Del Rio FHA Loan Rates, Closing Costs & Stats
Del Rio, 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.
Del Rio's 27 lenders originated 163 FHA loans during 2023. The total origination value was $36,185,000, with an average FHA loan value of $221,994.
Del Rio FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Del Rio
averaged
6.24%
for the week of 2024-11-08, compared to the national average (all FHA variants) of
6.425% for the same period.
Del Rio's average FHA mortgage closing costs are $7,780.
The average rate for the prior week (2024-11-01) was
6.01% and
one month ago for the week of 2024-10-04, the
average rate was 5.93%.
The average rate one year ago was 7.38%.
For refis of the same type during the week of 2024-11-08, the average rate
was 6.53%.
Del Rio 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 Del Rio level.
The top Del Rio FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with
80 FHA loans originated. Their average total fees are
$10,784, which is $125
lower than the next largest lender,
Flagstar Bank, FSB.
The lowest fee Del Rio FHA lenders (with over 10 loans originated) are
FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,784), Flagstar Bank, FSB ($10,909), .
The lowest rate Del Rio FHA lenders (with over 10 loans originated) are
Flagstar Bank, FSB (6.22%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.54%), .
Del Rio FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| DEL RIO, TX | VAL VERDE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| DEL RIO, TX | VAL VERDE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |