenders (with over 10 loans originated) are NEWREZ LLC (2.63%), UNITED WHOLESALE MORTGAGE, LLC (2.68%), QUICKEN LOANS, LLC (2.76%), MORTGAGE FINANCIAL SERVICES, LLC (2.82%) and FREEDOM MORTGAGE CORPORATION (2.98%).

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Brownsville (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 $215,000 (8.6%) $297,178 (3.3%) 0.79 1,876
    2018-02-01 $217,000 (9.5%) $298,759 (2.8%) 0.78 1,886
    2018-03-01 $219,900 (10.3%) $312,323 (5.9%) 0.76 1,865
    2018-04-01 $222,000 (7.0%) $314,268 (6.6%) 0.75 1,810
    2018-05-01 $229,750 (6.9%) $321,586 (7.9%) 0.77 1,801
    2018-06-01 $239,000 (8.7%) $324,761 (5.5%) 0.80 1,836
    2018-07-01 $239,000 (8.7%) $322,783 (5.0%) 0.80 1,860
    2018-08-01 $234,000 (6.4%) $319,285 (4.1%) 0.78 1,852
    2018-09-01 $228,000 (3.7%) $316,279 (4.0%) 0.76 1,779
    2018-10-01 $229,000 (6.5%) $326,640 (7.8%) 0.77 1,747
    2018-11-01 $228,500 (4.3%) $320,363 (5.1%) 0.77 1,742
    2018-12-01 $227,500 (3.5%) $315,457 (3.2%) 0.78 1,700
    2019-01-01 $224,450 (4.4%) $308,422 (3.8%) 0.77 1,618
    2019-02-01 $224,000 (3.2%) $310,619 (4.0%) 0.75 1,637
    2019-03-01 $229,386 (4.3%) $314,286 (0.6%) 0.75 1,638
    2019-04-01 $229,950 (3.6%) $314,347 (0.0%) 0.72 1,651
    2019-05-01 $234,950 (2.3%) $317,554 (-1.3%) 0.72 1,652
    2019-06-01 $234,900 (-1.7%) $319,745 (-1.5%) 0.72 1,675
    2019-07-01 $239,450 (0.2%) $327,692 (1.5%) 0.74 1,616
    2019-08-01 $240,500 (2.8%) $335,090 (5.0%) 0.76 1,593
    2019-09-01 $243,750 (6.9%) $343,925 (8.7%) 0.77 1,565
    2019-10-01 $244,500 (6.8%) $346,125 (6.0%) 0.78 1,551
    2019-11-01 $244,900 (7.2%) $342,639 (7.0%) 0.79 1,525
    2019-12-01 $239,700 (5.4%) $337,558 (7.0%) 0.80 1,532
    2020-01-01 $239,000 (6.5%) $333,302 (8.1%) 0.80 1,450
    2020-02-01 $239,000 (6.7%) $336,828 (8.4%) 0.77 1,452
    2020-03-01 $249,000 (8.6%) $335,382 (6.7%) 0.78 1,420
    2020-04-01 $248,750 (8.2%) $335,684 (6.8%) 0.77 1,397
    2020-05-01 $255,000 (8.5%) $415,673 (30.9%) 0.77 1,348
    2020-06-01 $265,388 (13.0%) $428,097 (33.9%) 0.78 1,191
    2020-07-01 $268,750 (12.2%) $443,605 (35.4%) 0.77 1,080
    2020-08-01 $259,000 (7.7%) $458,524 (36.8%) 0.74 1,015
    2020-09-01 $265,000 (8.7%) $471,317 (37.0%) 0.76 963
    2020-10-01 $264,000 (8.0%) $459,337 (32.7%) 0.75 887
    2020-11-01 $264,500 (8.0%) $464,263 (35.5%) 0.76 855
    2020-12-01 $269,895 (12.6%) $469,778 (39.2%) 0.79 821
    2021-01-01 $275,000 (15.1%) $478,717 (43.6%) 0.81 710
    2021-02-01 $272,450 (14.0%) $450,327 (33.7%) 0.78 636
    2021-03-01 $270,750 (8.7%) $462,414 (37.9%) 0.76 581
    2021-04-01 $281,750 (13.3%) $498,792 (48.6%) 0.76 494
    2021-05-01 $297,000 (16.5%) $536,180 (29.0%) 0.78 421
    2021-06-01 $298,450 (12.5%) $542,813 (26.8%) 0.78 392
    2021-07-01 $297,000 (10.5%) $536,151 (20.9%) 0.77 449
    2021-08-01 $297,000 (14.7%) $516,982 (12.8%) 0.78 499
    2021-09-01 $299,000 (12.8%) $509,005 (8.0%) 0.79 517
    2021-10-01 $294,000 (11.4%) $517,058 (12.6%) 0.77 535
    2021-11-01 $300,000 (13.4%) $530,713 (14.3%) 0.79 529
    2021-12-01 $305,000 (13.0%) $550,528 (17.2%) 0.81 522
    2022-01-01 $325,000 (18.2%) $577,918 (20.7%) 0.87 457
    2022-02-01 $325,000 (19.3%) $580,656 (28.9%) 0.83 460
    2022-03-01 $325,000 (20.0%) $582,848 (26.0%) 0.80 450
    2022-04-01 $329,000 (16.8%) $573,001 (14.9%) 0.77 483
    Brownsville's median listing price for 2022-04-01 was $329,000, a difference of $47,250 (16.8%) versus the prior year and $4,000 versus the prior month.

