Fredericksburg FHA Loan Rates, Closing Costs & Stats

Fredericksburg, 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.

    Fredericksburg's 13 lenders originated 21 FHA loans during 2023. The total origination value was $7,065,000, with an average FHA loan value of $336,429.

    Fredericksburg FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fredericksburg averaged 7.02% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Fredericksburg's average FHA mortgage closing costs are $10,286.

    The average rate for the prior week (2024-04-12) was 7.01% and one month ago for the week of 2024-03-15, the average rate was 6.87%.

    The average rate one year ago was 6.5%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Fredericksburg 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 Fredericksburg level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 3 6.58% $15,184
    V.I.P. MORTGAGE, INC. 2 6.13% $13,362
    CALCON MUTUAL MORTGAGE LLC 1 5.75% $18,543
    CORNERSTONE HOME LENDING, INC. 1 6.25% $20,047
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 5.50% $11,315
    LOANPEOPLE, LLC 1 7.63% $20,136
    ACADEMY MORTGAGE CORPORATION 1 5.88% $16,982
    Prosperity Home Mortgage, LLC 1 5.88% $15,965
    SWBC MORTGAGE CORPORATION 1 6.25% $17,890
    THRIVE MORTGAGE, LLC 1 7.13% $22,177
    UNITED WHOLESALE MORTGAGE, LLC 1 8.12% $12,442
    NEWREZ LLC 1 6.63% $11,784
    AMCAP MORTGAGE, LTD. 1 7.38% $11,331

    The top Fredericksburg FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 3 FHA loans originated. Their average total fees are $15,184, which is $1,822 higher than the next largest lender, V.I.P. MORTGAGE, INC..

    The lowest fee Fredericksburg FHA lenders (with over 10 loans originated) are .

    The lowest rate Fredericksburg FHA lenders (with over 10 loans originated) are .

