El Paso FHA Loan Rates, Closing Costs & Stats

EL PASO, 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.

El Paso's 117 lenders originated 2,675 FHA loans during 2022. The total origination value was $596,415,000, with an average FHA loan value of $222,959.

El Paso FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in El Paso averaged -0.19% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

El Paso's average FHA mortgage closing costs are $6,909.

The average rate for the prior week (2023-11-17) was 7.01% and one month ago for the week of 2023-10-20, the average rate was 7.02%.

The average rate one year ago was 6.14%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.43%.

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

El Paso 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 El Paso level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Rocky Mountain Mortgage Company 306 5.18% $6,124
Commerce Home Mortgage, Inc. 298 4.70% $9,352
PATRIOT MORTGAGE COMPANY 175 4.77% $10,221
BROKER SOLUTIONS, INC. 146 5.15% $9,733
CADENCE LENDING GROUP, INC. 117 5.21% $10,010
MOVEMENT MORTGAGE, LLC 106 5.06% $10,121
First National Bank Texas 92 5.20% $8,996
UNITED WHOLESALE MORTGAGE, LLC 82 5.35% $9,294
QUICKEN LOANS, LLC 75 4.42% $9,716
CARDINAL FINANCIAL 75 5.18% $9,589
LOANDEPOT.COM, LLC 70 5.00% $9,846
CMG MORTGAGE, INC. 64 5.42% $11,252
SUN WEST MORTGAGE COMPANY, INC. 44 4.89% $9,458
First Guaranty Mortgage Corporation 36 5.09% $10,445
Nations Lending Corporation 33 5.56% $9,638
CALIBER HOME LOANS, INC. 31 5.29% $8,342
Town Square Mortgage & Investments, Inc. 30 5.65% $9,861
GUARANTEED RATE, INC. 29 5.35% $10,899
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 26 5.26% $9,037
EUSTIS AND AMERICAN MORTGAGE COMPANY 25 5.10% $8,852
CROSSCOUNTRY MORTGAGE, LLC 21 5.34% $12,360
Network Funding, L.P. 21 5.20% $10,284
AMERICAN PACIFIC MORTGAGE CORPORATION 21 5.76% $9,706
City Bank 19 4.92% $10,759
Flagstar Bank, FSB 18 5.26% $7,516
PLAZA HOME MORTGAGE, INC. 16 4.10% $8,364
MORTGAGE FINANCIAL SERVICES, LLC 15 5.24% $9,649
Century Mortgage Company DBA Century Lending Company 14 6.14% $11,879
CERTAINTY HOME LOANS, LLC 14 4.62% $8,886
Amerifirst Financial, Inc. 13 6.04% $9,064
Waterstone Mortgage Corporation 13 5.97% $8,579
GENEVA FINANCIAL, LLC 11 6.22% $13,054
Citizens Bank 11 4.88% $11,549
V.I.P. MORTGAGE, INC. 10 4.93% $11,935
AMERISAVE MORTGAGE CORPORATION 10 4.78% $11,178
Lakeview Community Capital, LLC 9 3.63% $4,348
Gateway First Bank 9 5.79% $10,242
ANGEL OAK HOME LOANS LLC 9 5.03% $9,290
PRIMELENDING, A PLAINSCAPITAL COMPANY 8 5.44% $8,936
SOUTHWEST FUNDING, LP 7 5.61% $10,850
Plains Commerce Bank 7 5.39% $11,620
PENNYMAC LOAN SERVICES, LLC 7 3.66% $4,639
AMCAP MORTGAGE, LTD. 7 6.02% $12,977
SECURITYNATIONAL MORTGAGE COMPANY 6 6.10% $9,658
CHERRY CREEK MORTGAGE, LLC 6 5.19% $3,143
Equity Prime Mortgage LLC 6 6.04% $8,443
HOME POINT FINANCIAL CORPORATION 6 5.18% $11,057
Mr. Cooper ( Nationstar Mortgage ) 5 4.50% $7,310
Hometown Lenders, Inc. 5 5.55% $12,747
