Fredericksburg FHA Loan Rates, Closing Costs & Stats

Fredericksburg, 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.

Fredericksburg's 12 lenders originated 19 FHA loans during 2021. The total origination value was $4,365,000, with an average FHA loan value of $229,737.

Fredericksburg FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Fredericksburg averaged 6.66% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Fredericksburg's average FHA mortgage closing costs are $8,518.

The average rate for the prior week (2022-11-25) was 6.68% and one month ago for the week of 2022-10-28, the average rate was 6.92%.

The average rate one year ago was 3.65%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.17%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.25% $10,188
QUICKEN LOANS, LLC 2 2.87% $4,368
HOMESIDE FINANCIAL, LLC 1 3.25% $7,050
InterContinental Capital Group, Inc 1 2.38% $6,594
LAKEVIEW LOAN SERVICING, LLC 1 3.25% $4,524
Nations Lending Corporation 1 3.75% $9,120
SOUTHWEST FUNDING, LP 1 3.13% $12,468
SWBC MORTGAGE CORPORATION 1 3.13% $10,817
T2 FINANCIAL LLC 1 4.13% $10,407
AMCAP MORTGAGE, LTD. 1 3.50% $10,893
THE MORTGAGE FIRM, INC. 1 3.63% $12,315
AMERICAN FINANCIAL NETWORK, INC. 1 3.13% $16,748

The top Fredericksburg FHA lender as defined by loan originations is CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP, with 2 FHA loans originated. Their average total fees are $10,188, which is $5,820 higher than the next largest lender, QUICKEN LOANS, LLC.

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

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 $499,500 (-7.8%) $758,442 (-11.7%) 0.00 232
2018-02-01 $499,250 (-9.9%) $758,272 (-12.6%) 0.00 235
2018-03-01 $498,900 (-10.3%) $731,556 (-15.6%) 0.00 255
2018-04-01 $499,250 (-12.3%) $749,585 (-12.6%) 0.00 260
2018-05-01 $495,000 (-12.8%) $738,762 (-15.3%) 0.00 268
2018-06-01 $500,000 (-12.9%) $737,179 (-8.0%) 0.00 266
2018-07-01 $503,750 (-14.0%) $743,263 (-6.9%) 0.00 258
2018-08-01 $507,500 (-7.6%) $762,460 (0.7%) 0.00 255
2018-09-01 $539,900 (2.8%) $785,004 (2.1%) 0.00 255
2018-10-01 $549,000 (0.6%) $779,704 (0.7%) 0.00 251
2018-11-01 $534,213 (2.1%) $777,722 (2.9%) 0.00 243
2018-12-01 $517,000 (-5.8%) $794,994 (5.1%) 0.00 238
2019-01-01 $530,138 (6.1%) $802,674 (5.8%) 0.00 219
2019-02-01 $525,000 (5.2%) $776,257 (2.4%) 0.00 219
2019-03-01 $543,436 (8.9%) $797,595 (9.0%) 0.00 219
2019-04-01 $549,600 (10.1%) $806,167 (7.6%) 0.00 224
2019-05-01 $590,000 (19.2%) $824,473 (11.6%) 0.00 230
2019-06-01 $550,000 (10.0%) $802,818 (8.9%) 0.00 233
2019-07-01 $529,250 (5.1%) $770,269 (3.6%) 0.00 229
2019-08-01 $517,123 (1.9%) $759,961 (-0.3%) 0.00 245
2019-09-01 $512,807 (-5.0%) $775,388 (-1.2%) 0.00 258
2019-10-01 $517,705 (-5.7%) $787,815 (1.0%) 0.00 265
2019-11-01 $509,500 (-4.6%) $768,071 (-1.2%) 0.00 260
2019-12-01 $509,250 (-1.5%) $827,828 (4.1%) 0.00 243
2020-01-01 $504,125 (-4.9%) $775,797 (-3.4%) 0.00 210
2020-02-01 $574,000 (9.3%) $860,228 (10.8%) 0.00 211
2020-03-01 $603,833 (11.1%) $922,965 (15.7%) 0.00 214
2020-04-01 $599,000 (9.0%) $908,726 (12.7%) 0.00 240
2020-05-01 $599,900 (1.7%) $897,584 (8.9%) 0.00 238
2020-06-01 $599,700 (9.0%) $891,137 (11.0%) 0.00 232
2020-07-01 $644,500 (21.8%) $919,393 (19.4%) 0.00 204
2020-08-01 $644,000 (24.5%) $887,829 (16.8%) 0.00 189
2020-09-01 $644,000 (25.6%) $876,304 (13.0%) 0.00 174
2020-10-01 $675,000 (30.4%) $993,241 (26.1%) 0.00 162
2020-11-01 $677,500 (33.0%) $1,011,128 (31.7%) 0.00 155
2020-12-01 $706,750 (38.8%) $1,122,083 (35.6%) 0.00 130
2021-01-01 $749,000 (48.6%) $1,145,343 (47.6%) 0.00 100
2021-02-01 $842,250 (46.7%) $1,208,829 (40.5%) 0.00 87
2021-03-01 $824,950 (36.6%) $1,137,491 (23.2%) 0.00 85
2021-04-01 $899,125 (50.1%) $1,304,743 (43.6%) 0.00 65
2021-05-01 $883,500 (47.3%) $1,270,413 (41.5%) 0.00 62
2021-06-01 $841,000 (40.2%) $1,364,306 (53.1%) 0.00 76
2021-07-01 $797,250 (23.7%) $1,195,871 (30.1%) 0.00 102
2021-08-01 $782,000 (21.4%) $1,294,676 (45.8%) 0.00 101
2021-09-01 $794,500 (23.4%) $1,315,947 (50.2%) 0.00 118
2021-10-01 $849,000 (25.8%) $1,332,440 (34.2%) 0.00 111
2021-11-01 $897,000 (32.4%) $1,451,309 (43.5%) 0.00 94
2021-12-01 $905,475 (28.1%) $1,435,039 (27.9%) 0.00 91
2022-01-01 $969,000 (29.4%) $1,506,328 (31.5%) 0.00 80
2022-02-01 $1,058,375 (25.7%) $1,561,782 (29.2%) 0.00 72
2022-03-01 $1,147,500 (39.1%) $1,667,368 (46.6%) 0.00 71
2022-04-01 $1,175,000 (30.7%) $1,688,410 (29.4%) 0.00 76
2022-05-01 $928,000 (5.0%) $1,462,442 (15.1%) 0.00 102
2022-06-01 $876,250 (4.2%) $1,369,091 (0.4%) 0.00 131
2022-07-01 $775,000 (-2.8%) $1,185,232 (-0.9%) 0.00 149
2022-08-01 $749,250 (-4.2%) $1,187,172 (-8.3%) 0.00 165
2022-09-01 $739,875 (-6.9%) $1,151,296 (-12.5%) 0.00 166
2022-10-01 $719,500 (-15.3%) $1,142,780 (-14.2%) 0.00 179
2022-11-01 $699,000 (-22.1%) $1,209,965 (-16.6%) 0.00 184
Fredericksburg's median listing price for 2022-11-01 was $699,000, a difference of $-198,000 (-22.1%) versus the prior year and $-20,500 versus the prior month.

