Lamesa FHA Loan Rates, Closing Costs & Stats

Lamesa, 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.

    Lamesa's 15 lenders originated 33 FHA loans during 2023. The total origination value was $5,675,000, with an average FHA loan value of $171,970.

    Lamesa FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lamesa averaged 6.48% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Lamesa's average FHA mortgage closing costs are $6,778.

    The average rate for the prior week (2024-12-06) was 6.45% and one month ago for the week of 2024-11-08, the average rate was 6.61%.

    The average rate one year ago was 7.02%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.28%.

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

    Lamesa 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 Lamesa level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 13 6.62% $6,191
    INTERLINC MORTGAGE SERVICES, LLC 4 6.91% $8,273
    QUICKEN LOANS, LLC 2 6.31% $6,834
    BROOKHOLLOW MORTGAGE SERVICES, LTD 1 7.00% $15,884
    Century Mortgage Company DBA Century Lending Company 1 7.25% $5,648
    City Bank 1 8.50% $7,085
    GUARANTEED RATE, INC. 1 6.75% $9,217
    NBKC BANK 1 7.13% $7,128
    PENNYMAC LOAN SERVICES, LLC 1 6.00% $13,229
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 8.50% $10,909
    T2 FINANCIAL LLC 1 7.13% $7,073
    AMCAP MORTGAGE, LTD. 1 6.13% $9,408
    ZILLOW HOME LOANS, LLC 1 6.38% $13,883
    AMERISAVE MORTGAGE CORPORATION 1 6.50% $13,240
    BancorpSouth 1 6.88% $6,395

    The top Lamesa FHA lender as defined by loan originations is ARK-LA-TEX FINANCIAL SERVICES, LLC., with 13 FHA loans originated. Their average total fees are $6,191, which is $2,082 lower than the next largest lender, INTERLINC MORTGAGE SERVICES, LLC.

    The lowest fee Lamesa FHA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. ($6,191), .

    The lowest rate Lamesa FHA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. (6.62%), .