Paramount Residential Mortgage Group, Inc. 5 6.38% $8,009
Loan Simple, Inc. 5 5.95% $9,215
Mortgage Research Center, LLC 5 5.12% $8,583
CALCON MUTUAL MORTGAGE LLC 4 5.91% $15,702
Citizens Bank of Las Cruces 4 4.88% $8,072
EVERETT FINANCIAL, INC. 4 5.97% $6,156
FREEDOM MORTGAGE CORPORATION 4 4.90% $9,665
UNION HOME MORTGAGE CORP. 4 3.66% $10,890
VILLAGE CAPITAL MORTGAGE 4 3.87% $2,334
MORIA DEVELOPMENT, INC. 3 5.71% $8,934
North American Savings Bank, F.S.B. 3 5.29% $10,963
GUILD MORTGAGE COMPANY 3 5.29% $10,796
HANCOCK MORTGAGE PARTNERS, LLC 3 5.17% $10,560
Bank of England 3 6.13% $10,424
LEGACY MORTGAGE LLC 3 4.67% $11,248
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.29% $10,095
BETTER MORTGAGE CORPORATION 3 4.21% $9,019
CASTLE & COOKE MORTGAGE, LLC 3 6.42% $18,113
NOVA FINANCIAL & INVESTMENT CORPORATION 3 5.21% $12,948
WILLOW BEND MORTGAGE COMPANY, LLC 3 6.17% $10,469
LOANPAL, LLC 2 3.75% $8,630
JPMorgan Chase Bank 2 5.62% $9,663
Hometown Equity Mortgage, LLC 2 4.44% $14,571
MID AMERICA MORTGAGE, INC. 2 6.50% $6,053
NEWREZ LLC 2 6.94% $7,960
NFM, INC. 2 4.63% $9,364
Carrington Mortgage Services, LLC 2 3.81% $8,076
SeaTrust Mortgage Company 2 6.06% $11,825
Austin Capital Bank SSB 2 5.63% $10,797
First United Bank and Trust Company 1 3.75% $9,182
Armed Forces Bank 1 3.38% $5,383
KELLER MORTGAGE, LLC 1 3.88% $5,487
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.63% $12,858
Northpointe Bank 1 5.25% $7,141
MANN FINANCIAL INC. 1 5.00% $12,776
FirstLight Federal Credit Union 1 3.25% $8,528
First Federal Bank 1 5.25% $12,063
First Bank 1 3.38% $6,630
PENTAGON FEDERAL CREDIT UNION 1 4.75% $7,800
First American Bank 1 5.13% $7,933
PLANET HOME LENDING, LLC 1 3.88% $2,334
CORNERSTONE HOME LENDING, INC. 1 6.25% $12,306
PNC Bank 1 4.00% $5,673
Presidential Bank, FSB 1 5.38% $12,017
HOMESIDE FINANCIAL, LLC 1 3.99% $9,628
Wells Fargo Bank 1 5.63% $15,838
CANOPY MORTGAGE, LLC 1 5.75% $0
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.75% $4,047
ROYAL UNITED MORTGAGE LLC 1 2.88% $10,157
S1L, Inc. 1 5.63% $8,242
INTELLILOAN, INC. 1 3.25% $2,331
JMJ FINANCIAL GROUP 1 4.75% $13,659
Servion, Inc. 1 4.50% $7,424
SFMC, LP 1 6.25% $10,996
Barrington Bank & Trust Company, N.A. 1 5.25% $6,407
LEADERONE FINANCIAL CORPORATION 1 5.63% $11,304
THRIVE MORTGAGE, LLC 1 4.75% $7,638
TOWNE MORTGAGE COMPANY 1 4.99% $5,365
AXIA FINANCIAL, LLC 1 5.63% $9,051
Trinity Oaks Mortgage, LLC 1 4.25% $9,366
Independent Bank 1 5.25% $11,915
INTERCAP LENDING INC. 1 3.13% $10,094
ZILLOW HOME LOANS, LLC 1 3.63% $9,498
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 4.88% $21,022
NATIONS DIRECT MORTGAGE, LLC 1 6.13% $8,403
GUARANTEED RATE AFFINITY, LLC 1 4.25% $8,730
Neighborhood Loans, Inc. 1 7.13% $8,942
NETWORK CAPITAL FUNDING CORPORATION 1 4.75% $16,013

The top El Paso FHA lender as defined by loan originations is Rocky Mountain Mortgage Company, with 306 FHA loans originated. Their average total fees are $6,124, which is $3,228 lower than the next largest lender, Commerce Home Mortgage, Inc..

