El Paso FHA Loans

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 116 lenders originated 4,457 FHA loans during 2021. The total origination value was $793,025,000, with an average FHA loan value of $177,928.

    El Paso FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in El Paso averaged 5.31% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

    The average rate for the prior week (2022-05-13) was 5.22% and one month ago for the week of 2022-04-15, the average rate was 5.01%.

    The average rate one year ago was 3.28%.

    For refis of the same type during the week of 2022-05-20, the average rate was 4.79%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the El Paso level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Commerce Home Mortgage, Inc. 583 3.04% $7,970
    Rocky Mountain Mortgage Company 356 3.16% $4,539
    BROKER SOLUTIONS, INC. 230 3.07% $7,444
    CADENCE LENDING GROUP, INC. 226 3.08% $8,047
    First National Bank Texas 201 3.03% $7,525
    MOVEMENT MORTGAGE, LLC 176 3.36% $7,261
    PATRIOT MORTGAGE COMPANY 161 2.98% $9,222
    SUN WEST MORTGAGE COMPANY, INC. 161 3.31% $7,909
    LOANDEPOT.COM, LLC 144 3.36% $7,636
    QUICKEN LOANS, LLC 140 2.69% $5,661
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 110 3.41% $8,145
    CALIBER HOME LOANS, INC. 89 3.00% $6,598
    CMG MORTGAGE, INC. 82 3.30% $9,488
    PLAZA HOME MORTGAGE, INC. 80 2.86% $7,426
    CERTAINTY HOME LOANS, LLC 76 3.39% $7,226
    GUARANTEED RATE, INC. 73 3.04% $9,036
    Lakeview Community Capital, LLC 68 3.22% $4,207
    Mr. Cooper ( Nationstar Mortgage ) 64 3.39% $3,103
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 53 3.41% $8,131
    PENNYMAC LOAN SERVICES, LLC 52 3.34% $4,025
    Town Square Mortgage & Investments, Inc. 50 3.34% $7,406
    FREEDOM MORTGAGE CORPORATION 48 3.07% $4,289
    VILLAGE CAPITAL & INVESTMENT LLC 45 3.10% $2,218
    City Bank 44 2.98% $8,328
    LENDUS, LLC 34 3.28% $8,467
    UNITED WHOLESALE MORTGAGE, LLC 33 2.81% $6,404
    Waterstone Mortgage Corporation 31 3.52% $8,070
    Network Funding, L.P. 30 3.23% $7,204
    LAKEVIEW LOAN SERVICING, LLC 29 3.13% $4,446
    EUSTIS AND AMERICAN MORTGAGE COMPANY 28 2.77% $7,151
    HOME POINT FINANCIAL CORPORATION 26 2.90% $4,946
    AmeriHome Mortgage Company, LLC 24 3.02% $3,979
    ANGEL OAK HOME LOANS LLC 22 3.15% $7,960
    Citizens Bank 20 2.73% $7,740
    MID AMERICA MORTGAGE, INC. 12 2.99% $3,864
    SECURITYNATIONAL MORTGAGE COMPANY 12 3.16% $7,560
    LEGACY MORTGAGE LLC 12 3.24% $8,102
    NEWREZ LLC 12 3.02% $4,907
    MORTGAGE FINANCIAL SERVICES, LLC 12 2.80% $6,946
    SOUTHWEST FUNDING, LP 10 3.85% $10,271
    LOANPAL, LLC 8 2.66% $9,158
    PILGRIM MORTGAGE LLC 7 3.09% $8,567
    OCEANSIDE MORTGAGE COMPANY 7 3.02% $2,090
    STEARNS LENDING, LLC 7 2.98% $7,215
    AMCAP MORTGAGE, LTD. 6 3.77% $7,929
    PLANET HOME LENDING, LLC 6 2.81% $4,584
    First Guaranty Mortgage Corporation 5 2.75% $5,121
    Sunflower Bank 5 3.34% $7,958
    Carrington Mortgage Services, LLC 5 3.50% $5,606
