Brownsville FHA Loans

BROWNSVILLE-HARLINGEN, TX

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).