The lowest fee El Paso FHA lenders (with over 10 loans originated) are Rocky Mountain Mortgage Company ($6,124), Flagstar Bank, FSB ($7,516), CALIBER HOME LOANS, INC. ($8,342), PLAZA HOME MORTGAGE, INC. ($8,364) and Waterstone Mortgage Corporation ($8,579).

The lowest rate El Paso FHA lenders (with over 10 loans originated) are PLAZA HOME MORTGAGE, INC. (4.10%), QUICKEN LOANS, LLC (4.42%), CERTAINTY HOME LOANS, LLC (4.62%), Commerce Home Mortgage, Inc. (4.70%) and PATRIOT MORTGAGE COMPANY (4.77%).

El Paso FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - El Paso (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 $167,950 (2.2%) $197,104 (-3.2%) 0.62 3,504
2018-02-01 $168,225 (2.0%) $196,667 (-3.7%) 0.61 3,531
2018-03-01 $169,775 (2.3%) $198,781 (-3.0%) 0.60 3,449
2018-04-01 $172,225 (3.8%) $200,788 (-3.6%) 0.58 3,259
2018-05-01 $173,488 (3.9%) $201,242 (-3.3%) 0.58 3,213
2018-06-01 $175,000 (4.2%) $203,328 (-4.6%) 0.58 3,162
2018-07-01 $176,475 (5.1%) $205,403 (-3.6%) 0.59 3,158
2018-08-01 $177,250 (5.5%) $204,217 (-3.5%) 0.59 3,066
2018-09-01 $177,388 (5.6%) $203,735 (-3.9%) 0.60 3,075
2018-10-01 $176,975 (5.5%) $202,710 (-3.2%) 0.60 3,188
2018-11-01 $178,475 (6.0%) $203,760 (-3.3%) 0.61 3,144
2018-12-01 $179,900 (6.8%) $206,745 (4.5%) 0.62 2,987
2019-01-01 $183,725 (9.4%) $208,978 (6.0%) 0.63 2,797
2019-02-01 $184,975 (10.0%) $210,193 (6.9%) 0.63 2,784
2019-03-01 $187,629 (10.5%) $214,423 (7.9%) 0.61 2,692
2019-04-01 $189,925 (10.3%) $218,853 (9.0%) 0.60 2,621
2019-05-01 $191,475 (10.4%) $222,261 (10.4%) 0.60 2,623
2019-06-01 $191,950 (9.7%) $222,335 (9.4%) 0.60 2,599
2019-07-01 $191,450 (8.5%) $222,076 (8.1%) 0.60 2,655
2019-08-01 $191,673 (8.1%) $223,525 (9.5%) 0.61 2,638
2019-09-01 $190,731 (7.5%) $224,751 (10.3%) 0.61 2,612
2019-10-01 $190,579 (7.7%) $226,490 (11.7%) 0.62 2,594
2019-11-01 $195,000 (9.3%) $228,928 (12.4%) 0.64 2,576
2019-12-01 $193,450 (7.5%) $226,399 (9.5%) 0.65 2,442
2020-01-01 $192,950 (5.0%) $226,825 (8.5%) 0.64 2,381
2020-02-01 $192,950 (4.3%) $228,575 (8.8%) 0.63 2,408
2020-03-01 $195,975 (4.5%) $230,152 (7.3%) 0.61 2,308
2020-04-01 $193,950 (2.1%) $228,213 (4.3%) 0.61 2,249
2020-05-01 $202,950 (6.0%) $233,740 (5.2%) 0.62 1,944
2020-06-01 $210,470 (9.7%) $243,421 (9.5%) 0.62 1,598
2020-07-01 $217,088 (13.4%) $245,834 (10.7%) 0.63 1,458
