El Paso FHA Loan Rates, Closing Costs & Stats

EL PASO, 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.

    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).