    Lamesa FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lamesa (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 $114,950 (21.1%) $127,635 (5.8%) 0.00 37
    2018-02-01 $101,375 (11.1%) $116,009 (1.8%) 0.00 40
    2018-03-01 $99,500 (12.6%) $126,710 (18.7%) 0.00 39
    2018-04-01 $122,500 (36.5%) $148,514 (34.0%) 0.00 37
    2018-05-01 $123,750 (38.3%) $153,556 (40.2%) 0.00 35
    2018-06-01 $125,000 (47.1%) $158,666 (54.8%) 0.00 30
    2018-07-01 $118,000 (38.8%) $161,702 (58.0%) 0.00 29
    2018-08-01 $124,975 (48.2%) $164,318 (63.0%) 0.00 32
    2018-09-01 $139,900 (59.9%) $172,563 (41.0%) 0.00 25
    2018-10-01 $147,450 (49.9%) $167,971 (38.2%) 0.00 25
    2018-11-01 $151,175 (44.0%) $195,447 (48.7%) 0.00 28
    2018-12-01 $155,000 (47.6%) $194,137 (48.7%) 0.00 26
    2019-01-01 $172,500 (50.1%) $200,786 (57.3%) 0.00 25
    2019-02-01 $184,200 (81.7%) $212,849 (83.5%) 0.00 26
    2019-03-01 $173,571 (74.4%) $205,424 (62.1%) 0.00 30
    2019-04-01 $157,500 (28.6%) $193,476 (30.3%) 0.00 28
    2019-05-01 $147,000 (18.8%) $180,250 (17.4%) 0.00 26
    2019-06-01 $150,000 (20.0%) $169,954 (7.1%) 0.00 23
    2019-07-01 $157,750 (33.7%) $182,034 (12.6%) 0.00 24
    2019-08-01 $169,909 (36.0%) $192,160 (16.9%) 0.00 23
    2019-09-01 $161,523 (15.5%) $197,140 (14.2%) 0.00 22
    2019-10-01 $155,000 (5.1%) $199,675 (18.9%) 0.00 21
    2019-11-01 $145,000 (-4.1%) $165,365 (-15.4%) 0.00 20
    2019-12-01 $154,500 (-0.3%) $172,031 (-11.4%) 0.00 21
    2020-01-01 $184,500 (7.0%) $197,331 (-1.7%) 0.00 24
    2020-02-01 $184,500 (0.2%) $188,575 (-11.4%) 0.00 25
    2020-03-01 $150,000 (-13.6%) $177,191 (-13.7%) 0.00 28
    2020-04-01 $161,250 (2.4%) $182,971 (-5.4%) 0.00 22
    2020-05-01 $169,999 (15.7%) $204,021 (13.2%) 0.00 22
    2020-06-01 $172,374 (14.9%) $201,610 (18.6%) 0.00 25
    2020-07-01 $156,000 (-1.1%) $180,715 (-0.7%) 0.00 26
    2020-08-01 $135,000 (-20.6%) $160,113 (-16.7%) 0.00 24
    2020-09-01 $127,250 (-21.2%) $153,748 (-22.0%) 0.00 22
    2020-10-01 $144,000 (-7.1%) $167,795 (-16.0%) 0.00 22
    2020-11-01 $153,850 (6.1%) $170,278 (3.0%) 0.00 21
    2020-12-01 $141,450 (-8.5%) $163,200 (-5.1%) 0.00 24
    2021-01-01 $135,000 (-26.8%) $158,217 (-19.8%) 0.00 21
    2021-02-01 $140,900 (-23.6%) $167,444 (-11.2%) 0.00 19
    2021-03-01 $138,950 (-7.4%) $162,657 (-8.2%) 0.00 16
    2021-04-01 $143,750 (-10.9%) $164,396 (-10.2%) 0.00 14
    2021-05-01 $119,500 (-29.7%) $127,965 (-37.3%) 0.00 20
    2021-06-01 $137,500 (-20.2%) $148,391 (-26.4%) 0.00 22
    2021-07-01 $130,000 (-16.7%) $139,181 (-23.0%) 0.00 22
    2021-08-01 $135,625 (0.5%) $150,197 (-6.2%) 0.00 23
    2021-09-01 $137,125 (7.8%) $152,045 (-1.1%) 0.00 25
    2021-10-01 $141,500 (-1.7%) $155,259 (-7.5%) 0.00 21
    2021-11-01 $139,000 (-9.7%) $143,853 (-15.5%) 0.00 20
    2021-12-01 $129,500 (-8.5%) $149,715 (-8.3%) 0.00 25
    2022-01-01 $139,000 (3.0%) $150,139 (-5.1%) 0.00 23
    2022-02-01 $154,350 (9.6%) $173,775 (3.8%) 0.00 13
    2022-03-01 $159,700 (14.9%) $180,231 (10.8%) 0.00 12
    2022-04-01 $175,250 (21.9%) $202,808 (23.4%) 0.00 12
    2022-05-01 $211,500 (77.0%) $239,337 (87.0%) 0.00 11
    2022-06-01 $218,750 (59.1%) $241,681 (62.9%) 0.00 14
    2022-07-01 $199,950 (53.8%) $220,394 (58.4%) 0.00 21
    2022-08-01 $195,000 (43.8%) $223,109 (48.5%) 0.00 29
    2022-09-01 $187,499 (36.7%) $227,749 (49.8%) 0.00 37
    2022-10-01 $190,000 (34.3%) $226,018 (45.6%) 0.00 34
    2022-11-01 $181,225 (30.4%) $218,611 (52.0%) 0.00 38
    2022-12-01 $156,000 (20.5%) $211,640 (41.4%) 0.00 39
    2023-01-01 $176,250 (26.8%) $216,948 (44.5%) 0.00 32
    2023-02-01 $172,000 (11.4%) $209,452 (20.5%) 0.00 32
    2023-03-01 $155,998 (-2.3%) $202,512 (12.4%) 0.00 25
    2023-04-01 $170,000 (-3.0%) $213,788 (5.4%) 0.00 23
    2023-05-01 $189,750 (-10.3%) $227,940 (-4.8%) 0.00 21
    2023-06-01 $219,225 (0.2%) $236,536 (-2.1%) 0.00 22
    2023-07-01 $169,000 (-15.5%) $208,524 (-5.4%) 0.00 33
    2023-08-01 $180,000 (-7.7%) $213,755 (-4.2%) 0.00 38
    2023-09-01 $185,000 (-1.3%) $217,087 (-4.7%) 0.00 38
    2023-10-01 $190,000 (0.0%) $217,649 (-3.7%) 0.00 40
    2023-11-01 $192,000 (6.0%) $219,062 (0.2%) 0.00 34
    2023-12-01 $195,000 (25.0%) $222,763 (5.3%) 0.00 35
    2024-01-01 $190,250 (7.9%) $218,453 (0.7%) 0.00 34
    2024-02-01 $191,500 (11.3%) $224,341 (7.1%) 0.00 33
    2024-03-01 $187,000 (19.9%) $205,623 (1.5%) 0.00 34
    2024-04-01 $180,875 (6.4%) $209,666 (-1.9%) 0.00 36
    2024-05-01 $180,500 (-4.9%) $206,238 (-9.5%) 0.00 41
    2024-06-01 $178,000 (-18.8%) $199,960 (-15.5%) 0.00 37
    2024-07-01 $172,463 (2.1%) $180,696 (-13.4%) 0.00 38
    2024-08-01 $175,000 (-2.8%) $228,817 (7.1%) 0.00 37
    2024-09-01 $187,000 (1.1%) $248,585 (14.5%) 0.00 31
    2024-10-01 $181,500 (-4.5%) $261,421 (20.1%) 0.00 28
    2024-11-01 $187,000 (-2.6%) $265,011 (21.0%) 0.00 28
    Lamesa's median listing price for 2024-11-01 was $187,000, a difference of $-5,000 (-2.6%) versus the prior year and $5,500 versus the prior month.

