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 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 6.63% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

    Brownsville's average FHA mortgage closing costs are $7,241.

    The average rate for the prior week (2022-11-25) was 6.75% and one month ago for the week of 2022-10-28, the average rate was 6.69%.

    The average rate one year ago was 3.72%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    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 MORTGAGE 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 $200,000 (2.6%) $282,729 (2.5%) 0.74 1,595
    2018-02-01 $204,374 (5.4%) $284,292 (2.7%) 0.74 1,608
    2018-03-01 $209,000 (6.4%) $294,783 (4.6%) 0.73 1,606
    2018-04-01 $209,974 (5.3%) $297,286 (4.4%) 0.71 1,565
    2018-05-01 $221,950 (8.3%) $304,188 (5.5%) 0.74 1,558
    2018-06-01 $225,000 (7.1%) $308,146 (3.9%) 0.75 1,600
    2018-07-01 $225,000 (7.1%) $307,362 (3.4%) 0.75 1,627
    2018-08-01 $222,000 (8.6%) $305,985 (4.7%) 0.74 1,633
    2018-09-01 $215,000 (7.6%) $302,837 (4.4%) 0.72 1,579
    2018-10-01 $218,999 (9.6%) $308,689 (6.8%) 0.74 1,555
    2018-11-01 $219,000 (7.7%) $305,598 (5.4%) 0.74 1,554
    2018-12-01 $215,900 (4.6%) $301,932 (4.3%) 0.74 1,519
    2019-01-01 $212,500 (6.3%) $299,336 (5.9%) 0.73 1,456
    2019-02-01 $214,950 (5.2%) $299,878 (5.5%) 0.73 1,469
    2019-03-01 $222,043 (6.2%) $303,582 (3.0%) 0.73 1,473
    2019-04-01 $224,950 (7.1%) $303,824 (2.2%) 0.71 1,485
    2019-05-01 $229,950 (3.6%) $309,289 (1.7%) 0.72 1,480
    2019-06-01 $230,000 (2.2%) $313,629 (1.8%) 0.72 1,513
    2019-07-01 $236,975 (5.3%) $322,377 (4.9%) 0.74 1,449
    2019-08-01 $239,245 (7.8%) $330,991 (8.2%) 0.76 1,444
    2019-09-01 $239,614 (11.5%) $336,532 (11.1%) 0.77 1,427
    2019-10-01 $243,687 (11.3%) $342,273 (10.9%) 0.79 1,402
    2019-11-01 $239,900 (9.5%) $337,606 (10.5%) 0.79 1,369
    2019-12-01 $239,000 (10.7%) $331,549 (9.8%) 0.80 1,373
    2020-01-01 $238,250 (12.1%) $330,650 (10.5%) 0.80 1,310
    2020-02-01 $239,000 (11.2%) $331,028 (10.4%) 0.78 1,319
    2020-03-01 $249,000 (12.1%) $338,252 (11.4%) 0.78 1,290
    2020-04-01 $247,375 (10.0%) $336,482 (10.8%) 0.77 1,263
    2020-05-01 $249,900 (8.7%) $374,020 (20.9%) 0.76 1,224
    2020-06-01 $250,000 (8.7%) $372,003 (18.6%) 0.74 1,022
    2020-07-01 $256,500 (8.2%) $376,394 (16.8%) 0.74 938
    2020-08-01 $249,000 (4.1%) $365,708 (10.5%) 0.71 878
    2020-09-01 $249,000 (3.9%) $373,379 (11.0%) 0.71 822
    2020-10-01 $249,990 (2.6%) $380,974 (11.3%) 0.72 763
    2020-11-01 $249,700 (4.1%) $384,234 (13.8%) 0.73 742
    2020-12-01 $249,950 (4.6%) $387,751 (17.0%) 0.74 715
    2021-01-01 $259,500 (8.9%) $396,791 (20.0%) 0.77 623
    2021-02-01 $262,250 (9.7%) $398,698 (20.4%) 0.76 566
    2021-03-01 $259,125 (4.1%) $405,073 (19.8%) 0.74 522
    2021-04-01 $260,500 (5.3%) $428,145 (27.2%) 0.71 447
    2021-05-01 $280,000 (12.0%) $467,214 (24.9%) 0.74 372
    2021-06-01 $279,000 (11.6%) $464,651 (24.9%) 0.73 354
    2021-07-01 $289,000 (12.7%) $469,420 (24.7%) 0.76 409
    2021-08-01 $287,000 (15.3%) $462,761 (26.5%) 0.77 441
    2021-09-01 $292,475 (17.5%) $464,680 (24.5%) 0.78 466
    2021-10-01 $285,000 (14.0%) $470,664 (23.5%) 0.76 470
    2021-11-01 $296,000 (18.5%) $478,799 (24.6%) 0.79 462
    2021-12-01 $297,000 (18.8%) $491,003 (26.6%) 0.81 456
    2022-01-01 $304,900 (17.5%) $518,901 (30.8%) 0.82 403
    2022-02-01 $304,975 (16.3%) $520,004 (30.4%) 0.79 409
    2022-03-01 $321,250 (24.0%) $524,791 (29.6%) 0.80 408
    2022-04-01 $325,000 (24.8%) $525,174 (22.7%) 0.78 431
    2022-05-01 $325,000 (16.1%) $490,052 (4.9%) 0.74 467
    2022-06-01 $339,950 (21.9%) $472,212 (1.6%) 0.76 549
    2022-07-01 $325,000 (12.5%) $466,184 (-0.7%) 0.74 618
    2022-08-01 $326,625 (13.8%) $459,175 (-0.8%) 0.75 690
    2022-09-01 $328,475 (12.3%) $450,762 (-3.0%) 0.77 719
    2022-10-01 $320,500 (12.5%) $428,078 (-9.1%) 0.75 824
    2022-11-01 $323,000 (9.1%) $425,287 (-11.2%) 0.78 868
    Brownsville's median listing price for 2022-11-01 was $323,000, a difference of $27,000 (9.1%) versus the prior year and $2,500 versus the prior month.