    PANORAMA MORTGAGE GROUP, LLC 5 3.55% $7,660
    Flagstar Bank, FSB 5 3.03% $7,491
    AMERISAVE MORTGAGE CORPORATION 5 3.05% $5,891
    Hometown Equity Mortgage, LLC 5 3.20% $8,110
    S1L, Inc. 5 3.25% $7,587
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 3.83% $7,498
    UNION HOME MORTGAGE CORP. 5 3.13% $9,522
    MANN FINANCIAL INC. 5 3.38% $7,469
    First Federal Bank 4 3.41% $6,050
    Nations Lending Corporation 4 2.84% $8,605
    GUILD MORTGAGE COMPANY 4 2.91% $5,469
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.66% $6,377
    Gateway First Bank 4 3.22% $7,031
    Paramount Residential Mortgage Group, Inc. 3 3.08% $10,762
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 3 3.63% $5,639
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 3.29% $8,103
    Bank of England 3 3.17% $7,881
    NATIONS DIRECT MORTGAGE, LLC 3 3.21% $7,437
    MUTUAL OF OMAHA MORTGAGE, INC. 2 2.75% $7,756
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 3.44% $4,823
    BECKAM FUNDING CORP. 2 3.19% $11,056
    BOKF 2 3.19% $5,859
    Equity Prime Mortgage LLC 2 3.31% $7,792
    GREAT WESTERN FINANCIAL SERVICES, INC. 2 3.13% $6,557
    HOMESIDE FINANCIAL, LLC 2 2.94% $8,539
    InterContinental Capital Group, Inc 2 2.44% $7,962
    JPMorgan Chase Bank 2 3.12% $2,398
    KELLER MORTGAGE, LLC 2 2.75% $7,219
    LIBERTY HOME MORTGAGE CORPORATION 2 2.88% $13,276
    NFM, INC. 2 3.50% $10,233
    UNIVERSITY Federal Credit Union 2 2.38% $6,344
    VAN DYK MORTGAGE CORPORATION 2 3.63% $6,182
    V.I.P. MORTGAGE, INC. 2 3.00% $8,648
    Wells Fargo Bank 2 2.50% $6,737
    ACADEMY MORTGAGE CORPORATION 1 2.75% $10,013
    MORTGAGE 1 INCORPORATED 1 2.75% $7,707
    MEMBER FIRST MORTGAGE, LLC 1 3.00% $6,314
    Low VA Rates, LLC 1 2.50% $4,661
    LOANPEOPLE, LLC 1 3.25% $6,559
    LENDING 3, INC. 1 2.88% $2,660
    LEGEND LENDING CORPORATION 1 2.99% $4,045
    KS StateBank 1 2.50% $9,429
    INTERLINC MORTGAGE SERVICES, LLC 1 4.13% $5,819
    HOMESTEAD FUNDING CORP. 1 2.50% $5,345
    RB MORTGAGE LLC 1 2.50% $7,285
    HANCOCK MORTGAGE PARTNERS, LLC 1 3.00% $7,084
    FLAT BRANCH MORTGAGE, INC. 1 3.13% $8,498
    FINANCE OF AMERICA MORTGAGE LLC 1 2.25% $9,016
    DHI MORTGAGE COMPANY, LTD. 1 3.00% $7,843
    CITYWIDE HOME LOANS, LLC 1 2.99% $8,003
    Citizens Bank of Las Cruces 1 2.88% $7,984
    CHURCHILL MORTGAGE CORPORATION 1 3.25% $6,411
    BBVA USA 1 2.50% $3,658
    SWBC MORTGAGE CORPORATION 1 3.38% $6,989
    The Federal Savings Bank 1 2.75% $7,464
    THRIVE MORTGAGE, LLC 1 3.25% $6,537
    Barrington Bank & Trust Company, N.A. 1 2.75% $5,897
    Bank of America 1 2.38% $16,301
    UNITED MORTGAGE CORP. 1 2.25% $10,038
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $8,697
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 3.00% $10,570
    U.S. Bank 1 2.88% $6,854
    AMERICAN FINANCING CORPORATION 1 3.75% $13,953
    NTFN, INC. 1 3.25% $10,621
    Northpointe Bank 1 2.63% $8,460
    OCMBC, INC. 1 3.38% $7,678
    OPEN MORTGAGE, LLC 1 3.00% $10,165

