El Paso FHA Loans
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 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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.