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 116 lenders originated 2,496 FHA loans during 2023. The total origination value was $594,510,000, with an average FHA loan value of $238,185.
El Paso FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in El Paso
averaged
6.18%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
El Paso's average FHA mortgage closing costs are $7,380.
The average rate for the prior week (2024-10-04) was
5.8% and
one month ago for the week of 2024-09-06, the
average rate was 5.83%.
The average rate one year ago was 7.25%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.1%.
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.
The top El Paso FHA lender as defined by loan originations is Commerce Home Mortgage, Inc., with
240 FHA loans originated. Their average total fees are
$10,354, which is $1,648
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee El Paso FHA lenders (with over 10 loans originated) are
Rocky Mountain Mortgage Company ($7,147), Nations Lending Corporation ($8,374), Town Square Mortgage & Investments, Inc. ($8,594), EUSTIS AND AMERICAN MORTGAGE COMPANY ($8,602) and GUARANTEED RATE, INC. ($9,144).
The lowest rate El Paso FHA lenders (with over 10 loans originated) are
PATRIOT MORTGAGE COMPANY (5.92%), GUARANTEED RATE, INC. (6.13%), Sunflower Bank (6.22%), First Option Mortgage, LLC (6.25%) and Nations Lending Corporation (6.26%).
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. LouisDate | 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 (-3.7%) | 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%) | 0.62 | 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 | 2,620 |
2019-05-01 | $191,475 (10.4%) | $221,680 (10.2%) | 0.60 | 2,621 |
2019-06-01 | $191,950 (9.7%) | $222,335 (9.4%) | 0.60 | 2,597 |
2019-07-01 | $191,450 (8.5%) | $222,094 (8.1%) | 0.60 | 2,654 |
2019-08-01 | $191,727 (8.2%) | $223,539 (9.5%) | 0.61 | 2,638 |
2019-09-01 | $190,755 (7.5%) | $224,757 (10.3%) | 0.61 | 2,611 |
2019-10-01 | $190,583 (7.7%) | $226,490 (11.7%) | 0.61 | 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 (5.4%) | 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 | $253,588 (9.3%) | $293,015 (11.7%) | 0.68 | 1,104 |
2021-12-01 | $255,950 (12.2%) | $300,425 (14.7%) | 0.69 | 1,022 |
2022-01-01 | $261,500 (13.7%) | $306,624 (14.7%) | 0.71 | 911 |
2022-02-01 | $267,656 (16.1%) | $310,205 (15.1%) | 0.70 | 881 |
2022-03-01 | $275,000 (17.0%) | $317,585 (18.8%) | 0.69 | 870 |
2022-04-01 | $280,000 (17.8%) | $320,751 (19.3%) | 0.67 | 931 |
2022-05-01 | $282,600 (15.4%) | $329,216 (18.6%) | 0.65 | 1,014 |
2022-06-01 | $281,600 (13.1%) | $332,242 (15.5%) | 0.63 | 1,171 |
2022-07-01 | $284,950 (14.0%) | $333,165 (16.8%) | 0.64 | 1,498 |
2022-08-01 | $285,475 (15.1%) | $329,146 (15.5%) | 0.66 | 1,538 |
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 | $290,975 (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 | $293,475 (12.2%) | $333,079 (8.6%) | 0.73 | 1,877 |
2023-02-01 | $296,975 (11.0%) | $336,712 (8.5%) | 0.72 | 1,829 |
2023-03-01 | $298,938 (8.7%) | $342,437 (7.8%) | 0.71 | 1,822 |
2023-04-01 | $300,030 (7.2%) | $350,990 (9.4%) | 0.70 | 1,666 |
2023-05-01 | $310,000 (9.7%) | $355,655 (8.0%) | 0.70 | 1,741 |
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 |
2023-11-01 | $294,213 (1.1%) | $345,927 (5.2%) | 0.70 | 2,501 |
2023-12-01 | $295,000 (1.3%) | $344,035 (4.5%) | 0.72 | 2,330 |
2024-01-01 | $295,000 (0.5%) | $339,830 (2.0%) | 0.72 | 2,303 |
2024-02-01 | $298,570 (0.5%) | $340,766 (1.2%) | 0.72 | 2,435 |
2024-03-01 | $299,500 (0.2%) | $345,633 (0.9%) | 0.70 | 2,449 |
2024-04-01 | $300,125 (0.0%) | $350,940 (0.0%) | 0.70 | 2,462 |
2024-05-01 | $302,285 (-2.5%) | $352,246 (-1.0%) | 0.68 | 2,542 |
2024-06-01 | $300,000 (-1.3%) | $355,004 (0.7%) | 0.67 | 2,638 |
2024-07-01 | $299,995 (-1.6%) | $351,920 (-0.1%) | 0.69 | 2,604 |
2024-08-01 | $299,995 (-0.3%) | $351,649 (-0.3%) | 0.70 | 2,552 |
2024-09-01 | $298,125 (-0.5%) | $349,048 (-0.9%) | 0.70 | 2,555 |
El Paso's median listing price comes in at 70% of the national average.
El Paso's average listing price for 2024-09-01 was $349,048, a difference of $-3,127 (-0.9%) versus the prior year and $-2,601 versus the prior month.
For the 2024-09-01 period, El Paso had 2,555 MLS listings, a difference of 3 listings (0%) versus the prior month and 302 listings (13%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - El Paso (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 97 days | 1,800 sqft |
2018-02-01 | 100 days | 1,800 sqft |
2018-03-01 | 86 days | 1,803 sqft |
2018-04-01 | 79 days | 1,823 sqft |
2018-05-01 | 80 days | 1,823 sqft |
2018-06-01 | 80 days | 1,843 sqft |
2018-07-01 | 78 days | 1,846 sqft |
2018-08-01 | 71 days | 1,859 sqft |
2018-09-01 | 71 days | 1,859 sqft |
2018-10-01 | 66 days | 1,856 sqft |
2018-11-01 | 70 days | 1,855 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 | 67 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 | 65 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 | 52 days | 1,964 sqft |
2021-12-01 | 65 days | 1,959 sqft |
2022-01-01 | 55 days | 1,945 sqft |
2022-02-01 | 33 days | 1,936 sqft |
2022-03-01 | 36 days | 1,910 sqft |
2022-04-01 | 37 days | 1,938 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 | 1,933 sqft |
2023-02-01 | 67 days | 1,935 sqft |
2023-03-01 | 60 days | 1,930 sqft |
2023-04-01 | 54 days | 1,941 sqft |
2023-05-01 | 50 days | 1,950 sqft |
2023-06-01 | 53 days | 1,941 sqft |
2023-07-01 | 57 days | 1,951 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 |
2023-11-01 | 65 days | 1,899 sqft |
2023-12-01 | 74 days | 1,894 sqft |
2024-01-01 | 76 days | 1,878 sqft |
2024-02-01 | 67 days | 1,884 sqft |
2024-03-01 | 58 days | 1,898 sqft |
2024-04-01 | 57 days | 1,894 sqft |
2024-05-01 | 53 days | 1,876 sqft |
2024-06-01 | 58 days | 1,876 sqft |
2024-07-01 | 66 days | 1,876 sqft |
2024-08-01 | 71 days | 1,873 sqft |
2024-09-01 | 69 days | 1,873 sqft |
El Paso's median square footage for active listings during the 2024-09-01 period was 1,873 sqft. One year prior, the average listing was 1,941 sqft.