    The top El Paso FHA lender as defined by loan originations is Commerce Home Mortgage, Inc., with 583 FHA loans originated. Their average total fees are $7,970, which is $3,431 higher than the next largest lender, Rocky Mountain Mortgage Company.

    The lowest fee El Paso FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,218), Mr. Cooper ( Nationstar Mortgage ) ($3,103), MID AMERICA MORTGAGE, INC. ($3,864), AmeriHome Mortgage Company, LLC ($3,979) and PENNYMAC LOAN SERVICES, LLC ($4,025).

    The lowest rate El Paso FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.69%), Citizens Bank (2.73%), EUSTIS AND AMERICAN MORTGAGE COMPANY (2.77%), MORTGAGE FINANCIAL SERVICES, LLC (2.80%) and UNITED WHOLESALE MORTGAGE, LLC (2.81%).

    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

    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 (2.4%) $197,260 (-2.7%) 0.62 3,503
    2018-02-01 $168,450 (2.2%) $196,717 (-3.7%) 0.61 3,535
    2018-03-01 $169,900 (2.4%) $199,118 (-2.7%) 0.59 3,447
    2018-04-01 $172,350 (3.9%) $201,196 (-2.8%) 0.58 3,258
    2018-05-01 $173,475 (3.9%) $201,206 (-3.0%) 0.58 3,210
    2018-06-01 $175,000 (4.2%) $203,874 (-3.9%) 0.58 3,149
    2018-07-01 $177,225 (5.5%) $205,829 (-2.9%) 0.59 3,152
    2018-08-01 $177,638 (6.0%) $204,991 (-3.0%) 0.59 3,058
    2018-09-01 $177,950 (6.0%) $203,850 (-3.2%) 0.60 3,076
    2018-10-01 $177,450 (5.7%) $202,899 (-2.8%) 0.59 3,185
    2018-11-01 $178,995 (6.4%) $204,032 (-2.9%) 0.60 3,144
    2018-12-01 $179,950 (6.8%) $206,944 (4.6%) 0.62 2,967
    2019-01-01 $183,925 (9.5%) $208,920 (5.9%) 0.63 2,807
    2019-02-01 $184,975 (9.8%) $210,295 (6.9%) 0.62 2,804
    2019-03-01 $187,121 (10.1%) $214,203 (7.6%) 0.61 2,695
    2019-04-01 $189,950 (10.2%) $218,759 (8.7%) 0.60 2,629
    2019-05-01 $191,595 (10.5%) $221,919 (10.3%) 0.59 2,625
    2019-06-01 $192,000 (9.7%) $222,416 (9.1%) 0.59 2,590
    2019-07-01 $191,750 (8.2%) $222,320 (8.0%) 0.60 2,642
    2019-08-01 $192,907 (8.6%) $223,713 (9.1%) 0.61 2,565
    2019-09-01 $193,132 (8.5%) $225,049 (10.4%) 0.61 2,482
    2019-10-01 $191,710 (8.0%) $227,251 (12.0%) 0.61 2,556
    2019-11-01 $196,950 (10.0%) $229,385 (12.4%) 0.64 2,570
    2019-12-01 $193,475 (7.5%) $226,538 (9.5%) 0.65 2,433
    2020-01-01 $192,950 (4.9%) $227,082 (8.7%) 0.64 2,375
    2020-02-01 $192,950 (4.3%) $227,124 (8.0%) 0.62 2,406
    2020-03-01 $195,975 (4.7%) $230,153 (7.5%) 0.61 2,304
    2020-04-01 $194,100 (2.2%) $227,790 (4.1%) 0.60 2,250
    2020-05-01 $202,950 (5.9%) $234,070 (5.5%) 0.62 1,933
    2020-06-01 $211,725 (10.3%) $243,994 (9.7%) 0.62 1,593
    2020-07-01 $217,725 (13.6%) $245,874 (10.6%) 0.62 1,444
    2020-08-01 $216,950 (12.5%) $249,052 (11.3%) 0.62 1,464
    2020-09-01 $216,200 (11.9%) $251,775 (11.9%) 0.62 1,403
    2020-10-01 $226,750 (18.3%) $257,150 (13.2%) 0.65 1,392
    2020-11-01 $233,390 (18.5%) $263,571 (14.9%) 0.67 1,323
    2020-12-01 $229,285 (18.5%) $263,193 (16.2%) 0.67 1,345
    2021-01-01 $229,999 (19.2%) $267,420 (17.8%) 0.68 1,245
    2021-02-01 $230,225 (19.3%) $270,629 (19.2%) 0.66 1,169
    2021-03-01 $234,975 (19.9%) $268,358 (16.6%) 0.66 1,132
    2021-04-01 $238,273 (22.8%) $269,501 (18.3%) 0.64 1,051
    2021-05-01 $245,000 (20.7%) $279,199 (19.3%) 0.64 1,006
    2021-06-01 $249,925 (18.0%) $288,031 (18.1%) 0.65 1,001
    2021-07-01 $249,500 (14.6%) $285,963 (16.3%) 0.65 1,033
    2021-08-01 $247,950 (14.3%) $285,442 (14.6%) 0.65 1,104
    2021-09-01 $247,950 (14.7%) $286,297 (13.7%) 0.65 1,076
    2021-10-01 $251,950 (11.1%) $293,070 (14.0%) 0.66 1,149
    2021-11-01 $253,850 (8.8%) $293,427 (11.3%) 0.67 1,091
    2021-12-01 $257,475 (12.3%) $301,282 (14.5%) 0.69 1,015
    2022-01-01 $261,450 (13.7%) $308,047 (15.2%) 0.70 913
    2022-02-01 $266,635 (15.8%) $310,000 (14.6%) 0.68 877
    2022-03-01 $274,475 (16.8%) $318,803 (18.8%) 0.68 859
    2022-04-01 $279,950 (17.5%) $321,101 (19.2%) 0.66 914
    El Paso's median listing price for 2022-04-01 was $279,950, a difference of $41,677 (17.5%) versus the prior year and $5,475 versus the prior month.