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

    Lamesa's average listing price for 2024-11-01 was $265,011, a difference of $45,949 (21.0%) versus the prior year and $3,590 versus the prior month.

    For the 2024-11-01 period, Lamesa had 28 MLS listings, a difference of 0 listings (0%) versus the prior month and -6 listings (-18%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lamesa (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,822 sqft
    2018-02-01 0 days 1,831 sqft
    2018-03-01 0 days 1,965 sqft
    2018-04-01 0 days 2,016 sqft
    2018-05-01 0 days 2,123 sqft
    2018-06-01 0 days 2,077 sqft
    2018-07-01 0 days 2,141 sqft
    2018-08-01 0 days 2,088 sqft
    2018-09-01 0 days 2,166 sqft
    2018-10-01 0 days 2,159 sqft
    2018-11-01 0 days 2,245 sqft
    2018-12-01 0 days 2,222 sqft
    2019-01-01 0 days 2,314 sqft
    2019-02-01 0 days 2,418 sqft
    2019-03-01 0 days 2,246 sqft
    2019-04-01 0 days 2,101 sqft
    2019-05-01 0 days 2,147 sqft
    2019-06-01 0 days 2,088 sqft
    2019-07-01 0 days 2,236 sqft
    2019-08-01 0 days 2,305 sqft
    2019-09-01 0 days 2,359 sqft
    2019-10-01 0 days 2,398 sqft
    2019-11-01 0 days 2,187 sqft
    2019-12-01 0 days 2,227 sqft
    2020-01-01 0 days 2,398 sqft
    2020-02-01 0 days 2,287 sqft
    2020-03-01 0 days 2,114 sqft
    2020-04-01 0 days 2,107 sqft
    2020-05-01 0 days 2,139 sqft
    2020-06-01 0 days 2,149 sqft
    2020-07-01 0 days 2,129 sqft
    2020-08-01 0 days 2,119 sqft
    2020-09-01 0 days 1,974 sqft
    2020-10-01 0 days 2,106 sqft
    2020-11-01 0 days 2,151 sqft
    2020-12-01 0 days 1,979 sqft
    2021-01-01 0 days 2,059 sqft
    2021-02-01 0 days 2,253 sqft
    2021-03-01 0 days 2,186 sqft
    2021-04-01 0 days 2,163 sqft
    2021-05-01 0 days 1,589 sqft
    2021-06-01 0 days 1,864 sqft
    2021-07-01 0 days 1,927 sqft
    2021-08-01 0 days 1,856 sqft
    2021-09-01 0 days 1,913 sqft
    2021-10-01 0 days 1,927 sqft
    2021-11-01 0 days 1,927 sqft
    2021-12-01 0 days 1,904 sqft
    2022-01-01 0 days 1,979 sqft
    2022-02-01 0 days 2,120 sqft
    2022-03-01 0 days 2,065 sqft
    2022-04-01 0 days 2,001 sqft
    2022-05-01 0 days 2,177 sqft
    2022-06-01 0 days 2,338 sqft
    2022-07-01 0 days 2,033 sqft
    2022-08-01 0 days 2,084 sqft
    2022-09-01 0 days 2,093 sqft
    2022-10-01 0 days 2,268 sqft
    2022-11-01 0 days 2,265 sqft
    2022-12-01 0 days 2,105 sqft
    2023-01-01 0 days 2,302 sqft
    2023-02-01 0 days 2,220 sqft
    2023-03-01 0 days 2,257 sqft
    2023-04-01 0 days 2,290 sqft
    2023-05-01 0 days 2,168 sqft
    2023-06-01 0 days 2,520 sqft
    2023-07-01 0 days 1,955 sqft
    2023-08-01 0 days 1,904 sqft
    2023-09-01 0 days 1,984 sqft
    2023-10-01 0 days 2,048 sqft
    2023-11-01 0 days 2,048 sqft
    2023-12-01 0 days 2,180 sqft
    2024-01-01 0 days 2,116 sqft
    2024-02-01 0 days 2,192 sqft
    2024-03-01 0 days 2,180 sqft
    2024-04-01 0 days 2,104 sqft
    2024-05-01 0 days 2,092 sqft
    2024-06-01 0 days 2,030 sqft
    2024-07-01 0 days 1,869 sqft
    2024-08-01 0 days 1,871 sqft
    2024-09-01 0 days 2,117 sqft
    2024-10-01 0 days 2,209 sqft
    2024-11-01 0 days 2,197 sqft
    Lamesa's median listing age (time on market) for 2024-11-01 was 0 days.

    Lamesa's median square footage for active listings during the 2024-11-01 period was 2,197 sqft. One year prior, the average listing was 2,048 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).