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

Fredericksburg's average listing price for 2022-11-01 was $1,209,965, a difference of $-241,344 (-16.6%) versus the prior year and $67,185 versus the prior month.

For the 2022-11-01 period, Fredericksburg had 184 MLS listings, a difference of 5 listings (3%) versus the prior month and 90 listings (96%) 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 2,228 sqft
2018-04-01 0 days 2,326 sqft
2018-05-01 0 days 2,329 sqft
2018-06-01 0 days 2,322 sqft
2018-07-01 0 days 2,334 sqft
2018-08-01 0 days 2,313 sqft
2018-09-01 0 days 2,316 sqft
2018-10-01 0 days 2,273 sqft
2018-11-01 0 days 2,251 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 2,116 sqft
2019-04-01 0 days 2,036 sqft
2019-05-01 0 days 2,032 sqft
2019-06-01 0 days 2,001 sqft
2019-07-01 0 days 1,946 sqft
2019-08-01 0 days 1,942 sqft
2019-09-01 0 days 1,951 sqft
2019-10-01 0 days 1,961 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 2,150 sqft
2020-03-01 0 days 2,232 sqft
2020-04-01 0 days 2,225 sqft
2020-05-01 0 days 2,246 sqft
2020-06-01 0 days 2,250 sqft
2020-07-01 0 days 2,270 sqft
2020-08-01 0 days 2,321 sqft
2020-09-01 0 days 2,253 sqft
2020-10-01 0 days 2,241 sqft
2020-11-01 0 days 2,236 sqft
2020-12-01 0 days 2,489 sqft
2021-01-01 0 days 2,522 sqft
2021-02-01 0 days 2,558 sqft
2021-03-01 0 days 2,708 sqft
2021-04-01 0 days 2,757 sqft
2021-05-01 0 days 2,543 sqft
2021-06-01 0 days 2,309 sqft
2021-07-01 0 days 2,189 sqft
2021-08-01 0 days 2,096 sqft
2021-09-01 0 days 2,124 sqft
2021-10-01 0 days 2,197 sqft
2021-11-01 0 days 2,337 sqft
2021-12-01 0 days 2,365 sqft
2022-01-01 0 days 2,472 sqft
2022-02-01 0 days 2,624 sqft
2022-03-01 0 days 2,624 sqft
2022-04-01 0 days 2,693 sqft
2022-05-01 0 days 2,089 sqft
2022-06-01 0 days 2,030 sqft
2022-07-01 0 days 1,988 sqft
2022-08-01 0 days 1,986 sqft
2022-09-01 0 days 2,000 sqft
2022-10-01 0 days 2,002 sqft
2022-11-01 0 days 2,041 sqft
Fredericksburg's median listing age (time on market) for 2022-11-01 was 0 days.

Fredericksburg's median square footage for active listings during the 2022-11-01 period was 2,041 sqft. One year prior, the average listing was 2,337 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).