    El Paso's median listing price comes in at 66% of the national average.

    El Paso's average listing price for 2022-04-01 was $321,101, a difference of $51,600 (19.2%) versus the prior year and $2,298 versus the prior month.

    For the 2022-04-01 period, El Paso had 914 MLS listings, a difference of 55 listings (6%) versus the prior month and -137 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. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 105 days 1,790 sqft
    2018-02-01 109 days 1,792 sqft
    2018-03-01 102 days 1,800 sqft
    2018-04-01 89 days 1,820 sqft
    2018-05-01 89 days 1,820 sqft
    2018-06-01 90 days 1,840 sqft
    2018-07-01 88 days 1,844 sqft
    2018-08-01 82 days 1,856 sqft
    2018-09-01 78 days 1,856 sqft
    2018-10-01 76 days 1,854 sqft
    2018-11-01 79 days 1,854 sqft
    2018-12-01 82 days 1,843 sqft
    2019-01-01 89 days 1,840 sqft
    2019-02-01 83 days 1,842 sqft
    2019-03-01 74 days 1,866 sqft
    2019-04-01 72 days 1,888 sqft
    2019-05-01 68 days 1,901 sqft
    2019-06-01 66 days 1,911 sqft
    2019-07-01 61 days 1,900 sqft
    2019-08-01 64 days 1,914 sqft
    2019-09-01 67 days 1,914 sqft
    2019-10-01 66 days 1,905 sqft
    2019-11-01 70 days 1,913 sqft
    2019-12-01 78 days 1,892 sqft
    2020-01-01 81 days 1,883 sqft
    2020-02-01 70 days 1,866 sqft
    2020-03-01 66 days 1,880 sqft
    2020-04-01 74 days 1,850 sqft
    2020-05-01 85 days 1,885 sqft
    2020-06-01 77 days 1,903 sqft
    2020-07-01 66 days 1,942 sqft
    2020-08-01 57 days 1,946 sqft
    2020-09-01 46 days 1,909 sqft
    2020-10-01 53 days 1,943 sqft
    2020-11-01 64 days 1,976 sqft
    2020-12-01 65 days 1,954 sqft
    2021-01-01 64 days 1,954 sqft
    2021-02-01 54 days 1,915 sqft
    2021-03-01 51 days 1,925 sqft
    2021-04-01 56 days 1,923 sqft
    2021-05-01 45 days 1,987 sqft
    2021-06-01 43 days 1,993 sqft
    2021-07-01 44 days 1,982 sqft
    2021-08-01 38 days 1,933 sqft
    2021-09-01 43 days 1,939 sqft
    2021-10-01 45 days 1,965 sqft
    2021-11-01 52 days 1,971 sqft
    2021-12-01 64 days 1,962 sqft
    2022-01-01 57 days 1,946 sqft
    2022-02-01 35 days 1,935 sqft
    2022-03-01 38 days 1,900 sqft
    2022-04-01 38 days 1,941 sqft
    El Paso's median listing age (time on market) for 2022-04-01 was 38 days. This is -32% shorter than the same period one year ago.

    El Paso's median square footage for active listings during the 2022-04-01 period was 1,941 sqft. One year prior, the average listing was 1,923 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).