    Fredericksburg FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    FREDERICKSBURG, TX GILLESPIE 2022 $420,680 $538,650 $651,050 $809,150
    FREDERICKSBURG, TX GILLESPIE 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Fredericksburg (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 $499,600 (-9.0%) $761,638 (-11.0%) 0.00 231
    2018-02-01 $499,700 (-9.9%) $761,461 (-11.6%) 0.00 234
    2018-03-01 $499,000 (-10.8%) $732,758 (-15.4%) 0.00 254
    2018-04-01 $499,400 (-13.0%) $751,109 (-11.8%) 0.00 260
    2018-05-01 $495,000 (-13.2%) $740,380 (-14.6%) 0.00 268
    2018-06-01 $502,000 (-12.6%) $734,462 (-7.7%) 0.00 264
    2018-07-01 $506,000 (-14.1%) $746,373 (-5.9%) 0.00 257
    2018-08-01 $531,750 (-3.3%) $767,410 (1.3%) 0.00 254
    2018-09-01 $545,000 (3.8%) $788,414 (1.9%) 0.00 253
    2018-10-01 $549,000 (0.0%) $782,365 (0.5%) 0.00 249
    2018-11-01 $534,213 (1.6%) $779,484 (2.8%) 0.00 243
    2018-12-01 $517,000 (-5.8%) $794,994 (4.8%) 0.00 238
    2019-01-01 $530,138 (6.1%) $802,674 (5.4%) 0.00 219
    2019-02-01 $525,000 (5.1%) $776,257 (1.9%) 0.00 219
    2019-03-01 $543,586 (8.9%) $798,712 (9.0%) 0.00 219
    2019-04-01 $549,850 (10.1%) $808,191 (7.6%) 0.00 223
    2019-05-01 $590,000 (19.2%) $826,468 (11.6%) 0.00 229
    2019-06-01 $550,000 (9.6%) $804,614 (9.6%) 0.00 232
    2019-07-01 $529,000 (4.6%) $769,409 (3.1%) 0.00 229
    2019-08-01 $514,155 (-3.3%) $759,142 (-1.1%) 0.00 245
    2019-09-01 $506,136 (-7.1%) $774,752 (-1.7%) 0.00 258
    2019-10-01 $513,341 (-6.5%) $787,318 (0.6%) 0.00 265
    2019-11-01 $504,750 (-5.5%) $772,815 (-0.9%) 0.00 260
    2019-12-01 $504,500 (-2.4%) $837,551 (5.4%) 0.00 244
    2020-01-01 $501,750 (-5.4%) $785,556 (-2.1%) 0.00 211
    2020-02-01 $571,750 (8.9%) $868,750 (11.9%) 0.00 210
    2020-03-01 $603,833 (11.1%) $927,079 (16.1%) 0.00 212
    2020-04-01 $598,500 (8.9%) $908,325 (12.4%) 0.00 238
    2020-05-01 $599,450 (1.6%) $902,327 (9.2%) 0.00 236
    2020-06-01 $604,925 (10.0%) $905,313 (12.5%) 0.00 231
    2020-07-01 $647,500 (22.4%) $931,729 (21.1%) 0.00 204
    2020-08-01 $649,000 (26.2%) $901,172 (18.7%) 0.00 189
    2020-09-01 $646,500 (27.7%) $889,912 (14.9%) 0.00 174
    2020-10-01 $680,000 (32.5%) $1,009,077 (28.2%) 0.00 162
    2020-11-01 $686,000 (35.9%) $1,018,324 (31.8%) 0.00 153
    2020-12-01 $733,625 (45.4%) $1,132,428 (35.2%) 0.00 128
    2021-01-01 $750,000 (49.5%) $1,151,385 (46.6%) 0.00 99
    2021-02-01 $845,875 (47.9%) $1,211,104 (39.4%) 0.00 87
    2021-03-01 $833,725 (38.1%) $1,144,779 (23.5%) 0.00 84
    2021-04-01 $905,750 (51.3%) $1,316,591 (45.0%) 0.00 64
    2021-05-01 $888,000 (48.1%) $1,282,568 (42.1%) 0.00 61
    2021-06-01 $863,000 (42.7%) $1,375,589 (52.0%) 0.00 75
    2021-07-01 $799,500 (23.5%) $1,202,409 (29.1%) 0.00 101
    2021-08-01 $787,000 (21.3%) $1,301,870 (44.5%) 0.00 100
    2021-09-01 $797,250 (23.3%) $1,326,066 (49.0%) 0.00 117
    2021-10-01 $849,500 (24.9%) $1,339,678 (32.8%) 0.00 110
    2021-11-01 $899,000 (31.1%) $1,461,234 (43.5%) 0.00 93
    2021-12-01 $918,425 (25.2%) $1,444,942 (27.6%) 0.00 90
    2022-01-01 $989,000 (31.9%) $1,518,246 (31.9%) 0.00 79
    2022-02-01 $1,068,625 (26.3%) $1,576,226 (30.2%) 0.00 71
    2022-03-01 $1,195,000 (43.3%) $1,683,610 (47.1%) 0.00 70
    2022-04-01 $1,187,500 (31.1%) $1,703,274 (29.4%) 0.00 75
    2022-05-01 $934,500 (5.2%) $1,471,508 (14.7%) 0.00 101
    2022-06-01 $881,000 (2.1%) $1,375,632 (0.0%) 0.00 130
    2022-07-01 $775,000 (-3.1%) $1,189,636 (-1.1%) 0.00 148
    2022-08-01 $754,375 (-4.2%) $1,191,125 (-8.5%) 0.00 164
    2022-09-01 $743,125 (-6.8%) $1,155,068 (-12.9%) 0.00 165
    2022-10-01 $722,250 (-15.0%) $1,146,411 (-14.4%) 0.00 178
    2022-11-01 $704,350 (-21.7%) $1,213,636 (-16.9%) 0.00 183
    2022-12-01 $698,500 (-24.0%) $1,268,821 (-12.2%) 0.00 185
    2023-01-01 $697,000 (-29.5%) $1,283,674 (-15.5%) 0.00 185
    2023-02-01 $782,500 (-26.8%) $1,309,472 (-16.9%) 0.00 197
    2023-03-01 $774,500 (-35.2%) $1,301,552 (-22.7%) 0.00 223
    2023-04-01 $799,000 (-32.7%) $1,291,638 (-24.2%) 0.00 237
    2023-05-01 $829,800 (-11.2%) $1,341,563 (-8.8%) 0.00 250
    2023-06-01 $824,775 (-6.4%) $1,355,676 (-1.5%) 0.00 258
    2023-07-01 $798,500 (3.0%) $1,350,208 (13.5%) 0.00 269
    2023-08-01 $782,000 (3.7%) $1,292,149 (8.5%) 0.00 278
    2023-09-01 $787,500 (6.0%) $1,249,058 (8.1%) 0.00 303
    2023-10-01 $799,000 (10.6%) $1,277,577 (11.4%) 0.00 303
    2023-11-01 $798,000 (13.3%) $1,248,785 (2.9%) 0.00 314
    2023-12-01 $799,000 (14.4%) $1,223,084 (-3.6%) 0.00 289
    2024-01-01 $797,000 (14.4%) $1,277,468 (-0.5%) 0.00 256
    2024-02-01 $796,000 (1.7%) $1,291,688 (-1.4%) 0.00 275
    2024-03-01 $825,000 (6.5%) $1,305,155 (0.3%) 0.00 286
    Fredericksburg's median listing price for 2024-03-01 was $825,000, a difference of $50,500 (6.5%) versus the prior year and $29,000 versus the prior month.