2020-08-01 $216,066 (12.7%) $248,534 (11.2%) 0.62 1,478
2020-09-01 $215,700 (13.1%) $251,572 (11.9%) 0.62 1,413
2020-10-01 $225,950 (18.6%) $256,073 (13.1%) 0.65 1,413
2020-11-01 $232,100 (19.0%) $262,264 (14.6%) 0.68 1,340
2020-12-01 $228,107 (17.9%) $261,980 (15.7%) 0.68 1,353
2021-01-01 $230,000 (19.2%) $267,421 (17.9%) 0.69 1,265
2021-02-01 $230,462 (19.4%) $269,435 (17.9%) 0.67 1,188
2021-03-01 $234,975 (19.9%) $267,420 (16.2%) 0.67 1,148
2021-04-01 $237,611 (22.5%) $268,856 (17.8%) 0.64 1,073
2021-05-01 $245,000 (20.7%) $277,518 (18.7%) 0.65 1,027
2021-06-01 $248,950 (18.3%) $287,782 (18.2%) 0.66 1,016
2021-07-01 $249,900 (15.1%) $285,176 (16.0%) 0.66 1,061
2021-08-01 $247,950 (14.8%) $284,989 (14.7%) 0.66 1,122
2021-09-01 $247,950 (15.0%) $286,008 (13.7%) 0.66 1,098
2021-10-01 $250,000 (10.6%) $292,552 (14.3%) 0.67 1,161
2021-11-01 $253,700 (9.3%) $293,024 (11.7%) 0.68 1,105
2021-12-01 $255,950 (12.2%) $300,428 (14.7%) 0.69 1,023
2022-01-01 $261,500 (13.7%) $306,624 (14.7%) 0.71 912
2022-02-01 $267,751 (16.2%) $310,210 (15.1%) 0.70 882
2022-03-01 $275,000 (17.0%) $317,583 (18.8%) 0.69 871
2022-04-01 $280,000 (17.8%) $320,768 (19.3%) 0.67 932
2022-05-01 $282,600 (15.4%) $329,224 (18.6%) 0.65 1,015
2022-06-01 $281,600 (13.1%) $332,247 (15.5%) 0.63 1,172
2022-07-01 $284,950 (14.0%) $333,168 (16.8%) 0.64 1,499
2022-08-01 $285,475 (15.1%) $329,151 (15.5%) 0.66 1,539
2022-09-01 $291,225 (17.5%) $334,289 (16.9%) 0.68 1,576
2022-10-01 $291,725 (16.7%) $333,290 (13.9%) 0.69 1,840
2022-11-01 $290,863 (14.7%) $328,828 (12.2%) 0.70 1,890
2022-12-01 $291,250 (13.8%) $329,155 (9.6%) 0.72 1,884
2023-01-01 $293,238 (12.1%) $333,092 (8.6%) 0.73 1,872
2023-02-01 $296,975 (10.9%) $336,833 (8.6%) 0.72 1,825
2023-03-01 $298,950 (8.7%) $342,534 (7.9%) 0.71 1,820
2023-04-01 $300,060 (7.2%) $350,971 (9.4%) 0.70 1,663
2023-05-01 $310,000 (9.7%) $355,512 (8.0%) 0.70 1,745
2023-06-01 $303,888 (7.9%) $352,426 (6.1%) 0.68 1,951
2023-07-01 $304,800 (7.0%) $352,381 (5.8%) 0.69 2,112
2023-08-01 $300,950 (5.4%) $352,679 (7.2%) 0.69 2,189
2023-09-01 $299,500 (2.8%) $352,175 (5.4%) 0.70 2,253
2023-10-01 $294,950 (1.1%) $348,420 (4.5%) 0.69 2,414
El Paso's median listing price for 2023-10-01 was $294,950, a difference of $3,225 (1.1%) versus the prior year and $-4,550 versus the prior month.

