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 105 lenders originated 2,911 FHA loans during 2024. The total origination value was $788,535,000, with an average FHA loan value of $270,881.

    El Paso FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in El Paso averaged 0.14% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    El Paso's average FHA mortgage closing costs are $7,938.

    The average rate for the prior week (2025-06-13) was 6.42% and one month ago for the week of 2025-05-16, the average rate was 6.68%.

    The average rate one year ago was 6.83%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.26%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Commerce Home Mortgage, Inc. 332 6.42% $12,212
    UNITED WHOLESALE MORTGAGE, LLC 246 6.15% $12,453
    Rocky Mountain Mortgage Company 215 5.91% $6,874
    CMG MORTGAGE, INC. 178 6.27% $13,221
    First National Bank Texas 171 6.14% $9,834
    PATRIOT MORTGAGE COMPANY 154 5.71% $12,388
    CADENCE LENDING GROUP, INC. 147 6.20% $14,426
    LOANPEOPLE, LLC 146 6.58% $14,362
    MOVEMENT MORTGAGE, LLC 90 6.46% $12,348
    AMERICAN PACIFIC MORTGAGE CORPORATION 77 6.19% $14,224
    CROSSCOUNTRY MORTGAGE, LLC 76 5.38% $13,059
    CARDINAL FINANCIAL 60 6.33% $14,271
    QUICKEN LOANS, LLC 60 6.31% $12,640
    Sunflower Bank 59 5.99% $13,258
    SECURITYNATIONAL MORTGAGE COMPANY 45 6.78% $11,363
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 43 6.70% $9,307
    BROKER SOLUTIONS, INC. 41 7.00% $11,057
    THE MORTGAGE LINK, INC. 41 6.67% $16,095
    Flagstar Bank, FSB 41 6.58% $8,888
    GUILD MORTGAGE COMPANY 31 6.85% $8,513
    Century Mortgage Company DBA Century Lending Company 29 6.29% $11,104
    Plains Commerce Bank 24 6.43% $11,709
    FREEDOM MORTGAGE CORPORATION 21 6.33% $8,709
    MORTGAGE FINANCIAL SERVICES, LLC 20 6.58% $10,665
    EUSTIS AND AMERICAN MORTGAGE COMPANY 19 6.45% $8,534
    City Bank 17 6.35% $13,300
    WILLOW BEND MORTGAGE COMPANY, LLC 15 6.43% $11,698
    Sierra Pacific Mortgage Company, Inc. 14 6.10% $14,558
    SOUTHWEST FUNDING, LP 14 7.18% $9,600
    GENEVA FINANCIAL, LLC 14 6.64% $12,708
    Equity Prime Mortgage LLC 14 6.80% $10,191
    SUMMIT FUNDING, INC. 14 6.76% $11,266
    Waterstone Mortgage Corporation 14 6.94% $12,267
    First Option Mortgage, LLC 12 6.46% $12,869
    Paramount Residential Mortgage Group, Inc. 11 6.62% $11,593
    SUN WEST MORTGAGE COMPANY, INC. 10 6.59% $11,712
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.78% $10,801
    CANOPY MORTGAGE, LLC 9 6.15% $16,625
    VILLAGE CAPITAL MORTGAGE 8 6.45% $5,613
    AmeriHome Mortgage Company, LLC 8 6.53% $7,010
    PLAZA HOME MORTGAGE, INC. 8 6.38% $10,681
    PLANET HOME LENDING, LLC 8 6.22% $6,208
    DIRECTIONS EQUITY, LLC 7 5.93% $8,302
    MID AMERICA MORTGAGE, INC. 7 7.32% $5,348
    PENNYMAC LOAN SERVICES, LLC 7 5.75% $9,681
    SeaTrust Mortgage Company 7 6.73% $10,024
    AMERICAN FINANCIAL NETWORK, INC. 7 7.30% $13,425
    LOANDEPOT.COM, LLC 6 6.90% $12,077
    GUARANTEED RATE, INC. 6 6.54% $10,088
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 6.73% $9,959
    NEWREZ LLC 5 6.12% $9,970
    CASTLE & COOKE MORTGAGE, LLC 5 6.12% $12,739