    Fredericksburg's median listing price comes in at 0% of the national average.

    Fredericksburg's average listing price for 2024-03-01 was $1,305,155, a difference of $3,603 (0.3%) versus the prior year and $13,467 versus the prior month.

    For the 2024-03-01 period, Fredericksburg had 286 MLS listings, a difference of 11 listings (4%) versus the prior month and 63 listings (28%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Fredericksburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,238 sqft
    2018-02-01 0 days 2,245 sqft
    2018-03-01 0 days 2,229 sqft
    2018-04-01 0 days 2,324 sqft
    2018-05-01 0 days 2,319 sqft
    2018-06-01 0 days 2,318 sqft
    2018-07-01 0 days 2,334 sqft
    2018-08-01 0 days 2,313 sqft
    2018-09-01 0 days 2,335 sqft
    2018-10-01 0 days 2,279 sqft
    2018-11-01 0 days 2,255 sqft
    2018-12-01 0 days 2,227 sqft
    2019-01-01 0 days 2,191 sqft
    2019-02-01 0 days 2,145 sqft
    2019-03-01 0 days 2,118 sqft
    2019-04-01 0 days 2,038 sqft
    2019-05-01 0 days 2,032 sqft
    2019-06-01 0 days 2,001 sqft
    2019-07-01 0 days 1,943 sqft
    2019-08-01 0 days 1,938 sqft
    2019-09-01 0 days 1,949 sqft
    2019-10-01 0 days 1,958 sqft
    2019-11-01 0 days 1,972 sqft
    2019-12-01 0 days 2,025 sqft
    2020-01-01 0 days 2,033 sqft
    2020-02-01 0 days 2,143 sqft
    2020-03-01 0 days 2,220 sqft
    2020-04-01 0 days 2,221 sqft
    2020-05-01 0 days 2,246 sqft
    2020-06-01 0 days 2,245 sqft
    2020-07-01 0 days 2,260 sqft
    2020-08-01 0 days 2,317 sqft
    2020-09-01 0 days 2,243 sqft
    2020-10-01 0 days 2,231 sqft
    2020-11-01 0 days 2,216 sqft
    2020-12-01 0 days 2,470 sqft
    2021-01-01 0 days 2,484 sqft
    2021-02-01 0 days 2,560 sqft
    2021-03-01 0 days 2,711 sqft
    2021-04-01 0 days 2,800 sqft
    2021-05-01 0 days 2,619 sqft
    2021-06-01 0 days 2,287 sqft
    2021-07-01 0 days 2,175 sqft
    2021-08-01 0 days 2,089 sqft
    2021-09-01 0 days 2,119 sqft
    2021-10-01 0 days 2,192 sqft
    2021-11-01 0 days 2,327 sqft
    2021-12-01 0 days 2,354 sqft
    2022-01-01 0 days 2,400 sqft
    2022-02-01 0 days 2,633 sqft
    2022-03-01 0 days 2,639 sqft
    2022-04-01 0 days 2,722 sqft
    2022-05-01 0 days 2,074 sqft
    2022-06-01 0 days 2,024 sqft
    2022-07-01 0 days 1,976 sqft
    2022-08-01 0 days 1,980 sqft
    2022-09-01 0 days 2,000 sqft
    2022-10-01 0 days 2,001 sqft
    2022-11-01 0 days 2,036 sqft
    2022-12-01 0 days 2,019 sqft
    2023-01-01 0 days 2,025 sqft
    2023-02-01 0 days 2,058 sqft
    2023-03-01 0 days 2,053 sqft
    2023-04-01 0 days 2,082 sqft
    2023-05-01 0 days 2,156 sqft
    2023-06-01 0 days 2,188 sqft
    2023-07-01 0 days 2,183 sqft
    2023-08-01 0 days 2,195 sqft
    2023-09-01 0 days 2,208 sqft
    2023-10-01 0 days 2,202 sqft
    2023-11-01 0 days 2,188 sqft
    2023-12-01 0 days 2,174 sqft
    2024-01-01 0 days 2,120 sqft
    2024-02-01 0 days 2,138 sqft
    2024-03-01 0 days 2,136 sqft
    Fredericksburg's median listing age (time on market) for 2024-03-01 was 0 days.

    Fredericksburg's median square footage for active listings during the 2024-03-01 period was 2,136 sqft. One year prior, the average listing was 2,053 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).