El Paso's median listing price comes in at 69% of the national average.

El Paso's average listing price for 2023-10-01 was $348,420, a difference of $15,130 (4.5%) versus the prior year and $-3,755 versus the prior month.

For the 2023-10-01 period, El Paso had 2,414 MLS listings, a difference of 161 listings (7%) versus the prior month and 574 listings (31%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - El Paso (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 97 days 1,798 sqft
2018-02-01 100 days 1,799 sqft
2018-03-01 86 days 1,802 sqft
2018-04-01 79 days 1,822 sqft
2018-05-01 80 days 1,822 sqft
2018-06-01 80 days 1,840 sqft
2018-07-01 78 days 1,845 sqft
2018-08-01 71 days 1,858 sqft
2018-09-01 71 days 1,856 sqft
2018-10-01 66 days 1,854 sqft
2018-11-01 70 days 1,854 sqft
2018-12-01 73 days 1,852 sqft
2019-01-01 83 days 1,840 sqft
2019-02-01 74 days 1,841 sqft
2019-03-01 69 days 1,869 sqft
2019-04-01 66 days 1,888 sqft
2019-05-01 65 days 1,905 sqft
2019-06-01 64 days 1,913 sqft
2019-07-01 58 days 1,899 sqft
2019-08-01 60 days 1,908 sqft
2019-09-01 64 days 1,899 sqft
2019-10-01 67 days 1,900 sqft
2019-11-01 72 days 1,913 sqft
2019-12-01 79 days 1,892 sqft
2020-01-01 81 days 1,886 sqft
2020-02-01 70 days 1,874 sqft
2020-03-01 66 days 1,884 sqft
2020-04-01 76 days 1,855 sqft
2020-05-01 83 days 1,892 sqft
2020-06-01 76 days 1,903 sqft
2020-07-01 66 days 1,936 sqft
2020-08-01 57 days 1,952 sqft
2020-09-01 46 days 1,909 sqft
2020-10-01 54 days 1,937 sqft
2020-11-01 65 days 1,967 sqft
2020-12-01 68 days 1,954 sqft
2021-01-01 67 days 1,954 sqft
2021-02-01 50 days 1,916 sqft
2021-03-01 50 days 1,925 sqft
2021-04-01 56 days 1,913 sqft
2021-05-01 44 days 1,987 sqft
2021-06-01 42 days 1,987 sqft
2021-07-01 43 days 1,975 sqft
2021-08-01 38 days 1,932 sqft
2021-09-01 44 days 1,937 sqft
2021-10-01 45 days 1,960 sqft
2021-11-01 51 days 1,963 sqft
2021-12-01 65 days 1,957 sqft
2022-01-01 56 days 1,944 sqft
2022-02-01 33 days 1,935 sqft
2022-03-01 36 days 1,904 sqft
2022-04-01 37 days 1,937 sqft
2022-05-01 30 days 1,938 sqft
2022-06-01 34 days 1,930 sqft
2022-07-01 32 days 1,930 sqft
2022-08-01 48 days 1,930 sqft
2022-09-01 52 days 1,941 sqft
2022-10-01 52 days 1,954 sqft
2022-11-01 60 days 1,941 sqft
2022-12-01 68 days 1,941 sqft
2023-01-01 73 days 1,936 sqft
2023-02-01 68 days 1,939 sqft
2023-03-01 60 days 1,930 sqft
2023-04-01 54 days 1,941 sqft
2023-05-01 50 days 1,949 sqft
2023-06-01 53 days 1,941 sqft
2023-07-01 57 days 1,950 sqft
2023-08-01 63 days 1,951 sqft
2023-09-01 64 days 1,941 sqft
2023-10-01 61 days 1,914 sqft
El Paso's median listing age (time on market) for 2023-10-01 was 61 days. This is 17% longer than the same period one year ago.

El Paso's median square footage for active listings during the 2023-10-01 period was 1,914 sqft. One year prior, the average listing was 1,954 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).