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%.

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).