    Mortgage Research Center, LLC 5 6.58% $9,797
    Network Funding, L.P. 5 6.70% $13,654
    UNION HOME MORTGAGE CORP. 5 6.55% $15,180
    The Loan Store, Inc. 4 6.34% $9,508
    US MORTGAGE CORPORATION 4 6.81% $10,301
    TOWNE MORTGAGE COMPANY 4 6.34% $6,742
    CITY FIRST MORTGAGE SERVICES, L.L.C. 3 6.46% $9,462
    V.I.P. MORTGAGE, INC. 3 6.25% $10,443
    OCMBC, INC. 3 6.54% $15,297
    Princeton Mortgage Corporation 3 6.46% $11,995
    FirstLight Federal Credit Union 2 5.63% $6,911
    EVERETT FINANCIAL, INC. 2 6.75% $11,774
    American National Bank & Trust 2 6.31% $8,169
    Lakeview Community Capital, LLC 2 6.69% $7,619
    Citizens Bank of Las Cruces 2 5.81% $16,102
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.25% $7,963
    CALCON MUTUAL MORTGAGE LLC 2 7.69% $12,730
    BOKF 2 6.88% $11,564
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.00% $10,190
    GARDNER FINANCIAL SERVICES, LTD. 2 7.81% $10,926
    NBKC BANK 2 5.75% $9,188
    S1L, Inc. 1 5.75% $11,711
    Encompass Lending Group, LP 1 6.75% $9,574
    Strong Home Mortgage, LLC 1 5.75% $9,367
    Carrington Mortgage Services, LLC 1 6.13% $15,206
    SWBC MORTGAGE CORPORATION 1 7.00% $9,364
    BM Real Estate Services, Inc. 1 7.00% $12,229
    Town Square Mortgage & Investments, Inc. 1 7.13% $7,083
    ZILLOW HOME LOANS, LLC 1 6.13% $7,765
    BETTER MORTGAGE CORPORATION 1 6.38% $8,231
    U.S. Bank 1 6.63% $9,467
    BAY EQUITY LLC 1 7.63% $12,877
    Loan Simple, Inc. 1 6.50% $11,276
    LOANPAL, LLC 1 4.99% $22,023
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $8,714
    MLB RESIDENTIAL LENDING, LLC 1 8.25% $9,230
    AXIA FINANCIAL, LLC 1 6.75% $15,655
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $22,359
    Mr. Cooper ( Nationstar Mortgage ) 1 6.63% $9,081
    NATIONS RELIABLE LENDING, LLC 1 7.13% $10,671
    NBH Bank 1 7.63% $8,902
    JPMorgan Chase Bank 1 7.25% $7,738
    NFM, INC. 1 7.38% $9,540
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 7.25% $7,573
    OPEN MORTGAGE, LLC 1 7.38% $11,451
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.63% $8,707
    Ixonia Bank 1 7.13% $14,387
    INTERLINC MORTGAGE SERVICES, LLC 1 6.50% $7,127
    INTELLILOAN, INC. 1 6.88% $7,591
    HOMEXPRESS MORTGAGE CORP. 1 6.99% $7,955
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.38% $13,182
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $8,862
    RB MORTGAGE LLC 1 5.50% $13,127

    The top El Paso FHA lender as defined by loan originations is Commerce Home Mortgage, Inc., with 332 FHA loans originated. Their average total fees are $12,212, which is $241 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 ($6,874), GUILD MORTGAGE COMPANY ($8,513), EUSTIS AND AMERICAN MORTGAGE COMPANY ($8,534), FREEDOM MORTGAGE CORPORATION ($8,709) and Flagstar Bank, FSB ($8,888).

    The lowest rate El Paso FHA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC (5.38%), PATRIOT MORTGAGE COMPANY (5.71%), Rocky Mountain Mortgage Company (5.91%), Sunflower Bank (5.99%) and Sierra Pacific Mortgage Company, Inc. (6.10%).

    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

    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).