    Brownsville's median listing price comes in at 78% of the national average.

    Brownsville's average listing price for 2022-11-01 was $425,287, a difference of $-53,512 (-11.2%) versus the prior year and $-2,791 versus the prior month.

    For the 2022-11-01 period, Brownsville had 868 MLS listings, a difference of 44 listings (5%) versus the prior month and 406 listings (88%) 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
    2018-01-01 133 days 1,648 sqft
    2018-02-01 136 days 1,643 sqft
    2018-03-01 134 days 1,650 sqft
    2018-04-01 129 days 1,665 sqft
    2018-05-01 116 days 1,676 sqft
    2018-06-01 116 days 1,700 sqft
    2018-07-01 117 days 1,709 sqft
    2018-08-01 119 days 1,694 sqft
    2018-09-01 123 days 1,694 sqft
    2018-10-01 130 days 1,709 sqft
    2018-11-01 136 days 1,709 sqft
    2018-12-01 143 days 1,708 sqft
    2019-01-01 140 days 1,689 sqft
    2019-02-01 128 days 1,671 sqft
    2019-03-01 128 days 1,659 sqft
    2019-04-01 123 days 1,650 sqft
    2019-05-01 110 days 1,664 sqft
    2019-06-01 106 days 1,684 sqft
    2019-07-01 111 days 1,676 sqft
    2019-08-01 115 days 1,671 sqft
    2019-09-01 120 days 1,676 sqft
    2019-10-01 123 days 1,688 sqft
    2019-11-01 122 days 1,678 sqft
    2019-12-01 124 days 1,682 sqft
    2020-01-01 124 days 1,666 sqft
    2020-02-01 122 days 1,723 sqft
    2020-03-01 116 days 1,732 sqft
    2020-04-01 123 days 1,710 sqft
    2020-05-01 123 days 1,717 sqft
    2020-06-01 128 days 1,782 sqft
    2020-07-01 121 days 1,780 sqft
    2020-08-01 109 days 1,758 sqft
    2020-09-01 101 days 1,789 sqft
    2020-10-01 106 days 1,800 sqft
    2020-11-01 105 days 1,823 sqft
    2020-12-01 107 days 1,800 sqft
    2021-01-01 108 days 1,848 sqft
    2021-02-01 95 days 1,825 sqft
    2021-03-01 95 days 1,886 sqft
    2021-04-01 60 days 1,912 sqft
    2021-05-01 51 days 1,938 sqft
    2021-06-01 54 days 1,889 sqft
    2021-07-01 43 days 1,882 sqft
    2021-08-01 52 days 1,876 sqft
    2021-09-01 53 days 1,902 sqft
    2021-10-01 56 days 1,866 sqft
    2021-11-01 57 days 1,856 sqft
    2021-12-01 59 days 1,854 sqft
    2022-01-01 68 days 1,943 sqft
    2022-02-01 53 days 1,882 sqft
    2022-03-01 49 days 1,881 sqft
    2022-04-01 44 days 1,843 sqft
    2022-05-01 43 days 1,802 sqft
    2022-06-01 39 days 1,849 sqft
    2022-07-01 46 days 1,808 sqft
    2022-08-01 50 days 1,793 sqft
    2022-09-01 59 days 1,799 sqft
    2022-10-01 59 days 1,819 sqft
    2022-11-01 65 days 1,822 sqft
    Brownsville's median listing age (time on market) for 2022-11-01 was 65 days. This is 14% longer than the same period one year ago.

    Brownsville's median square footage for active listings during the 2022-11-01 period was 1,822 sqft. One year prior, the average listing was 1,856 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).