    Brownsville's median listing price comes in at 77% of the national average.

    Brownsville's average listing price for 2022-04-01 was $573,001, a difference of $74,209 (14.9%) versus the prior year and $-9,847 versus the prior month.

    For the 2022-04-01 period, Brownsville had 483 MLS listings, a difference of 33 listings (7%) versus the prior month and -11 listings (-2%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Brownsville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 135 days 1,638 sqft
    2018-02-01 136 days 1,627 sqft
    2018-03-01 134 days 1,650 sqft
    2018-04-01 128 days 1,670 sqft
    2018-05-01 117 days 1,680 sqft
    2018-06-01 119 days 1,700 sqft
    2018-07-01 121 days 1,713 sqft
    2018-08-01 122 days 1,698 sqft
    2018-09-01 127 days 1,693 sqft
    2018-10-01 132 days 1,705 sqft
    2018-11-01 137 days 1,707 sqft
    2018-12-01 144 days 1,703 sqft
    2019-01-01 138 days 1,689 sqft
    2019-02-01 126 days 1,660 sqft
    2019-03-01 127 days 1,649 sqft
    2019-04-01 114 days 1,644 sqft
    2019-05-01 107 days 1,659 sqft
    2019-06-01 102 days 1,689 sqft
    2019-07-01 109 days 1,692 sqft
    2019-08-01 114 days 1,697 sqft
    2019-09-01 115 days 1,714 sqft
    2019-10-01 115 days 1,716 sqft
    2019-11-01 108 days 1,720 sqft
    2019-12-01 114 days 1,723 sqft
    2020-01-01 115 days 1,720 sqft
    2020-02-01 115 days 1,748 sqft
    2020-03-01 102 days 1,773 sqft
    2020-04-01 104 days 1,733 sqft
    2020-05-01 107 days 1,776 sqft
    2020-06-01 114 days 1,802 sqft
    2020-07-01 106 days 1,827 sqft
    2020-08-01 96 days 1,820 sqft
    2020-09-01 99 days 1,900 sqft
    2020-10-01 101 days 1,837 sqft
    2020-11-01 102 days 1,914 sqft
    2020-12-01 106 days 1,853 sqft
    2021-01-01 108 days 1,887 sqft
    2021-02-01 89 days 1,889 sqft
    2021-03-01 88 days 1,940 sqft
    2021-04-01 63 days 2,007 sqft
    2021-05-01 50 days 2,030 sqft
    2021-06-01 54 days 2,002 sqft
    2021-07-01 44 days 1,944 sqft
    2021-08-01 48 days 1,924 sqft
    2021-09-01 50 days 1,965 sqft
    2021-10-01 53 days 1,942 sqft
    2021-11-01 53 days 1,914 sqft
    2021-12-01 56 days 1,898 sqft
    2022-01-01 66 days 2,004 sqft
    2022-02-01 58 days 1,925 sqft
    2022-03-01 51 days 1,883 sqft
    2022-04-01 46 days 1,856 sqft
    Brownsville's median listing age (time on market) for 2022-04-01 was 46 days. This is -27% shorter than the same period one year ago.

    Brownsville's median square footage for active listings during the 2022-04-01 period was 1,856 sqft. One year prior, the average listing was 2,007 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).